A Fulfilling Retirement! The Right Advisor Helps

When we talk about retirement, the conversation often revolves around 401(k)s, IRAs, and investment strategies. But what about the aspects of retirement that don't come with a dollar sign?  Retirement is a significant life transition, and while financial security is most often the main focus, it's becoming increasingly clear that non-financial aspects play a crucial role in overall satisfaction.

Recent research from Transamerica Center for Retirement Studies shows that both retirees and pre-retirees are increasingly recognizing the importance of non-financial factors in creating a fulfilling retirement.

The Quest for Purpose and Connection

It turns out, many of us are looking for more than just financial security during the second half of life.  I've found myself valuing experiences and personal growth more than I ever did while working.  Both retirees and those approaching retirement express a strong desire for support in areas that money can't directly buy:

1. Finding or refining their purpose

2. Improving social networks

3. Discovering volunteer opportunities

4. Accessing exercise programs

5. Exploring part-time or seasonal work options

Trading Financial Security for Fulfillment?

Interestingly, many respondents indicated they'd be willing to trade some financial security for improvements in non-financial areas. This suggests that people are beginning to recognize the true value of holistic well-being in retirement.

While both retirees and pre-retirees value financial security, they prioritize different non-financial aspects when considering trade-offs. 

Here are some of the differences:

PRIORITY RETIREES PRE-RETIREES

Better Physical Health 17% 11%

Stronger Sense of Purpose/Spirituali 12% 15%

Socializing with Family and Friends 67% 54%

Would Not Trade Financial Security 29% 41%

These figures suggest that while financial security remains important, there's a growing recognition of the value of non-financial factors in retirement satisfaction.

A ‘Coach’ By Many Other Names

Looking back, I wish I'd had more guidance on the non-financial aspects of retirement planning.  My financial advisor was great with numbers, but we never really discussed how I'd spend my days or create a sense of purpose. 

As I stumbled my way forward in early retirement, I reflected on my parents' transition. They made it look easy.  They shifted their time from a fulltime job to spending more time doing things that aligned with their values; more time volunteering, part-time jobs that allowed them to help others, travel to see family and continuing education.

I spent a lot of timeI thinking about the real need for help navigating both the financial and lifestyle aspects of retirement planning. Many of us have benefited from a coach/advisor/mentor in many phases of our lives. Retirement is no different. It can be incredibly helpful for setting goals and finding direction in this new phase of life. 

Planning for a Well-Rounded Retirement

The advise that I start with to help others prepare for retirement includes:

1. (re)Discover and reflect on your current values and potential sources of purpose

2. Explore volunteer opportunities in your community or ways to help family and neighbors

3. Invest time in nurturing and expanding your social network

4. Make time for exercise or physical activities you enjoy a couple of times a week

5. Consider how part-time or seasonal work might fit into your retirement plans

Remember, retirement planning isn't just about securing your financial future - it's about creating a life that you'll love living every day. And that retirement is a journey of self-discovery and reinvention. By focusing on these non-financial aspects, you can create a retirement that's not just financially secure, but truly rich in experiences and connections. 

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