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How to Find Your Purpose in Retirement

Retirement is a relatively new “stage of life.”  The ability to save and invest and live without the need to work for an extended period of time was once reserved for royalty and head of state.  Now, with millions of people living in retirement for often many decades, finding purpose has become a new, modern problem.  Without specific demands on us, what will we do?  This isn’t just about passing the time, but how can we invest our time in a with that brings happiness, fulfillment, and rewards that aren’t the financial ones we’ve chased during our careers?

Below are 10 areas of life and approaches to help you brainstorm how you might spend your retirement years:

  1. Reflect on Passions: Consider activities or causes you’ve always been passionate about. Retirement can be the perfect time to dive deep into hobbies or interests you may have set aside due to work commitments.
  1. Explore New Interests: Take this chance to explore new activities or hobbies you’ve always wanted to try. Whether it’s painting, learning a musical instrument, gardening, or volunteering, trying new things can lead to discovering new passions.
  1. Community Engagement: Engage with your community through volunteering, mentoring, or joining clubs/groups. Sharing your skills and experience can be incredibly fulfilling and impactful.
  1. Set Personal Goals: Define personal goals for this phase of life. They could involve fitness, travel, learning a new skill, or even starting a small business. Having clear goals can give direction and a sense of accomplishment.
  1. Education and Learning: Consider taking classes or workshops in subjects that interest you. Lifelong learning not only keeps your mind sharp but also introduces you to new perspectives and ideas.
  1. Part-Time Work or Consulting: Some retirees find purpose in part-time work or consulting within their expertise. It can provide a sense of structure, social interaction, and the opportunity to share knowledge.
  1. Family and Relationships: Invest time in nurturing relationships with family and friends. Building stronger connections and being present for your loved ones can provide immense satisfaction.
  1. Travel and Exploration: Explore new places and cultures. Traveling can broaden your horizons, introduce you to new experiences, and bring a sense of adventure and fulfillment.
  1. Health and Wellness: Prioritize your physical and mental health. Engage in activities like yoga, meditation, or regular exercise to maintain overall well-being.
  1. Self-Reflection: Take time for self-reflection to understand what truly brings you joy and a sense of purpose. Journaling or regular introspection can help in this process.

Remember, finding purpose in retirement is a journey. I’ve often recommended that when moving to a new, unfamiliar town, don’t buy a house.  Instead, rent for a year and get to know the place before settling down.  Similarly, in the early years of retirement, explore your options, try new things, or try different approaches to old things.  There is a great opportunity in retirement to make this season of life a truly great one. 

Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions. 

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. 

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