Following his retirement from swimming in June, the 28-year-old can now do what he wants, when he wants and how he wants.

For the first time in more than a decade, the former dual world champion and Olympic silver medallist has been able to work to his own schedule.

There have been no more early mornings and no more dyed blonde hair courtesy of swimming pool chlorine.

"I've been told what to do every waking hour of the day for the past 15 years of my life," he said.

"So having that structure taken away is certainly a bit of a shock to the system, but it's also nice to do things on my own terms."

While he is no longer a professional sportsman, Magnussen admits there is the odd thing that he misses about his former life.

"The only thing I miss is the racing and the crowds and the spotlight a bit," he said.

"That's something I won't be able to emulate again in my life."

He has, however, remained involved in swimming through a business venture titled The Swim Squad.

"For the most part I've been travelling all over NSW running clinics primarily in rural and country areas which was always a passion of mine given my background," he said.

"I've found that really rewarding and it was important for me to pass on some of my knowledge and skill set while it's still fresh in my mind."

For years Magnussen was on the receiving end of a coach barking instructions - now he was on the other side.

"I'm a pretty nice coach; I don't rule with an iron fist," he said.

"I do I like to get in the water with the kids and show them how to do it.

"I always found in my swimming career that it can be a hard concept having a coach explain a technique from the side of the pool."

Magnussen is enjoying retirement, but has also kept an eye on the Australian swim team and their preparations for the Tokyo 2020 Olympics.

He expects a similar medal haul in the pool to the Dolphins' 2016 tally in Rio.

"You've got Ariarne Titmus who is a pretty good gold medal hope in the mid-distance freestyle events but she's up against Katie Ledecky which is never easy," Magnussen said.

Kyle Chalmers will be challenged by American freestyle gun Caeleb Dressel while Mack Horton is rated as a good chance at medalling.

But Australia's best chance at gold is expected to come in the women's freestyle.

"Our best prospect is the women's 4x100 freestyle relay which we've pretty much won at every event over the past eight years or so," Magnussen said.

"Other than that, any gold medals are going to be hard-earned."

Over the festive season, Magnussen will become an ambassador for coffee franchise Jamaica Blue following a partnership with a Sydney hospital where he will help to spread some cheer.

"It's a cause close to my heart because recently I had both grandparents in hospital in Sydney and I saw the wonderful work there that the staff did," he said.

"They weren't able to save my grandparents, but I thought it was touching the work they do and it's certainly something I could never do so I thought this was a great cause to help out with."

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