OT Retirement question

[mcbreck]

For those of you retired or partially retired - what do you do all day? Over this past long weekend my wife and I didn't do a lot because it was hot and we'd seen our families pretty recently (did have lunch with my dad). By Tuesday afternoon we were both pretty bored and wondering what people do all day during retirement.

After work each day I hit golf balls, read and go for a long walk with my wife and I could do each of those before lunch in retirement. Wondering what else I could do.  I'm thinking I'll likely join a golf club which allows me to play about 10 different courses as much as I want for a reasonable amount. But I can't play every day....

[Lee B]

I work about 3 hours per day, then I take my dog on a walk. The rest of my time is split between yardwork, maintaining and cleaning our house.

My physical activity is limited due to a moderate case of nerve pain in my feet. So my late afternoons and evening are mostly spent reading books.

Over the years I have read many thousands of books.

[BulldogTom]

You have asked the greatest question in financial planning.   

I have a Christian financial series that I teach (drawn mostly from Ron Blue and Larry Burkett books) and I always ask the question "How does the story end for you?  We all die, what do you want the people at your funeral to say about your life?"   

So, what do you want to do that work kept you from doing.  Is there a cause you wish you had been more involved in?   Is there a hobby that you really want to pursue more?   Is there a place you want to see or an event you want to experience?

When you answer those questions, you can start planning for your post work life.  You can start looking at what resources you will have to pursue those opportunities. 

Good Luck.

Tom
Longview, TX

[Gail in Virginia]

I have not retired yet, although I hope to soon.  I have always been active in my church, and retirement will give me the time to do more for the church, and hopefully do it better.  I also like to sew and crochet and I have had very little time for that for the last twenty years.  I love to read, and I want to spend more time journaling.  I have also wondered if I could possibly write a novel.  Plus I do like to watch television and movies.  I used to be a lot more physically active, so I would love to get back into long walks and perhaps hiking.   I guess once i do all of this, I might get bored but I think it might take a year or two.  Besides, if I am home to help my husband take care of the house and yard, maybe he will have time to go fishing - and he might even let me tag along!

[mcbreck]

47 minutes ago, cbslee said:

I work about 3 hours per day

I plan on doing that from about the age of 60-65 to pay for health insurance and vacation.

[jklcpa]

I am not retired but have a lot of down time with work in the summer and fall now that many of my business clients have retired & sold out, and I haven't been able to grow my practice with the extraordinary time spent caring for mom over that last few years.  She ended up 2 months rehab starting in late March, and then about a month ago moved into a memory care assisted living home. I still don't have free time with now the hospital visits she's had and visiting her most days (hour drive round trip), and now I have her house to clean out and prepare to sell (70 years of "stuff", OMG!)

Other than that and the normal mundane tasks of cooking, cleaning, laundry, paying bills (ours, 2 businesses, & mom's), I don't have that much free time. I do pop in here each day, even if briefly at times. I try to stay awake to watch about an hour of TV with husband in the early evening, but I do sometimes doze off for a few minutes. When I do have some time again, it will be spent on hobbies such as knitting, spinning yarn, reading, biking, and I do walk at least an hour and anywhere from 3-5 miles most days, or maybe some fishing again. I haven't had a vacation in over 10 years, so maybe I'll get a chance for some travel at some point too, or enjoy going out on our bass boat since I haven't had time to fish either! I used to own, care for, and ride horses, but my back injuries put a halt to that and is now just a pleasant memory.

My most recent hobby that I really, REALLY enjoy and that is quite addictive is shooting sporting clays (aka clay pigeons to us older folks) with shotgun, and I've also learned to reload shells to complement that. I usually shoot in a group with my husband, brother, a friend, and sometimes other family. As the most novice of the group, I'm advancing along well and just bought my second, better quality gun that is off being customized to fit.  I've read that it is a fast growing and popular sport these days. Maybe something like that would interest you?

[jklcpa]

How could I forget the CPE that I also need to keep up with?!  That was also more challenging to fit in this past season with the work and all of mom's needs taking priority.

[Lee B]

I should also add we take two vacations every year, the last two weeks of April and October to Kauai.

[mcbreck]

1 hour ago, jklcpa said:

REALLY enjoy and that is quite addictive is shooting sporting clays

Growing up, we used to do that a lot on my grandfather's farm. My brother-in-law enjoys it and they have a place near their home where it's an option. I greatly enjoy going to their house as they have 2 horses (Red and Dollar), a mini-donkey (Ted), about 5-6 cows, 2 cats (Ginger and Chevy), dog (Comanche)  and chickens. Love visiting. I'm not as big into hobbies as my brother in law.

[WITAXLADY]

I am so looking forward to retirement!! I say I should have done this about 5 years ago so I could enjoy traveling, visiting children and grand!!

 

One of my long term clients wants me to set up consulting..

If that is like baby start-ups - no thank you!! Too much work..

I want to get a bike - maybe one of those recliner ones..

Visit lots of places in my state and within a days drive - draw a compass circle.. as my hubby is unsure anymore about sleeping in hotels

Or just get a Rv thing on the back of the truck.. and stay in Walmart parking lots! And rotate between children

Read, sew, crafts - and clean out my mom's house - auction this fall yet? if my brothers mediate well - pray for me - we have a week or so before time means court - it will be 3 years! July 10th since she passed.

But first I need to know how to sell this in the Northwoods! I will stay on to train and transfer the business so less are lost..

Any advice - here or private email please? I will pay a fee for any help!!

Thanx D in WI

 

[mcb39]

4 hours ago, cbslee said:

I work about 3 hours per day, then I take my dog on a walk. The rest of my time is split between yardwork, maintaining and cleaning our house.

My physical activity is limited due to a moderate case of nerve pain in my feet. So my late afternoons and evening are mostly spent reading books.

Over the years I have read many thousands of books.

Read every chance I get.  Read, read, study and read.  Hardly ever bored, but not retired and have no intention of ever being fully.  Tax returns are still coming in for 22.

[Catherine]

On 7/6/2023 at 2:20 PM, jklcpa said:

My most recent hobby that I really, REALLY enjoy and that is quite addictive is shooting sporting clays (aka clay pigeons to us older folks) with shotgun, and I've also learned to reload shells to complement that. I usually shoot in a group with my husband, brother, a friend, and sometimes other family.

My hobbies too! Not sporting clays, but target pistol and rifle. Tons of fun, and (unlike basketball etc where your knees are done by age 30) you can keep getting better into old age. 

[Sara EA]

I too will read a lot more.  So many books out there to get into.  I'll know everyone at the library on a first name basis.  Revive the gardens.  Organize the old photos and clean out the old files (could take a year).  Birding sounds fun, and I'd love to be able to identify bird songs and calls.  Think about all the fairly local places you haven't really explored and go see them.  I've know a few movie buffs who finally got to binge on the oldies but goodies when they retired.  You'll have more time to socialize--invite a neighbor for coffee or go to lunch together regularly.  Join the Friends of the Library or Trout Unlimited or Quilters or whatever group that interests you to meet new people and have new opportunities.  You could always volunteer for AARP or VITA during tax season if you miss it. 

[mcbreck]

Reading for pleasure is something I've always struggled with getting into doing. In 2021 I decided I'd start by reading 20 pages per day. That comes out to about 20 books per year. I usually switch back and forth non-fiction and fiction. I'm keeping a list of the books I've read which is fun to look back at.

[mcb39]

I can't remember not wanting to read.  However, I don't just indulge any old time.  My pleasure reading is reserved for the end of the day, unless I am on R and R.  I keep a "help yourself" bookcase in my office so that I can share what I have read with my clients.  Believe me, they take advantage of it.  I tell them to take whatever they want to read and then pass it on.  At my age, I don't anticipate reading any books over; although there are still a few that I am not willing to part with. 

My Dad, who only went to fifth grade, became a voracious reader when he retired from a lifetime of being an automobile mechanic. Dad lived to 92 and macular degeneration made him bitter because he couldn't read.  My Mom was always a reader as well.  She read to the age of 90. 

[Margaret CPA in OH]

This is an interesting thread! I am semi-retired working only tax season and with about 50 individual clients.  I spun off all business clients about 8 years ago when my other CPA retired.

I don't have enough hours in the day!  I am the church treasurer, sing in the choir, play handbells, am on the worship planning committee and am kitchen coordinator (aka Kitchen Witch), attend zoom Bible Study Tuesday noons.  I am also a CASA volunteer (court appointed special advocate) and see my child/family twice monthly plus court meetings.  I go to the gym for HIIT (high intensity interval training) 4 times weekly (not as intense as those 40 years younger!), Tai Chi every Friday and Yin Yoga Saturday.  We are on summer hiatus at the moment but our Classics Book Club meets weekly to discuss the current book.  We just finished the Iliad and the Odyssey in May.

We have 2 cats to care for and lots of birds and animals in the Certified Natural Habitat in my back yard.  I feed and water numerous critters daily including a turkey that just moved in. Then there is the usual yard work, laundry and grocery shopping (recreation for me).  And 40 hours of CPE for the CPA license and 12 hours for CASA. 

Last weekend I just competed in the National Senior Games in Pittsburgh in the Power Walk 1500 m and 5 K (did not come in last so yippee).  My 'baby' brother was first place in those events as well as Race Walking both distances.  These are by age groups, the oldest competitor in our events was a 94 year old gentleman and an 89 year old lady.  I begin my 12 week training for the fall half marathon in October.  I did spend 3 weeks diving in Papua New Guinea in May and we will go to the Poconos in August for husband to play golf.  Then family reunions in Branson and Cleveland.

Trying to schedule friend lunches is always a challenge as they also seem to be very busy.  But at least I am realizing how very important they are as a dear friend is having surgery tomorrow for breast cancer after her months of chemo.  Then comes radiation. 

And now off to meet a client for lunch as they are moving to another state.  I hope to keep them as clients and friends.

 

[Lee B]

Margaret,

You sound like an energizer bunny. Just reading your post made me tired.

 

[WITAXLADY]

MCBeck - what about working for me remotely?

We are growing even though taking no new clients - how do you say no! and I need a good tax preparer!!

Best,

Darlene

[joanmcq]

I have been semi-retired since I moved to Nevada. I’ve been reading again (I sense a thread here) and have been doing at least 15 minutes before sleep, but usually about an hour. I also bought a travel trailer last year and am getting it ready for Burning Man.  I took it on 2 short trips plus the burn last year and want to do so again this year. I play games, watch movies & series on TV. I’d like to do a lot more traveling.  I’m going to visit Ireland next year with my sister. 

[mcbreck]

9 hours ago, WITAXLADY said:

MCBeck - what about working for me remotely?

We are growing even though taking no new clients - how do you say no! and I need a good tax preparer!!

I have a job. In fact I have about 4 jobs.... Taxes, financial planning, investments and I'm a securities principal for my firm part time.

[WITAXLADY]

I thought you were retired!!

[NECPA in NEBRASKA]

I have already told almost all of my clients that I am retiring at the end of 2024. I am trying to figure out how to end the payroll. If I finish out the year with them, then I have the quarterly and year end reports left and I was hoping to be done by 12/31. 

I just have too much to do with taking care of my husband, seeing my 95 year old dad as much as possible and taking care of myself. I found out last month that I have a small brain tumor and have a neurologist appointment next month. They think that it's benign, but it is strange that my mom and my sister had them too. At least I know that I have it so that it can't sneak up on me like my sister's did. Her tumor was huge and caused a seizure. She has recovered well from the surgery, but won't ever be able to smell again. My brother and I see some mental changes, but considering how large that thing was, we are amazed. 

I just need something else and 45 years is enough. I hope to work part time unless I can't leave my husband home alone. We would like to move to Littleton after I retire to spend time with our son and daughter-in-law and hopefully do some babysitting. He says that there are a lot of groups out there so that I might make new friends and do some light hiking. I would love to bowl again. I can't wait to spend more time reading for fun and travel more. It's tough to fly standby if you have a ton of deadlines to work around. 

 

[Margaret CPA in OH]

Oh my, you do have lot going on!  Your health, physical and mental, should be the highest priority, in my opinion. I'm glad you have a diagnosis and plan for treatment.

I would suggest that you migrate your payroll clients to another provider/service midyear rather than waiting until year end. It will be less stressful for you and you can be available to help the process. My guess is that your clients will appreciate the care you are providing as you have for all the past years.  I would also guess that the potential loss in revenue would be not so much while easing the stress you would otherwise be having.  You could assess a charge for assisting in the migration and helping clients choose the right provider.  They will have to make changes anyway and may will be grateful for your hand holding on the path. 

When I decided to stop doing business returns and payrolls after my other CPA assistant retired, this process worked well for me.  I still retained several for individual return preparation and some chose payroll services.  I believe they all appreciated a transition period, my guidance and oversight and lack of abrupt change.

Best outcome wishes for all of your future moves.

[Lee B]

In my experience, ending your payroll services at the end of the 3rd quarter would be easier. without the complications of year end reports.

Margaret is right placing a higher priority on your own health allows you to deal with everything else.

 

[jklcpa]

I, too, agree with everything Margaret said and Lee too. I'm sorry for all you are dealing with and hope that lightening the work load sooner than later will make life more manageable. 

Many of us put others' needs ahead of our own wellbeing, as do I much of the time, but we have to be at our best to best care for those we love.