Redefining Your Lifework: Embracing Purpose in Retirement Through Career Shifts from Executive Positions to Volunteer Roles
Ready to dive into the exciting new chapter of retirement? Instead of viewing it as a stepping stone away from your career, think of it as stepping into an important, fresh role!
For high-achievers whose identities are deeply rooted in their work, this shift can feel like a free-fall. But by embracing a new mindset, you can gracefully navigate this new phase of life.
Consider your retirement as an opportunity to explore new horizons without being tied to the status or identity of your previous role. Retirement advisors and coaches agree that purpose is crucial to your health and happiness during this time.
So, what kind of impact do you want to make as you embrace the freedom of time that's your own?
Daniel Milks, founder of Woodmark Advisors, suggests starting with a simple question: What impact do you want to make now that your time is yours? This question opens the door to thinking beyond status, encouraging you to focus on service, creativity, or mentorship instead.
Carlie Ransom, co-founder of Equal Path Investments, echoes this sentiment, emphasizing the importance of understanding your core values before setting goals. By identifying your values first, your goals will better align with genuine fulfillment rather than arbitrary societal expectations.
Finding purpose in retirement doesn't have to mean launching a nonprofit or joining a board right off the bat. Start small, dabble in new hobbies, or volunteer for local causes that resonate with you. The more local and rooted the work is, the more satisfaction you're likely to feel.
Consider helping with a neighborhood cleanup, mentoring high school students, or using donor-advised funds to financially support the causes you care about. You never know, you might even start a nonprofit like the group of retirees Milks works with who founded Rock by the Sea, raising funds for charities with their love for music.
Retirement can sometimes trigger feelings of aimlessness, but remind yourself that this discomfort isn't a sign of failure. Allow yourself time to explore and evolve without taking on too much or putting undue pressure on yourself.
Give yourself permission to not have everything figured out immediately. Authentic reinvention often comes from productive discomfort—the space between your old identity and your new one.
Lastly, remember that a purposeful retirement isn't just emotional—it's financial, too. Plan for service-based work, passion projects, or travel in your budget. Work with fiduciary financial advisors to align your finances with your values and build flexibility into your retirement plan.
So go on, retirees! Embrace this opportunity to craft a retirement that truly fulfills you. Whether you find joy in volunteering, gardening, teaching, or organizing community events, the right next step doesn't need to mirror your career. Now that you've got time, use it to discover what truly makes your soul sing. Get started now with a vetted financial advisor.
- In retirement, you can add a new dimension to your lifestyle by exploring impactful projects, such as mentoring, volunteering, or supporting causes you care about, which energizes personal growth and fosters a sense of fulfillment.
- By taking the time to understand your core values, especially as they relate to your education-and-self-development and personal-growth, you'll be better equiped to set realistic and meaningful goals during retirement.
- Focusing on service or creativity during retirement, instead of status or arbitrary societal expectations, can help you navigate this new phase of life and make a positive impact on your community and beyond.
- Instead of viewing retirement as a stepping stone away from work, consider it as stepping into a new role that allows for personal exploration, experimentation, and self-discovery – a role that's especially important for high-achievers moving beyond careers steeped in work identity.
- As you prepare for retirement and seek to craft a fulfilling lifestyle, it's essential to work with financial advisors who can help align your finances with your values, enabling you to invest in your passions, travel, or offer service in meaningful ways.
