Companies marketing retirement often portray couples holding hands as they walk on the beach or sailing on the high seas with their hair blowing in the wind. These commercials give us the impression that retirement is an extended vacation filled with fun and leisure.
Several months ago, I wrote a blog article exploring nine real-life retirement transitions and the factors influencing individuals’ decisions to retire. At the end of that article, I promised a follow-up piece looking at what these individuals did after retiring.
After reviewing the list of recently retired clients, I’ve identified three general categories of activities that provide purpose and meaning to this group. I’m sorry to burst your retirement utopia bubble, but none of these categories involve year-round vacations:
- Family: Recent retirees often find themselves sandwiched between caring for aging parents and supporting their own children. Many have parents dealing with health problems and need assistance with doctor appointments, financial management, and household tasks. On the other end of the spectrum, they may also be helping their adult children with grandchildren and various other needs.
- Work: Some recent retirees still have the desire and capacity to contribute to the marketplace. This could be driven by a need for extra income or a desire to utilize their expertise and accumulated wisdom as a consultant or through contracted work. Both scenarios often offer greater work flexibility and less stress than their previous full-time careers.
- Volunteer: Finding an organization aligned with your passions can be incredibly fulfilling. You can leverage the skills and talents acquired during your working years to assist others. As volunteers, individuals have the freedom to manage their time and commitments, providing built-in flexibility.
All three of these areas of focus can bring added purpose and meaning to life. Everyone needs a reason to get out of bed in the morning. While leisurely days can be enjoyable, if they become the norm, life can quickly lose its excitement and vibrancy. At Master’s, our tagline is “Managing Wealth for a Life of Purpose.” Regardless of life stage, finding purpose is essential for overall well-being. What gives you purpose?
