Retirement can be an opportunity for people to finally pursue their dreams, said Kimberly Foss, a certified financial planner and founder of Empyrion Wealth Management.
It's "a way for them to do the things they never had time to before," she said.
"Many retirees will likely have already established a decent emergency fund and have settled their debts — kids' college tuitions, mortgages — so a position's salary may not be a driving factor," Foss added. "They might choose to volunteer, consult, start their own business or pursue a brand-new career that fulfills a lifelong passion, skill or hobby."
For example, when one of Foss' clients was offered an early retirement package for the global IT company where she worked as a data analyst, she used the opportunity to begin a new endeavor: melting down glass and stones to create jewelry.
"We reviewed her financials, and she and her husband set off to travel across the country in an RV selling these goods and earning a decent income from it," Foss said. "Best of all, she loved what she was doing and felt financially secure enough to pursue her passion."