01/03/2017
Adding Purpose to Your Retirement Planning

Adding Purpose to Your Retirement Planning

Retirement planning often takes the form of a complex algebra equation. Typically it boils down to this: How much money will I need to live comfortably? The other side of retirement planning not so often pondered and planned for is finding purpose and happiness. Interestingly, a study published in Psychological Science in 2014 found that having a sense of purpose could actually add years to your life.

Why to Add Purpose to Your Retirement Planning

Researchers from the University of Rochester in New York and Carleton University in Ottawa, Ontario tracked over 7,000 American adults aged 20 to 75 for 14 years. They found those who felt they had a purpose or direction in life lived longer than those who did not.

It is easy to feel there’s not much left to accomplish once you’ve retired and your kids have left the house. But E. Christine Moll, Ph.D., a professor of counseling and human services at Canisius College in Buffalo, New York, says elder adults can still have career goals and direction in their lives.

She believes they key is to be grateful for your past experiences and accomplishments while looking forward to completing even more.

Seven Ways to Live a Purposeful Life in Retirement

  1. Join a Gym

Gyms naturally provide physical exercise, which studies show is essential to staying physically and mentally fit after retirement. They can also provide a way to make friends through participation in self-reinforcing group activities.

  1. Continue Your Hobbies

No matter your favorite activities were before you retired, there is no reason to stop after retirement. It might be smart to adjust or alter specifics due to your physical abilities, but it’s important to continue to do what you enjoy most.

  1. Become Politically Active

Older adults have more time to attend gatherings like city council meetings and can share their wisdom and experience. Volunteer for candidates who you admire, it can be as easy as making phone calls from your own home.

  1. Try Something New

Use retirement as a time to do things you never had the time to do. Learn a new language or travel somewhere you haven’t been. It’s easier to redirect your purpose when you redefine how you spend your time.

  1. Go Back to School

Lots of colleges and universities allow seniors to audit courses for free. If you wish to become more tech-savvy, sign up for classes on computers or social media. You can always take courses online, too.

  1. Volunteer

There are probably tons of local groups that would love your time, like food pantries, the library, or a local nursing home. Having commitments on a regular basis will keep you feeling purposeful.

  1. Immerse Yourself in Culture

Intellectual activity is just as important as physical activity. Take trips to local art galleries, museums, science centers, or any other destinations in your area.

Integrated Wealth Management and Retirement Planning with OptiFour

Planning for retirement is the first step. No matter which direction your passion leads you, ensuring financial stability during retirement is the first step. For more information on retirement planning from OptiFour Integrated Wealth Management, visit our homepage today.

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