When it comes to retirement, it always amazes me how many people have an exact date in mind.
Oftentimes, people have an idea (or if they don’t—that’s why they’re meeting with an advisor) of how much they’ll need to retire.
What is interesting is that many people have spent years thinking about when they want to retire, but have given little thought to what they want retirement to look like.
What am I going to do that gives me purpose?
Lee Iacocca had a famous quote in his 2007 book, Where Have All the Leaders Gone?
“There’s nothing wrong with playing golf, but if you think golf is going to be enough to fill your life in retirement, you’re mistaken.”
The point is that you can substitute golf for just about any other activity. That’s not to say that having hobbies isn’t important—they are!
Rather, the question becomes: are hobbies enough to give you purpose? Do they provide meaningful relationships, challenges, and a sense of accomplishment?
Do they challenge you physically and mentally? The second part of this question is often overlooked.
For decades, people wake up and have a schedule. They have responsibilities, coworkers, and goals. There are people counting on them. Even if someone doesn’t like their job, it provides structure.
Retirement can change all of that. Freedom of time can be wonderful. It can also be surprisingly difficult.
“How am I going to fill my day?” is a common question.
In my 20+ years of experience, the people who seem to have the most fulfilling retirements are those retiring to something, and not just from something.
There is no magic list, and purpose looks different for everyone.
Finding purpose in retirement is not something that can be modeled in a Monte Carlo simulation or an Excel spreadsheet.
It is personal, and it often changes throughout retirement.
“What gives me purpose?” might be the most important retirement question of all.