Finding purpose in retirement
Retirement isn’t what it used to be. From the end of company pensions to a healthcare overhaul, there’s a laundry list we could rattle off together. As a professional in the practice of talking with people about retirement over the last twenty years, I’ve experienced firsthand a new concern that Baby Boomers have today when heading into retirement. More people are seeking purpose in retirement.
Perhaps the fact that Americans are living longer may be contributing to this trend. The U.S Census Bureau recently reported that the average length of retirement is 18 years.
From my perspective, there is a real opportunity for the Baby Boomers to reinvent retirement as we’ve always known it. According to the AARP, 10,000 Baby Boomers are turning 65 every day. These numbers are expected to continue into the 2030s.
So what does “purpose” mean anyway? It’s hard to say. Purpose looks different for every retiree. While some find purpose in working longer at a parttime, less demanding job, others find purpose caring for grandchildren, volunteering or traveling more freely. Finding purpose can be as unique as the person who’s searching for it. If you, or maybe someone you love is approaching retirement, here are 4 ways to position yourself for a purpose-filled retirement.
• Don’t wait until retirement to plan how you’ll spend your days.
Recently, I sat down with a retiree who admitted he’s struggling to find purpose in retirement. He’s been retired for a year and his “Golden Years” are not what he expected. What he realizes now is that the time to begin thinking about purpose isn’t after retirement. Statistics are troubling for the number of retirees (particularly men) who are depressed in retirement. Retirees who fair best at avoiding this slump realize they need to plan ahead for their retirement days. (Side note: If you’re retired and can relate, it’s never too late to get started. It just may be a little more difficult.)
• Don’t confuse busy with purpose.
Some retirees I know live significantly busier lives than people who are younger – which is hard to imagine, right? Ask anyone today, and they’ll tell you, “I’m busy!” The idea of “keeping busy” in retirement, should not be confused with finding purpose. Unlike being busy, finding purpose requires a great deal of personal reflection. If you are approaching retirement, you
need to ask, “What am I passionate about?” “What activities did I once enjoy that I now have more time to explore?” Purpose is more about the quality of your time, than the quantity.
• Anticipate potential regrets.
You likely don’t have to
think too hard to identify what you’d be sorry you missed out on if tomorrow never came. It’s a sobering thought, but it’s the reality we all face. We can all probably think of a relationship we’d like to strength or restore, a place we’ve always wanted to visit or a skill we always wished we had more time to develop. If you’re old enough, you probably already have some regrets. With that said, you don’t have to carry them into retirement.
Change what you can, as much as it is in your power to do so!
• Consider how to share.
I was fortunate to have made lots of memories with my dad throughout his retirement. He was able to see me get married and have children. After he passed away, one of the most special things I had from him was a book — one of those recordable ones from Hallmark.
He and my mom had recorded themselves reading a story to my children. It was special gift then, and even more so now. Of course, this is just one example. I’ve talked with retirees who are sharing letters, journals and even personalized Bibles with the ones they love. The process of creating these types of mementos can reveal purpose for the creator and often have significant value to the recipient. Age and retirement have
a way of bringing out our story — find a way to tell yours.
In my experience, Baby Boomers who are approaching retirement today realize that it requires so much more than savings. No doubt, financial security is important but it is far from everything. Even people who have saved less stand the chance to make more out of their retirement years if they’ve considered how to spend it. Tom Kalejta is an author of “Building Wealth, Protecting Dreams” and a financial advisor. He is intrigued by how Baby Boomers are changing retirement trends and lifestyles in the 21st century. He believes in inspiring his readers by talking less about money and more about reinvented possibilities — particularly when things don’t go as planned. He can be reached at thomasakalejta@gmail. com.