Beyond Finances: Finding Purpose, Health, and Identity in Your Golden Years
By Marjorie L. Rand, CPA, CFP®, RICP®
It’s normal to think about how your sense of self may evolve as you transition into retirement and adapt to a different lifestyle. Your professional achievements, colleagues, and connections likely formed a significant part of your identity, especially if you take pride in your work and find purpose in it. Upon retiring, finding alternative outlets for your time and energy becomes essential to your well-being. Nurturing your interests and passions helps pave the way for a purposeful and meaningful retirement experience.
Read on for my tips on how you can prepare in advance to spend your time in a purposeful way and make the most of your golden years.
1. Find Purpose
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, but they also live longer! You can find purpose in retirement by:
- Volunteering for a local nonprofit or church
- Spending time with your grandchildren
- Pursuing a newfound hobby
- Working on home improvement or DIY projects
- Taking a class or learning a new skill
- Traveling locally or abroad
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.
2. Stay Healthy
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?
Sure, 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.
3. Phase Retirement
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, and then eventually full retirement. Studies have shown that phased retirement can actually improve vitality and health among retirees.
4. Prioritize Friendships
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.
5. Find a Hobby
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.
Work With an Experienced Professional
At Rand Financial Planning, we serve clients with a variety of wealth management needs and have developed unique expertise in helping those who are approaching retirement, in retirement, widows, and those who received an inheritance. We help clients build and maintain a comprehensive financial plan that includes everything from investments and cash flow to insurance and legacy planning. Our goal is to continue to protect and grow our clients’ wealth so they have confidence and financial peace of mind now and throughout their retirement years.
If you are in, or entering into your golden years and need help navigating your finances and developing a plan, we are here to help so you can pursue a fulfilling retirement with confidence. Schedule a 20-minute introductory call or reach out to me at 908-895-2406 or marge@randfinancialplanning.com to see if I’m the right fit to help you on your financial journey.
About Marge
Marjorie Rand is founder and financial advisor at Rand Financial Planning, a comprehensive, fee-only, fiduciary financial planning firm based in Flemington, New Jersey. Marge specializes in helping her clients plan for a secure retirement and navigate life’s many transitions through customized, tax-efficient retirement planning. She is passionate about empowering her clients to make the best financial decisions for their life and being by their side no matter what life throws at them. Marjorie spent many years as a CPA, specializing in estates, before founding Rand Financial Planning so she could be a go-to source for all her clients’ financial needs and help them avoid costly mistakes. She has a bachelor’s degree in accounting from Rutgers University and a Master of Science in Taxation from Fairleigh Dickinson University, along with the Retirement Income Certified Professional® (RICP®) and CERTIFIED FINANCIAL PLANNER™ certifications. When she’s not working, Marge enjoys boating, horseback riding, traveling, and hiking with her husband and her dog, Rangeley. To learn more about Marjorie, connect with her on LinkedIn.