As folks approach retirement, they often start mentioning their “bucket list” more frequently. The bucket list is generally an itemized agenda of experiences or achievements that a person hopes to accomplish during their lifetime before they “kick the bucket” or die.

This concept brings to mind the 2007 film “The Bucket List”. In the movie, fate lands complete strangers Jack Nicholson and Morgan Freeman in the same hospital room. They decide to complete a list of things they want to see and do before they die. They go skydiving, drive luxury cars, fly over the North Pole, visit the Taj Mahal, ride motorcycles on the Great Wall of China, attend a safari in Tanzania, visit Mount Everest and the Great Pyramid of Giza, and visit Hong Kong. It was certainly a great list that would warrant the description of “experiences of a lifetime.”

I’ve always been a big fan of being goal oriented and have encouraged clients to jot down a list of their own goals. In fact, a big part of financial planning is determining and refining a client’s objectives in order to implement a strategy to reach those milestones. However, after working with hundreds of clients in retirement, I think many people take the wrong approach to their bucket list. Below is some perspective on this popular retirement concept.

1) Don’t wait until retirement: I don’t believe that people should wait until retirement to check things off their bucket list. In my experience, many people accumulate a list of things they want to do once they are no longer working. Unfortunately, the realities of life may get in the way of that plan. No one knows when they will die or become too sick to do certain activities. It is for this reason that I always encourage clients to do things while they can. If you want to go on a trip of a lifetime, and have the money and time to do it, then you shouldn’t “save” it for retirement. Do it now! If you want to learn a new skill or hobby and can carve out some time during your working years to practice, then you should do it. Unexpected life events occur, so seize the opportunity by tackling some of your bucket list items today.

2) Include a date: A wish list of items with no set date for when you plan to achieve, or work towards, them will likely remain just a wish. On the other hand, if you include a date by which you’d like to accomplish said goal, then you will be more likely to reach it. If you are very serious about certain items on your list, I’d also recommend jotting down a more specific action plan for how and when you will accomplish them. For example, if hiking the 5 highest peaks in North America is on your list, then indicate when you plan to accomplish each peak, but also note when you will buy the appropriate gear and detail a training schedule to ensure that you are physically fit to accomplish these objectives. Goals with no timeline are easier to procrastinate.

3) It should be a living list: People’s priorities and interests evolve over time. That is why a bucket list shouldn’t be written in stone. Things can, and should, move down in priority or even fall off the list as your interests change. For example, you may have wanted to take a cruise around the world in retirement, but now have grandchildren that you prioritize spending time with. Perhaps the world cruise should be deprioritized, modified to something with shorter duration, or dropped entirely. The ultimate goal is living your best life and the definition of “best life” may have changed as you age. Having a bucket list that is fluid can facilitate a guilt free way to reflect changes in your preferences as your life evolves.

4) Many of the best experiences in life are beyond one’s bucket list: We all relish the next big event in our lives, the trip, family celebration, or luxury splurge. However, some of the best that life has to offer takes place in our everyday mundane activities. This may include being able to sit down with your spouse for breakfast without feeling rushed by work. Perhaps it’s babysitting your grandkids or watching a TV show together with your child on a random Thursday night. It can be a pleasant conversation or a laugh you share with a long-time friend. I think as most people look back on life, they will find more joy in these types of ordinary activities than the more exotic entries typically found on a retiree’s bucket list. Appreciating this perspective may be helpful to some as they contemplate their own bucket list.

https://www.forbes.com/sites/jonathanshenkman/2024/05/31/rethinking-your-bucket-list-in-retirement/