Thinking of retiring? here's 3 questions to ask before you decide
How To Retire On Purpose
Thinking of retiring? Many new retirees feel lost without their jobs. Often they say they're missing the sense of purpose their careers gave them. 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's why our True Wealth Planning process puts such a strong emphasis on preparing for the transition away from work and into a new phase of life where purpose is defined, and even deepened.
If you're thinking about retiring, answering these three questions could help you define your purpose and what True Wealth™️ means for you.
What Is Important About Free Time To You?
Under normal circumstances, new retirees often spend weeks, months, or even years taking stock of their lives and reassessing their priorities. The pandemic, and now the war in Ukraine, have accelerated that process of reflection for many folks thinking of retiring. When the future feels rocky, we tend to cling to the things that feel certain. For example, our loved ones, our passions, and the experiences that make us happy become our new focus.
The Great Resignation
For many folks thinking of retiring, the pandemic brought the quest for happiness to the front burner. The desire to climb off the hamster wheel and have more free time inspired folks to opt for reduced work hours and early retirement. Sometimes, when facing a catastrophe, especially one that is unprecedented, we're tempted to act on emotion and impulse. When the dust settles, retiree remorse might set in. The good news is that with proper planning, those foundational elements of life are exactly what you can build your retirement around. For example, 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.
There's no right or wrong way to orient your retirement around the things that are most important to you, and in many cases the process involves some trial and error.
How Can You Make A Difference?
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. 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.
How Can You Share Your Wisdom?
When thinking of retiring, have you said "if I had more time, I would...". Think about the causes that interest you, and would benefit from your generosity. Are there challenges in your community that would welcome your support?
Then, think about how you can make a difference beyond the typical financial contribution. Consider all the skills you've accumulated over the years. Your favorite cause, organization, or even your young neighbor might appreciate you sharing your wisdom. For instance, a non-profit or budding entrepreneur might appreciate your gratis marketing or web security skills. If you especially enjoyed helping new workers find their feet 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, and leaving deep footprints in the sand. 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.
If you're thinking about retiring, we're always available to help you plan for True Wealth - the things money can't buy and legacies are made of.