Many people I work with are eager to retire. It’s their main goal—the thing they work toward year after year. And the financial planning industry clearly supports this goal, with much of our planning oriented toward the question: “At what age would you like to retire?” With a target retirement age in mind, we tailor the client’s plan to (hopefully) meet that goal. We analyze their assets and circumstances, create a plan, and adjust as necessary.

The best financial planners will account for all kinds of variables when creating a financial plan or rebalancing a portfolio. They will consider inflation, the possibility of financial emergencies, and the potential for major life changes. But a client can work with the most skilled and prescient financial planner in the world and still neglect to consider one vital aspect of retirement: purpose.

Purpose may seem like a vague or overly lofty term that may or may not apply to us, but I argue that it is absolutely necessary. Without purpose, it’s easy to feel untethered or directionless. Purpose helps us connect our everyday actions to our greater self—it motivates us and guides us. For some, it’s a reason to get out of bed in the morning, to keep going through tough times, and to keep trying, even when we occasionally fail.

For many people, purpose is tied to work. We build our lives around our work—it’s our identity, it defines our routine, and it fills our days. It gives us a direction and guides daily life. So what happens when you take that away? What happens when you go from centering your life around work to…nothing at all.

The transition can be jarring for many retirees. It can be difficult to know how to move in the world, and how to plan your days. Unfortunately, many people sink into distractions, such as television or gambling. But some retirees thrive. In my experience, those who adapt best to retirement have reinvented their purpose.

What does reinventing your purpose entail?

In general, this means reorienting yourself around something other than work. You might volunteer for an organization, run a committee, or take a deep interest in a hobby. If you’re not sure which way to turn, start by trying a variety of activities. Why not try French baking, woodworking, photography, volunteering for the Humane Society, or running a community garden? What do you have to lose?

If you really have a hard time keeping away from your former work, you could do some part-time consulting work for the industry. This could help create a transition between full-time work and retirement.

Reinventing your purpose also means coming to terms with your new identity as a retiree, a former doctor/lawyer/teacher/plumber. This doesn’t mean rejecting your old identity (you can still acknowledge how much your career molded your life), but rather, adding to it. When someone asks, “What do you do?” It’s fine to say, “I used to be a dentist, but now I’m remodeling old cars and volunteering at the local soup kitchen.” We contain multitudes, and this isn’t an either/or situation!

No matter how financially prepared you are, retirement can be tough if you’re not ready to rethink your purpose. In my experience, the retirees that thrive are those who are willing to start exploring hobbies and volunteer opportunities that connect them with others and give them a sense of accomplishment. We are more than a job title or a nine-to-five routine, and retirement can help us explore other sides of ourselves.

Leave a Reply