This is the question I posed to Mike, who at age 58 is getting ready to retire from the fire department. Mike’s wife has been a stay at home Mom and now they will be together 24/7 for the first time in their married life. Mike sorta stared at me – this was not the type of question he expected from a CFP®practitioner.

To me, this is one of this most important questions to ask when you are getting ready to retire. You have to have a plan for how you will spend your time as well as a plan for how long your savings will last. There are only so many “honey-do” items to fill the void. There are many charities that can use the expertise and extra hands that a retiree can provide.

Having a reason to get out of bed each day keeps you sharp mentally and physically fit, and allows you to participate in life. I’ll worry about your finances for you – you need to figure out what you will do with all of your time.