Retirement
3 ways to stay active while in retirement
Staying active in retirement is important. Here’s how you can stay energized, put your expertise to use and keep your finances in check in retirement.
- Planning for retirement should also include preparing for what activities will occupy your time. What are you passionate about that you can dedicate more time to?
- Staying physically and socially active can help with quality of life in your retirement years.
- Now that you have more time to do the things you love, getting a part-time job or volunteering might be a fun way to find a new purpose.
- As always, continue to meet with your financial advisor to make sure you’re sticking to your financial plan.
What can I do in retirement?
When you think about retirement, it always comes back to your financial plan. How much do I need to save for retirement? Will I have enough money to live the lifestyle I want? Are my investments in the right place?
All of these questions are necessary for you and your financial advisor to talk through, but it is also important to enter retirement with quality of life in mind – what makes you feel happy (and healthy)? You just left your job – but you’ve also left opportunities to stay physically, mentally and socially active. With all this new free time, it might be difficult to plan how you’ll spend it.
At each stage of your career, your job gave a sense of purpose and accomplishment. There was something that motivated you to wake up each day and make it better than yesterday. Finding what motivates or interests you could make your days in retirement more exciting and keep you active. While there are many great excuses to fill your day with great movies and TV shows on your couch (you certainly deserve the break), here’s how you can make this stage of your life just as, if not more, fulfilling than prior years.
Stay active
Your long-time routine has changed – you’ve traded your long commutes, traffic jams and 9-to-5 work grind for endless hours of relaxation and leisure. There are plenty of great ways to stay active and create a sense of structure and purpose while in retirement.
One way is to get out and stay active through exercise. You can even create a fitness plan to track and monitor your progress. Maybe you have always wanted to try yoga or spin class, but you didn’t have the time. Now you do. If you, your doctor and/or personal trainer agree that working out would be beneficial for you, this is the time to go for it.
Another way to stay active and engaged is to try a new hobby or build on one you haven’t had time to enjoy. This can include joining a group that meets regularly to play a sport, cards or even paint. Maybe you’ll make new friends who share similar interests. If you enjoy gardening and like having fresh vegetables to cook with, now is a great time to add to your garden or start growing one – big or small. Wellness could include any activity you want; the important thing is to find an activity or hobby that keeps you engaged, happy and healthy.
Put your expertise to work
If you’re someone who might be missing the routine of working, you could occupy your time with a part-time job. If you are passionate about the previous industry you worked in and would like to give back to your community, it could be fun to explore guest speaking or teaching a course at your local high school or university.
Working part-time in consulting could be another route. Keep in mind, if you are receiving Social Security benefits, your benefits may be lowered if your income exceeds certain limits. In 2023, if you have not reached full retirement age (which is dependent on the year in which you were born), and you are receiving Social Security benefits, the annual income limit is $21,240.1 Income that surpasses that annual amount may result in $1 deducted from your Social Security benefits for every $2 earned above the annual income limit.
In the year that you reach full retirement age, if you are receiving Social Security benefits, your annual income limit is $56,520 and $1 may be deducted from your benefits for every $3 earned above that limit. After you have reached your full retirement age, you are not subject to a reduction in benefits due to income.2
Volunteering at a local non-profit could also be a fulfilling option to consider. If you have expertise in certain fields, like accounting or law, depending on your state and restrictions3, volunteering could be a rewarding way to give back to your community.
Keep your finances in check
During retirement, it is also important to maintain good financial habits, like setting time aside to review and adjust your financial plan. Reviewing your budget, making sure you’re sticking to it and checking in with your advisor on your investment allocation and performance are important habits to keep while in retirement. This is also a good time to double check your account beneficiaries. Your future-self and family will thank you.
IMPORTANT INFORMATION
This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.
GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.
NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.
Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.
Legal Entity and Regulatory Information.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.
This document may provide information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). The agreements entered into with JPMS, and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.
J.P. Morgan may hold a position for itself or our other clients which may not be consistent with the information, opinions, estimates, investment strategies or views expressed in this document. JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.
© 2023 JPMorgan Chase & Co. All rights reserved
