In our last post we talked about a few of the keys to a successful and satisfying retirement by taking lessons from a few clients that have done it. Here is why I think they are so important:
1. Serving others — being accountable to other people and organizations is important on multiple levels. It strengthens humanity; in almost all religious texts, it is what we are called to do for others; it fosters a feeling of community and goodness amongst those serving and being served; it makes you feel better and more useful; you are leaving the world a better place.
2. Connection to something bigger — I would call this a higher power, but I suppose this could also be called purpose. It's where you get your internal drive from and how you see the world. Centering your life around this purpose gets you through hard times and allows you to appreciate the good times even more.
3. Strong social networks — being able to drop by your neighbor's home for a glass of wine or being able to meet friends for lunch every Friday provides connection and a feeling of togetherness. These friendships offer laughter, empathy, understanding and bonds that can last a lifetime. Once you have transitioned to retirement, your relationships become even more important and are often said to be the spice of life.
4. Continuing to learn — expanding your mind and broadening your horizons, whether that is with books, experiencing culture, taking a class, or listening to someone else's point of view helps engages your mind in a way that watching TV or browsing TikTok videos cannot. Learning forces you to imagine and wonder, and takes us to places we haven't been before.
5. Time to yourself to recharge — In ancient texts great teachers and leaders are often seen disengaging from others to be by themselves. Mediation, fasting, having your quiet time with your faith and a journal, are all ways to connect with something greater, quiet your mind and find peace. Just as a car needs to refuel, or a battery driven device may need to recharge, you also need a time away to be with yourself. Don’t discard this as not a requirement — it's as important as oxygen and water.
6. Continuing to be useful after leaving the workforce — the transition from productive to retired leave some feeling less useful without the paycheck or day to day schedule. But the reverse is often true — you can be more productive and useful by plugging into what needs to be done in your community and in your neighborhood. Help at church; be a crosswalk guard for an elementary school; help a political candidate that you believe in get their message out; find that part of life that breaks your heart and fill that gap — you will become more useful than you could ever have imagined!
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Alex Bishop, CRPC®, MS, is a Private Wealth Advisor and Franchise Owner with Bishop Financial Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC in Huntersville, NC. He specializes in fee-based financial planning and asset management strategies and has been in practice for 24 years. To contact him, https://www.ameripriseadvisors.com/alex.h.bishop or alex.h.hishop@ampf.com.
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