Congratulations on Retirement? Expert Advice on What’s Next
The Importance of Finding Purpose and Fulfillment in Retirement
“I’ve got all this free time now and don’t know what to do with myself.”
Too often I hear statements like this from individuals who have worked hard all their lives and have financially prepared themselves to step away from the workforce only to find they don’t know what to do with all the available time they have now created for themselves. Like the person getting married who focuses on the wedding rather than the marriage, the issue is that too many people think about the concept of reaching retirement as a single date or a moment in time rather than an ongoing and lasting process. Without thoughtful and proactive emotional retirement planning in addition to prudent ongoing financial planning, many are left without a feeling of true purpose and fulfillment when they arrive at this important next stage of life.
I believe, individuals that step away completely from the workforce without a clear direction on how to fill the void in a meaningful way are less content and less healthy than if they had continued to work. In fact, research from the Institute of Economic Affairs found that these individuals in retirement are more likely to suffer from clinical depression and to have at least one diagnosed physical condition.
So if this is a problem, what is a viable solution to deal with this issue around retirement planning?
A solution many have found is based on changing the paradigm of traditional retirement. Rather than focusing on leaving the workforce as quickly as possible so that golf and other leisure activities may be pursued, these people focus on gradually scaling back from full-time into part-time work or potentially even a brand new career or business over a number of years. This method can not only result in a potentially more rewarding work life but can also give one the time and opportunity to recognize their true values and motivations and identify desired activities that reflect those values and motivations without the fear of removing ones’ self completely from the workforce. In effect, it allows a person dip his/her toe into retirement without jumping in head first.
The process and depth of holistic and ongoing financial planning help uncover and prioritize a person’s desires and motivations, leading to a path toward his/her best life. It is because of this that comprehensive and fiduciary financial advisors are well qualified to help their clients deal with all of the emotional and financial components needed to achieve success at this and other crucial stages of life.
For more on retirement planning and how to live your best life in retirement, please contact me directly at (812) 602-6319 or via email me at firstname.lastname@example.org for Evansville fiduciary adviser support. Alternatively, you may wish to visit our website at www.paynewealthpartners.com to learn more about our Indiana financial planning firm.
Date Published: March 29, 2017
Authored By: Joshua R. Wichman, CFP®, MBA
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