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A successful retirement has never been defined by dollar signs. As many current retirees can attest, fulfillment is found where passion and purpose collide.
“Most pre-retirees haven’t given a lot of thought to purpose,” said Nan Ives, co-founder of The Future of You, which helps retirees restore balance when job titles disappear. “Now, with advances in medical technology, we could spend 30 years or more in retirement. We’re living longer, more productive lives and that necessitates some planning, not just retiring one day and letting it figure itself out. People need to realize that the transition from working to retirement is a significant life change. This catches many retirees by surprise.”
Those who fail to consider the softer side of retirement, she said, including how they’ll stay productive and cultivate social connections, often struggle with:
- Depression and anxiety — Many seniors experience social isolation and a loss of identity after they retire, which can affect their mental health. Roughly one-third of retires in the U.S. experience symptoms of depression, according to a recent analysis.1 Anxiety and stress may be especially pronounced for those who live alone, have lost a spouse, or experience financial distress.
- Decline of physical health — A more sedentary lifestyle, common among retirees, can contribute to physical health complications, such as cardiovascular disease and respiratory disorders. An often-cited Harvard study found that those who retired were 40 percent more likely to have had a heart attack or stroke than those who were still working, with the risk being the highest during the first year after retirement.2 Evidence suggests that mental, physical, and financial health are closely linked. Those who feel lonely or depressed are less likely to engage in healthy behaviors, including exercise, eating right, and managing money effectively. (Learn more: The link between financial stress and mental health)
- Marital problems — Even happy couples can struggle in the early years of retirement when they’re suddenly faced with endless hours together, often for the first time in their relationship. Decision-making roles may change, expectations for the division of household responsibilities may not align, and physical health challenges can create friction. While divorce has declined among adults in their 20s and 30s recently, the divorce rate among adults age 50 and older has surged upward, doubling between 1990 and 2010 before leveling off slightly since 2019.3 (Learn more: Gray divorce: Preparing for the financial impact)
That may explain why nearly 1 in 6 retired Americans are considering returning to work, according to a recent Paychex survey.4 Many of the survey respondents who expressed a desire to rejoin the workforce said money was their primary motivation, while others cited boredom, loneliness, or the need for social interaction. And some indicated that they planned to “unretire” because retirement was simply “not what they expected.”
Ives, who launched “The Future of You” with Lisa Stornaielo in 2021, is not surprised. The former executives-turned-entrepreneurs said they themselves felt adrift after accepting early retirement offers from their prior employers.
“People would say, ‘you’re retired, that’s fantastic’ and there was genuine elation in their voice,” recalled Ives. “You don’t want to say, ‘It’s really kind of hard.’ We paint this beautiful picture of what retirement will look like and you’re working towards that your whole career, but the loss of identity and fear of becoming irrelevant are some of the many emotions people face when their career ends.”
Many of their clients, she said, are referred to them by holistic financial professionals who understand the value of goal-setting beyond budgets and bank accounts.
“We encourage pre-retirees to really think about their values, what they’re good at, and what they’re passionate about,” said Stornaielo. “When you reflect on your life with a different lens, it gives you the energy and vision to figure out what’s next.”
The following checklist, suggested by financial professionals and life coaches, includes some tried and true methods for helping seniors find purpose after they retire.
10 ways to find purpose in retirement
- Set personal goals — You’ve always wanted to learn to paint, build a deck, or become a backyard beekeeper. Now’s your chance. By setting personal goals, you keep the focus on self-development. Don’t forget to verbalize your goals to others, which will help keep you accountable. A life coach can assist you if you’re struggling with direction.
- Create structure — Start a new morning routine, which may include yoga or a brisk walk. Arrange to pick up your grandchild from preschool twice a week. Or attend meetings of the vintage car club, if that’s your thing. Commitments on the calendar give structure to your week. “One reason people struggle emotionally or have difficulty finding their stride in retirement is that life is a series of habits,” said Martin Battock, a life coach and financial professional with GoldBook Financial in Scottsdale, Arizona. “Work has projects and deadlines and schedules. Then one day that all stops. If you don’t replace work routines with new routines, your retirement will likely end in disappointment.”
- Stay socially engaged — Participate in activities that bring you joy. Start a lunch group with friends. Join a card club. Volunteering for a cause you care about also helps expand your social circle and can help give meaning to your retirement. A Mayo Clinic report found that volunteering among adults age 60 and older provides both physical and mental health benefits by reducing stress and increasing their sense of goodwill. “Volunteers report better physical health than non-volunteers,” the report indicated. “Research also has shown that volunteering leads to lower rates of depression and anxiety, especially for people 65 and older.”5
- Continue learning — Lifelong learning is a fundamental component of mental and emotional wellness. Education offers both intellectual stimulation and personal enrichment. Scientific evidence suggests that it may also help support cognitive health. Consider taking courses at a local community college or adult education center, learning a new language with an online app, joining a book discussion group, or exploring new hobbies (curling anyone?).
- Create a financial plan — It’s hard to rest well when you’re not sure you can pay the bills. A financial professional can help you determine how much you can safely withdraw from your savings every month without running the risk of outliving your assets, which helps reduce stress during periods of market volatility. “A financial plan allows you the freedom to focus on what’s really important to you,” said Battock. “It helps you avoid the emotional ups and downs of interest changes and stock market volatility because those variables are already built into the plan. And that, in turn, gives you the confidence to spend the money you saved and enjoy your retirement.” (Calculator: How much do I need for retirement?)
- Share what you’ve learned — Professionals amass a wealth of talent and knowledge over the course of their career. That has value. You can share what you’ve learned by teaching a class at your local community college or by mentoring youth. Some employers have mentorship programs already in place to promote professional development, in which recent retirees can volunteer to be a resource for the next generation of young leaders. Seniors can also mentor students and at-risk youth through nonprofit organizations, such as AmeriCorp or mentoring.org. “For people like me in the retirement zone, our experience is priceless,” said Battock. “The work we’ve done, our battle scars, learnings from successes and failures — if we don’t share those experiences with others in our retirement years, then most of that is wasted.”
- Focus on your health — Now is the time to prioritize your health. Establish healthy habits right out of the gate by exercising regularly, eating right, and following your doctor’s medical advice. That doesn’t mean you must train for a marathon. A daily walk, gentle yoga, pickleball with friends, or a water aerobics class once a week can do wonders for your physical and mental health. You’ll feel better and it may prolong your life.
- Reconnect with your spouse — Take the pressure off your relationship during retirement by discussing expectations. How much personal space do you each need? Do you align on spending limits for vacation and dining out? Will your household responsibilities change now that you’re both home full-time? “It’s not always clear what the expectations will be in terms of dividing up tasks, or your roles in the home,” said Alicia Arbaje, a geriatric medicine physician at Johns Hopkins, in a recent article on the Johns Hopkins University website. “But you also want to talk about big-picture plans — what are the goals and dreams that both of you want to take on together?” Remember that kindness and respect are essential as you transition into this new life stage. A couples therapist can offer valuable third-party perspective as you redefine your relationship. (Related: How to emotionally prepare for retirement with your spouse)
- Start a side hustle — Many retirees work part time as consultants in their former field. Others start a new side hustle or work part time in an industry that speaks to their personal passion. The AARP provides a database of jobs, workshops, skills training, and coaching services for job seekers age 50 and older. But be aware that if you work and are younger than full retirement age, it may reduce your Social Security benefit by $1 for every $2 you earn above the annual limit. That limit for 2024 is $22,320.6 Starting with the month you reach full retirement age, your Social Security benefit will not be reduced no matter how much you earn. A financial professional with expertise in Social Security claiming strategies can offer guidance. (Learn more: Coming out of retirement: the financial implications)
- Adopt a growth mindset — According to Stornaielo, mentality is the real secret to a successful retirement. “A growth mindset is about looking at possibilities instead of limitations,” she said, noting seniors should eschew the tired retirement stereotypes of the three Gs (gardening, golf, grandkids). “As we get older, we sometimes stop dreaming. Instead of saying ‘I can’t’ or ‘I’m too old,’ you need to cultivate a curious mind in which you continually learn and grow.”
Conclusion
Retirement is an exciting new chapter, but it can also be fraught with challenges. To maintain mental and physical wellness, retirees must look beyond the financials, pursue their passions, and discover their purpose. They must live their golden years with intent.
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1 National Library of Medicine, “Prevalence of Depression in Retirees: A Meta-Analysis,” Sep. 4, 2020.
2 Harvard School of Public Health, Health & Social Care; Department of Social Policy, London School of Economics and Political Science; Department of Public Health, Erasmus MC, Rotterdam, The Netherlands, “Transition to retirement and risk of cardiovascular disease: prospective analysis of the US health and retirement study,” 2012.
3 The Journals of Gerontology, “The Graying of Divorce: A Half Century of Change,” Sept. 2022.
4 Paychex, “Are Retirees Quietly Rejoining the Workforce?” Feb. 7, 2023.
5 Mayo Clinic Health System, “Helping people, changing lives: 3 health benefits of volunteering.”
6 Social Security Administration, “What happens if I work and get Social Security retirement benefits?” Jan. 4, 2024.