Devoting time to a passion and pursuing it with focus is what matters most to you in retirement, whether it’s returning to a former interest that you didn’t have time for during your working years or concentrating on a new hobby. These interests are more than just a leisure activity; they are a source of joy and fulfillment. In order to properly plan and incorporate your passions into your overall retirement budget, you will need to work with your Athene financial professional and answer some important questions.
Do you need training to master your passion?
Maybe you would you like to go back to school or take a few extra classes to further develop your skills. Look at what’s available through local high schools or colleges, adult education classes or even an apprenticeship arrangement. Some schools charge a fee for their classes while others may allow you to audit the class for free.
Do you live in a location that allows you to fully pursue your passion or hobby?
Maybe your passion or hobby requires you to be near the water or close to a city. Maybe you need a lot of open space. Will this require a move? Will you need to upsize or downsize? Figure out where you can best pursue your passion in order to make the most of retirement.
Do you have enough discretionary income to pursue your passion and still meet your needs?
It’s important to take care of your daily needs first, but figuring out the cost of pursuing your passion ahead of time, then fitting those costs into your retirement budget, will help you in the long run.
Could this passion or hobby be a source of additional income in retirement?
It’s possible that your passion could turn into another source of income during retirement. Do some upfront research and come up with a plan to turn a hobby into a lucrative side business.
Make your dream a reality
Once you have a clear picture of what you want, you’ll be ready to build your plan.
Producers, employees, and representatives of Athene USA Corporation and its subsidiaries (collectively, “Athene”) are not authorized to give legal, tax or accounting advice. Please contact a qualified professional for such advice.