To entertain himsef ?
To continu in his domaine of research as usual?
To help others benifit from his experience ?
To become a politician?
To Travel?
I think the most suitable activity will depend on the personality of the retiring University Professor.
1 and 5 = good (if entertain does not mean converting into a couch potato); 2 = also good (if it does not prevent younger researchers to get a position); 3 = very good (allow young researchers to find a position and help them to survive in the scientific world; that way your experience is still of high value and by using your brain you will keep it young); 4 = this is most likely the worst choice. The scientific way of solving problems does not make you a good politician. Other skills are required for that.
All of the above, and more! With no faculty meetings (where colleagues define a meeting as a social activity) and papers to grade and correct, you find time to think, to assess, to mentor, to write, to sail, to kayak, to take naps, take walks, meet friends, have late dinners for old friends and not worry about getting up for an 8:00 lecture, never need to worry about keeping the resume up-to-date, seek out young academics and help them, share unexploited data with graduate students for projects or new papers, serve on advisory boards, volunteer in good service activities, take care of loved ones, get to know grandchildren like your grandparents never got to know you, become a social critic and strike back at stupidity in high places, organize you life details and eliminate debt. Be Happy!
I believe retired professors are not supposed to waste their talent on the streets after they have left the academic arena. In my institution retired professors are used as mentors to newly recruited lecturers. They are also made useful to the scientific community through organizing workshops and other training activities.
As emeritus since 2004 I am dispensed from all obligations but can use all my academic rights, for instance to give lectures, promoting students - if I would intend this. But after university reform within EU countries (the so-called "Bologna process") the normal day at university has become so bureaucratic with much more tasks of organizing training and research that I prefer attending conferences, giving some single lectures at outward universities, spending the day with reading and writing in several research projects as the better part of life. I don't know why some people give currency to the rumour such a man must have much time.
Some become professor emeritus i.e. they continue to help others by supervising phd students. Others travel the world and still others stay at home and compensate to their partners the time they never gave them
To make others benefited of the accumulated knowledge of previous academic treasure that he earned during pre-retiremement tenure
Explore your childhood hobby. Spends time with family as well as students who need your time. Stay happy sir and do the work that brings a smile to your face.
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