Retirement isn't just about money – it's about meaning. Discover how aligning purpose with your financial plan can lead to a more fulfilling and rewarding retirement.
For many, retirement is viewed as the end goal of decades of work – a well-earned reward marked by freedom from alarm clocks, meetings and deadlines. But beyond the spreadsheets and superannuation balances lies a deeper question: What does retirement mean for you personally?
While financial preparedness is critical, it is only one part of the fulfilling retirement. Increasingly, is has been known that retirees are discovering that having a purpose – a reason to get up in the morning – plays a huge role in their well-being and happiness.
Why Does Purpose Matter?
Research shows that retirees with a strong sense of purpose enjoy better physical health, sharper mental activity and have a more positive outlook on life. Purpose gives structure to days that are no longer dictated by work, and it helps prevent the common traps of boredom, isolation, or feeling directionless.
Retirement is not just about winding down. It is about redefining what your life can be.
Transitioning To Something, Not Just From Work
It is known that the most successful retirees are those that are retiring to something. Be it volunteering, learning a new skill, travelling, mentoring, or even part-time work in a passion project.
It is important to ask yourself:
What activities energise me?
Are there causes or communities I would like to contribute to?
What hobbies or talents have I always wanted to explore?
By answering these questions, you can start to build a guide on how you can spend your time meaningfully, far beyond the numbers in your bank account.
Aligning Purpose with Your Financial Plan
A purpose-driven retirement isn’t about ignoring your finances but rather using them strategically to support the life you wish to lead.
For example:
Do you want to volunteer overseas? Budget for travel and healthcare.
Are you thinking of starting a small business or creative pursuit? Explore the financial feasibility and risks associated.
Planning to support your community? Consider charitable giving strategies that are tax effective.
Linking together your financial plan with your personal goals allows for your money to become a tool for impact and enjoyment – not just security.
Talk to Your Adviser About the Why, Not Just the How
Your adviser is here to help you think beyond just savings and investments. They are here to support your lifestyle aspirations and ensure your financial strategies are aligned with your values and visions for retirement. No matter if you are 5 years from retirement or already there, it’s never too late to explore what gives your life meaning and to plan for it accordingly.
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