07/18/2012 04:02 pm ET

Retirement: The Top Five Things You Need To Know (VIDEO)

Retirement is a pretty ambiguous term these days, executive editor of AARP The Magazine Ken Budd explained on "CBS This Morning." "Some people want to chill, some people don't want to chill at all," Budd explained as he provided a list of the top five things you should know about being retired.

"I find the people who are happiest in retirement are the people who say, 'I'm busier now than I was when I was working,'" Budd said. "Remember that boredom is your enemy." As appealing as it may sound to kick back and enjoy some well-earned freedom from work and responsibility, it's important to have a plan for how you're going to spend your leisure time: leading a fulfilling lifestyle is just as important in retirement as it was for the years leading up to it.

Budd noted that many "retirees" choose to start a business. People over 50 are really leading the pack in terms of entrepreneurship, he said. "Forget about Mark Zuckerberg, it's the people in the older group who are really doing this."

He also delved into the importance of financial planning. "Don't spend more than 4 percent of your savings during that first year of retirement," he offered as a good rule of thumb.

Check out the video above for the rest of what Budd thinks is essential to know about retirement (and why he suggests retirees try brushing their teeth with their opposite hand).

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