The great Roman philosopher Seneca said, “If one does not know at which port one is sailing, no wind is favourable”.
From all these years of interacting and working with a diverse group of retirees, I can confirm that Seneca’s in-depth observation is the answer to the puzzle of why so many retirees, even some affluent, end up with a Satisfied and meaningful retirees fall short of achieving life.
During the working life, the professional joinery acts as a sheet anchor; But in retirement, he is gone. A conscious effort towards a purposeful life provides the necessary hinges and space to design a fulfilling and joyful life.
In retired life, we all aspire to do things that we had to give up because of professional commitments, such as spending more time with family, visiting dream places, making a long spiritual retreat, making an impact in the world, or gardening. and pursuing hobbies like music.
However, many people feel isolated; They lack a purpose and meaning in life, slowly draining their energy and enthusiasm.
In our society, the discussion on retirement is dominated by money and ‘full’ retirement funds. It cannot be denied that money gives the freedom to achieve the lifestyle that one aspire to and it is the backbone of a wonderful retired life.
However, retirement is a marathon; Whether you live in New Delhi or Hawaii, humans’ innate craving for ‘meaning’ and ‘purpose’ in life affects everyone sooner or later.
Retirement is when you stop exchanging your time for money and all this time is at least a third of your life. This new phase is long, and to make it magical and a grand event of your life, time should be utilized to fulfill aspirations, desires and dreams through healthy engagements.
Towards a Meaningful Retirement
Traditionally, you attained retirement at a certain age, typically 60.
This notion is challenged today by movements such as FIRE (Financial Freedom, Early Retirement) calling for early retirement.
The FIRE offer states that you earn and save enough to retire early by investing aggressively in the right assets, after which you get the coveted freedom to live on your own terms.
With increasing life expectancy, the focus on early retirement and the availability of better health care, one has to live a longer period of life after retirement.
Depending on when you retire, a good 30-40 years post retirement can be spent, which requires adequate corpus and life-focused planning to keep you engaged in a meaningful way.
Therefore, a prudent and holistic retirement plan that gives equal credit to wealth management and life planning should be implemented for a fruitful, prosperous and enjoyable retirement.
I believe that the doors to a happy and meaningful life are not only opened by ‘money’, but it is highly dependent on defining the ‘freedom’ that one hopes to achieve in retirement. A subtle and detailed outline of your ideal life will make retirement gratifying and satisfying.
Retirement Planning: Take a Holistic Approach
People planning their retirement should start by envisioning the future and creating a master list of the do’s and don’ts for retirement, which includes a list of things they love about retirement and things they love. dislike.
Next, try to find the ‘purpose’ and ‘approach’ through deep introspection or with the help of a retirement coach. An authentic purpose coming from the bottom of your heart will be a force multiplier for a great retired life.
Then, create a bucket list of goals that includes everything you want to do and your aspirations, from mountaineering to scuba diving, acquiring new hobbies or skills, starting new ventures, or engaging in spirituality or philanthropy.
Once you have the components to build the best retirement, you break down the ‘vision’ into bite-sized goals, which can be achieved through an optimal schedule with the right dose of healthy, fun and meaningful activities. can be obtained from.
The final step is assessing the financial situation, allocating resources, and using the funds to generate the ideal retired life.
Employing such a systematic approach supports the transition to your new ‘retired’ self with minimal friction.
Retirement is not just about being free from professional work, but more than that, it is a gateway to the portal of new possibilities of living an ‘unlived’ life.
Holistic and purposeful retirement should be the fundamental goal, with ‘money’ being the key facilitator to accomplish that goal.
The aim of planning should be such that you can live the best possible retirement life with the money you have.
Views are personal: Author – Vikas Sharma, CFP is the CEO and Co-Founder of Golchi Capital Services LLP
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