Finding Purpose, Health & Identity in Retirement
By Net Worth Advisory Group
Retirement is a monumental milestone. But beyond the financial aspects lies the heart of retirement—the pursuit of purpose, the preservation of health, and the evolution of identity. In this article, let’s discuss five ways to uncover the keys to a fulfilling retirement, where every decision is an intentional step toward a life rich in purpose and vitality.
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, they also live longer! You can find purpose in retirement by:
- Volunteering for a local nonprofit or church
- Spending time with your grandchildren or other family
- 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.
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. You can also try hiking, biking, skiing or other outdoor activities for exercise. 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.
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, consider trying to work 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, then eventually full retirement. Studies have shown that phased retirement can actually improve vitality and health among retirees.
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.
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.
How We Can Help
As you navigate the path of retirement planning, Net Worth Advisory Group is dedicated to guiding you toward a future where purpose, health, and identity converge harmoniously. The choices you make today shape not only your financial landscape, but also the essence of your retirement years.
Let’s collaborate to create a retirement plan that not only provides financial stability but also empowers you to live a life filled with confidence and meaning. Call us at 801-566-6639 or schedule a complimentary, no-obligation consultation to see if we are a good fit to help you pursue your goals.
About Net Worth Advisory Group
Founded in 2003, Net Worth Advisory Group is an independent, fee-only, CERTIFIED FINANCIAL PLANNER™ and investment advisory firm located in Salt Lake City, Utah. We specialize in helping people transition from the workplace into retirement and ensuring that those who are already retired will not outlive their nest egg. Our top priority is to have clients experience a greater sense of ease with diligent, personalized wealth care and the implementation of customized financial plans and ongoing personalized asset management. We equip all clients with a comprehensive financial plan, meeting every six months to update as needed and review investment performance. Our team is passionate about providing comprehensive financial planning with the fee-only model, and we love feeling like we’re making a difference in our clients’ financial lives.
As a NAPFA-registered fee-only advisory firm, our recommendations are untainted by a hidden agenda to sell financial products paying large commissions. Unlike our competitors at brokerage firms, insurance companies, and banks, we are compensated solely by our clients, so we are financially motivated to provide objective advice that is always in our clients’ best interests. Anyone can call himself or herself a financial planner, but only an advisor with the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation has met the education, examination, experience, and ethical requirements mandated by the CFP® board. According to the CFP Board, there are 97,000+ CFP® professionals in 2023, representing about 1 in 3 financial advisors in the U.S. Net Worth advisors are also members of NAPFA, which only has about 4,600 advisors, and are either CFP® professionals or CFP® professionals in training.
Net Worth Advisory Group’s mission is to significantly improve the lives of our clients by delivering exemplary financial planning and wealth management advice that enables them to live the lives they have imagined.