Do not retire without a plan for the rest of your life.
For many, retirement can be a dream come true. You have ample free time and not much responsibility. No more 9-5 days at work and dealing with traffic. But will you retire with a purpose?
Once you retire, what you do is up to you (for the most part). While breaking free from routines and having endless choices as to what to do, may sound wonderful at first. However it can be paralyzing if you approach your retirement without a plan.
There is research that indicates that there is a condition known as “retirement risk”. This is when retirement can boost one’s risk for heart disease and other medical conditions by 40% if you do not have a purpose when you reach retirement and beyond.
Ironically, retirement has been ranked as one of life’s most stressful events. Do you know of anyone who is feeling stressed while in retirement? If so, do they seem to have a purpose during this stage of their life? Or are they aimlessly living each and every day?
What is your plan while you are retired?
Making certain that you have enough money during your retirement is important, but so is knowing what you are going to be doing. The same goes for social connections, without these, your retirement can literally kill you.
Can you identify your life’s purpose?
Identifying your life’s purpose may seem like an exercise in guesswork, but there is value in aligning your financial decisions with what you deem important in your life.
You can call this your life’s purpose, your life’s goals or your life’s values. These are the factors that will bring you a fulfilling life and an a meaningful life. In other words, a life worth living.
Does it make sense to spend your retirement time, money and resources on matters that do not add contentment to your life?
I do not believe that as Americans, we spend enough time to consider what makes us happy, truly happy. I am not talking about a new car or some other item that can be purchased.
Here is an example, for some retirees, unlimited free time to play golf would constitute their dream retirement. I have no hard feelings towards golfers. However, how much golf can a person play before golf becomes a job? What intellectual stimulation does golf provide? Remember, the mind is no different than the muscles in your body, use it or lose it.
The 6 attributes of a purposeful retirement:
- Positive emotions: gratitude, savoring small pleasures, mindfulness, feeling in control, hope and optimism
- Being engaged: working parttime or as a volunteer, hobbies, creative projects, etc.
- Relationships: with family and friends
- Meaningful: belonging to and serving your community, family, work, religion and social causes
- Accomplishments: pursuit of achievement, competence, success and mastery
- Vitality: exercise, diet and sleep
How do you score yourself on the above 6 attributes? Be honest with yourself. Will you retire with a purpose?
Review the 6 attributes above and determine whether your spending, saving and financial plans are aligned with a purposeful retirement. Knowing what makes you happy and what you value most from your life can help keep you on track for a truly satisfying retirement.
At Retirement Solutions we are trained and experienced in a discipline of financial planning known as financial life planning. We identify not just your goals, but your true values as an individual and then help you match your money with your values.
When your money is matched to your most important values, you will find that you are living a life of purpose which can bring you great satisfaction and pleasure.
Should you like to learn more about this, let us know by clicking the button in the upper right hand corner of this webpage for a no-obligation, no-cost 15-minute call. You talk, we listen.