Most of us dream about what our lives will look like once we retire. These dreams are often filled with activities we always wish we had the time to really commit to. The truth is, as exciting as that eventual step is, it also comes with a loss of identity and purpose for many. It can be hard to transition from a daily commitment to work hard to a season of rest. Some people experience boredom, loneliness, and possibly depression.
The good news is that this doesn’t have to be your story! There are things you can do now to prepare for your golden years. With the right plan and intentionality, finding your new purpose in retirement can be as exciting as that cruise you have always wanted to take.
One of the most commonly suggested things to do in retirement is to find purpose in your new phase of life. As you transition out of the workforce, you may find yourself feeling like you don’t have a reason to get up in the morning. Studies have shown that you can prevent this feeling by living a purpose-driven life and that individuals who feel fulfilled are happier and healthier on average than those who don’t. Not only that, they also live longer! You can find purpose in retirement by:
Whatever you choose to do in retirement, doing it with a sense of purpose will help you make the most out of your time as opposed to just filling it.
Declining health and how to pay for the associated medical expenses is one of the biggest concerns for many retirees. In fact, 70% of Americans cite healthcare costs as the most pressing issue on their minds when planning for retirement. Now that you’re in retirement, what better way to spend your time than prioritizing your mental and physical health?
Yes, genetics will play a role in how healthy you will be as you age, but there are also things you can do to mitigate your risk. Exercise and diet are key to maintaining health and they can also be fulfilling ways to fill your time. Try participating in group workouts like kickboxing, yoga, or Pilates, or join a gym if you prefer to exercise alone. Any form of exercise is better than nothing, and it can help decrease your risk of premature death by up to 30%. Learning how to cook a new style of food can also be a fun way to pass the time while also improving your diet.
Adjusting to retirement is a huge transition! Going from working 40-plus hours a week for 30-plus years to suddenly having all the time in the world is a shock to the system, to say the least. It takes time to adjust, so don’t feel pressure to rush into retirement all at once. Instead, try working part time or using a phased approach to retirement.
It’s becoming increasingly popular for people to approach retirement in phases, slowly adjusting to reduced hours, part-time work, then eventually full retirement. Studies have shown that phased retirement can actually improve vitality and health among retirees.
Retirees who build and maintain meaningful social relationships are often happier and healthier than those who spend their time alone. Spend time connecting with your friends, family, and loved ones throughout retirement. It can help prevent loneliness and provide a sense of purpose and fulfillment. Knowing that you have a strong support system can make a significant difference in your overall level of happiness, and it can be a great way to fill your time, especially if you experience the loss of a spouse, fall on hard times, or suffer from declining health.
Retirement can be an exciting time for many, but some may find it hard to fill the empty hours. Exploring a hobby can bring meaning to your life, prevent feelings of uselessness, and promote overall happiness and health. A newfound hobby can bring purpose to retirement and help you stay healthy by prioritizing your mental and physical health.
Whether you choose to volunteer, take a class, learn a new skill, or work on a DIY project, having a hobby can help make the most of your golden years—while also helping to create new friendships and provide a sense of community, which is crucial in preventing loneliness and improving your overall well-being.
It’s never too early or too late to start preparing for your retirement years. Even if it’s a small step today, over time it pays off after you clean out your desk for good. That being said, we know it can sometimes be hard to make a plan that connects with your unique situation. That’s what we’re here for.
At Wealth Advocate Group, we offer a collaborative approach to navigating your financial challenges and providing professional advice that aligns with your dreams. We’re dedicated to partnering with you as you begin to explore what you want your future to look like. We serve a diverse client base, so it doesn’t matter if you’re in your 30s, starting to think about that distant future, or if you’re closer to those golden years, we want to help you plan and execute your goals. Call 440-505-5751 or email jcohen@Wadvocate.com to schedule an appointment today!
Jason Cohen is Chief Operating Officer and wealth advisor at Wealth Advocate Group, LLC, an independent, fee-based wealth management company. Jason has 15 years of experience and spends his days managing firm operations, including portfolio trading and analysis, training of new advisors, financial plan production, and client relationship management. Jason specializes in serving real estate professionals and other independent contractor business owners, helping them navigate their unique financial challenges, such as unpredictable cash flow and tax issues, so they can pursue financial independence and freedom from worry. Jason has a bachelor’s degree in public management from Indiana University and is a CERTIFIED FINANCIAL PLANNER® professional and believes that everyone should have access to comprehensive financial planning. He is passionate about doing his best for his clients and setting others up for success. Outside of the office, you can find Jason staying active in a variety of sports and spending time with friends and family. Learn more about Jason by connecting with him on LinkedIn.
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