I’m at an age where most of my peers aren’t retiring. But in recent years, I’ve seen a lot of my friends’ parents retire, as well as older relatives of mine. And I’ve noticed a common trend — diving headfirst into retirement without really thinking things through.

Put bluntly, that’s a mistake. And it’s one I’d like to help more near-retirees avoid.

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Why you can’t afford to be impulsive

My close friend’s father retired in 2024 after a series of stressful projects at work. He was 68 years old at the time of his retirement — old enough and then some to collect his monthly Social Security benefit without a reduction. And since he saved nicely his entire career, he wasn’t exactly looking at a cash-strapped existence.

I saw my friend this past weekend and asked how her father was doing. Her response? “Terrible. He’s bored out of his mind and doesn’t know what to do with himself.”

His situation boils down to the big mistake I see many retirees make — not having a plan. And to be clear, that plan should cover all of your retirement bases. It should include:

• What your expenses will look.
• How you’ll make your nest egg last.
• What you’ll do with your time once you no longer have a job to report to daily.

To be fair, I’ve seen plenty of people tackle the first two aspects (though not always). It’s the last one that people tend to overlook. But that’s a problem, because it can lead to a retirement that starts off on a sour note. That’s why I’d encourage anyone contemplating retirement in the next few years to not only run the numbers, but to think about what daily life might look in the absence of a job.

And to be fair, if you’re getting close to retirement, you may have plenty of options for staying busy in theory. But what I’d love for you to do in that case is really think about how many hours each week your hobbies and planned activities will occupy. And if they’re things that’ll take up most of your week, think about how long they’ll keep you busy for.

You may, for example, be excited to dive into cooking and baking once you don’t have the constraints of a job. But is that going to replace your 40 hours of work plus your commute? There are only so many casseroles and cakes you can whip up in a given week.

Similarly, say you’re looking forward to renovating your home. Picking out new flooring, painting your walls, and updating your kitchen could be a full-time job — until the work is done, of course. But then what?

You don’t have to go it alone

It pains me to see people work hard all of their lives only to end up unhappy in retirement. It’s for this reason that I’m so adamant about the importance of having a plan. And you don’t need to devise that plan alone.

Even if you never used a financial advisor or planner before, I’d suggest meeting with one ahead of retirement and getting some input. Someone in that position can help you create a sound retirement budget and implement a withdrawal strategy to preserve your nest egg. They can also help you come up with ways to fill your days that work within your financial circumstances.

In addition to consulting a professional, I think it’s important to talk to newer retirees and ask how their lives are going. Find out what they love about retirement and what isn’t working so you can plan around those factors. The more information you gather and the more conversations you have, the less likely you are to end up in a place where retirement becomes something you regret.

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