How to go about ticking off the items on your retirement bucket list

Category: Australia & News & Retirement & United Kingdom

If you’re approaching retirement, you probably have at least an outline idea of some of the things you want to do once you stop working.

For many people, this will take the form of a “bucket list” of activities to tick off as you find yourself with plenty of leisure time.

Your bucket list might include overseas travel, as you take advantage of not being restricted in the amount of holiday time you have each year.

It may also include taking up new hobbies and spending money on luxury purchases such as a new car, as well as lower-expense items such as:

  • Reading the complete works of an author
  • Writing a book yourself,
  • Learning a new language.

As with many major projects, you’ll give yourself the best change of ticking off all the items on your personal bucket list if you plan ahead, particularly in terms of being able to afford to do everything you want.

So, read on for some tips on how to make sure you complete as much of your bucket list as possible.

1. Spend some time compiling your list

You may well be highly organised, and already have a list in place that you’ve been adding to and honing for some time.

However, if that isn’t the case, and your plans consist of half-formed ideas and vague wishes, then it’s a good idea to start setting out exactly what you want to do.

Doing so will give you a clear idea of the plans you have and make it far easier to start putting some “meat on the bones” in terms of how and when you’re going to do them.

Importantly, you should discuss with your spouse or partner when you’re doing this to ensure it’s a joint list. You may find that your priorities – and your lists as a result – are very different, and you may need to prioritise certain items or be prepared to compromise.

2. Be realistic as you prioritise your bucket list items

Once you have indulged in some “blue sky” thinking and have your list in place, a useful next step is to go through your list and work out just how achievable some of the items are.

Much of this realism is likely to be driven by financial restraints and the income you will have in retirement, along with the value of other savings and investments.

For example, stretching yourself financially to be able to afford a series of hugely expensive holidays may help you fulfil long-held dreams of travel to far-flung places. However, that needs to be balanced alongside your future financial security, and enjoying a comfortable standard of living in retirement.

As well as potentially being restricted by your financial position, you may also find that family commitments or your health may have a bearing on what you’re able to do.

By thinking ahead, you will give yourself the best chance of actually doing what you’ve planned.

It’s also worth bearing in mind that your circumstances may change, and items on your list that you’d previous deemed out of reach may well turn out to be attainable after all.

You should also consider that not every item on your list will involve a substantial financial outlay.

3. Scheduling items will make it easier to fulfil them

Once you have an idea of what’s on your list, and what’s financially attainable, it can then help to start putting together an outline schedule of when you actually want to do some of the activities you have planned.

Clearly, “once in a lifetime” excursions need to be planned for, and you also need to consider the order in which you want to tick items off.

For example, if a trip to Machu Picchu is (understandably) on your list, it makes sense to try and do that when you are relatively fit and healthy. Whereas a world cruise depends less on good health and fitness, and can be enjoyed at any time.

When it comes to hobbies and other activities at home, in reality you can kick these off whenever you want. However, you will want to think about the time you have available. You’ll have more chance of success and enjoyment when it comes to taking up a new hobby if you give yourself a decent amount of time to devote to it, rather than having to schedule it in around a lot of other activities.

4. Take steps to manage the financial aspects of your list

With a list and schedule in place, you’ll then need to start thinking about the financial side of fulfilling your list.

Some simple online research will give you an outline cost of each item – particularly expensive travel or a high-cost luxury purchase.

With costs to hand, you can then start planning where money will come from.

You may already have savings and investments set aside for specific items. So, it makes sense to ensure you are maximising the returns you are getting on this money, and that it will be easily accessible when you need it.

If you haven’t set aside any money, it’s never too soon to start doing this.

As a rule of thumb, if your time horizon is five years or more, then investing in stocks and shares are generally likely to provide better returns than a simple interest-bearing savings account.

You might want to set up a specific “bucket list” account, or even individual pots for certain events. You could even work backwards from the date you plan to tick off a certain item on your list, which will give you an idea of how much you need to save each month.

As you have already read, it’s important not to draw excessively from the fund you have accrued to provide you with income in your retirement. You may also want to ensure you have an emergency fund to deal with any unexpected financial commitments without having to resort to expensive borrowing.

Get in touch

Your bucket list is clearly personal to you, so we wouldn’t presume to tell you what should be on yours.

However, we may well be able to help you with the financial aspects, such as an effective investment strategy for money you decide to save and ensuring you have the means to tick off your dream bucket list items in retirement.

If you have any queries regarding planning the financial aspects of your bucket list, please get in touch with us.

Please note

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

This article is for information only, it does not take into account your personal objectives, financial situation, or needs. Please do not solely rely on anything you have read in this article and ensure that you conduct your own research to ensure any actions you may take are suitable for your circumstances. All contents are based on our understanding of HMRC and ATO legislation, which is subject to change.