We find that many new retirees feel lost without their jobs. But most of the time, what these retirees are really missing is the sense of purpose that they received from their jobs. Even if you didn’t love everything about your job, work gave your days structure and a sense of meaning as you put your skills to good use and provided for yourself and your family. That is why Falbo Wealth Management’s Financial Life Planning Process puts a strong emphasis on preparing people for the transition away from work and into a new phase of life where your purpose can be redefined, and even deepened.
Answering these two questions could help you find that purpose and keep getting the best life possible with the money you have in retirement.
- What is important to me?
- How can I use my resources to make a difference?
Under normal circumstances, new retirees often spend weeks, months, or even years taking stock of their lives and reassessing their priorities.
Lately, events in the world have accelerated the process of reflecting on their lives for many people. When the future feels uncertain, we tend to cling to the things that we do feel sure about and that we can control: our loved ones, our passions, the goals that we want to accomplish.
The good news is that those foundational elements of life are exactly what retirees and pre-retirees can build their retirement around. Even if you decide to take a part-time job, you’ll have some flexibility to include the people and activities that make your life meaningful in your new retirement schedule.
For many people, an ideal retirement week mixes smaller, everyday pleasures with progress on long-term goals. You might schedule a couple afternoon lunches or rounds of golf with retired friends around the online classes you’re taking to earn your Master’s. As you’re preparing for that big “bucket list” trip to Europe, you could make a few extra weekend trips to watch your grandkid play baseball.
There’s no right or wrong way to make your retirement around the things that are most important to you, and in many cases the process involves some sort of trial and error. Our planning process can help you gain clarity on what really matters.
Three of the most valuable resources a retiree has are money, energy, and time. Many of our clients have told us that the older they get, the more value they assign to those last two.
Which isn’t to downplay the importance of money. You should be proud of all the hard work you put into building your nest egg. Now that you’re no longer focused on saving and investing,
embrace the possibilities for fun, relaxation, connection, exploration, and purpose that your money provides.
But also think about the causes that could benefit from your generosity, the issues in your community that you could improve with a sustained charitable giving plan, the legacy you could leave etc.
Then, think about how you can move beyond money. Your favorite local nonprofit might appreciate your marketing or web security skills even more than your monthly support. If you especially enjoyed helping new workers find their way during your career, you might become a tutor or mentor.
Making strong connections between your resources and what’s most meaningful to you will be key to discovering your purpose in retirement. The process isn’t always easy, and it rarely follows a straight line. But it can be one of the most rewarding journeys you’ll take. We’re always available to help you plan for the next step and your ultimate destination
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual