Retirement is often seen as a welcome reprieve from the daily grind of work, but it can bring its own unique challenges, especially for those who are forced into early retirement due to health issues. This is the experience of a 67-year-old who had to retire at 52 after being diagnosed with a large tumor. After a successful surgery and recovery, he found himself bored and restless, with his mental health suffering. He wasn't alone in these feelings, as many of his retired peers felt the same way.
So, what is the biggest challenge of retirement that few discuss? It's finding purpose.
In a survey of over 15,000 retirees aged 60 and above, the most commonly cited issues were regrets about missing their work, concerns about mental and physical health, and fear of losing their identity. Sure, financial stability is important, but it wasn't among the top three challenges listed by retirees. Retirement savings and retirement planning are often confused, but they are two distinct concepts. While having enough money is important, life-planning – deciding what to do after leaving the workforce – is crucial.
In fact, a 2021 study published in the Journal of Applied Gerontology found that having a strong purpose in life leads to healthier lifestyle choices and slower progression of chronic illnesses in individuals over the age of 51.
But how do you find that purpose? One useful framework is the Japanese concept of "ikigai," which means "your reason for being." To achieve ikigai, you need to find activities that you love, are good at, are needed by the world, and can potentially bring in income. According to Japanese neuroscientist Ken Mogi, there are five pillars to consider when pursuing your ikigai: starting small, releasing yourself, pursuing harmony and sustainability, enjoying the little things, and focusing on the present.
After his near-death experience and struggle with finding purpose, the 67-year-old decided to "un-retire" and start a mindset coaching company to help others find fulfillment in retirement. For those planning to retire, it's important to remember that there could be decades of life ahead. Finding purpose and planning for life after work is key to making those years meaningful.
At Stouffer Legal, we understand the importance of planning for a fulfilling retirement that goes beyond finances. Whether you are preparing for retirement or adjusting to this new chapter in your life, we are here to help guide you through the process. Contact us today to start planning for a purpose-driven retirement.
It's easy to get started in the Estate Planning process – you can learn more by visiting https://www.stoufferlegal.com
Photo credit: www. youve-earned-it.co.za
