4 Off-the-Beaten-Path Ways to Use Your RMDs

If you've been taking required minimum distributions (RMDs) for a while, you've probably heard about all the ways you can use the money. Common suggestions include:

• Cover everyday expenses
• Pay off debt
• Donate to charity
• Start a college fund for a grandchild

If you count on RMDs to pay living expenses, by all means, keep doing that. It's a wonderful way to ease the financial burden of retirement. However, if you don't need the entire RMD each time you're required to take it, consider these suggestions.

Image source: Getty Images.

1. Travel

If you're still healthy enough to get around (even if you need assistance), don't let life pass you by without visiting the places you've always wanted to see. That may be King Ludwig's castle in Bavaria, Rita the Rock Planter in Colorado, or the Unclaimed Baggage Center in Alabama. Wherever it is that beckons you, you have the money to make it happen.

Life is all about creating experiences. Make it happen.

2. Go on a friendship tour

Make a list of all the friends you haven't seen in a while and plan a long trip (or several short trips) to visit them. Time is the one thing none of us can get back, and seeing the faces of people you've loved is a great way to spend time.

Since traveling can get expensive, use your RMD money to pay for gasoline, train tickets, airfare, hotels, meals out, and whatever else you might need.

3. Get strong

Does it ever surprise you that you're old enough to collect Social Security benefits or a pension? If you're still young in your mind, it's not only a good thing, but also natural. However, even if your mind is youthful, chances are, your body isn't quite as strong as it once was. Fortunately, you can do something about it.

If it's been a while since you've worked on building strength, use any unneeded funds from your RMD to pay for training. That may mean hiring a personal trainer, joining a Pilates studio, or signing up for a pickleball league. Whatever you choose, make sure it's something you'll enjoy and look forward to attending.

4. Create a regular schedule of nights out

One quality of retirement that most people don't talk about is how easy it can be to get into a dull routine. For example, if you've gotten in the habit of eating dinner and immediately sitting down to watch television, now is a great time to mix it up and create experiences that will last you the rest of your life. For example:

• Meet friends or family somewhere for dinner.
• Attend plays and concerts at your local playhouse or college theatre.
• Go to lectures on subjects that interest you.
• Take dinner to someone you know in an assisted living or nursing facility.
• Volunteer to walk dogs from a local animal shelter during early evening hours.
• Take classes. For example, if you've always wanted to learn to waltz, bake delicious pastries, play an instrument, or paint, do it now while you have the money and energy.

This is your time, and any money you withdraw from your retirement plans is yours. Use it to make your life richer.

The Motley Fool has a disclosure policy.