One of the biggest myths associated with the concept of retirement is that when we reach a certain age, the need to live a meaningful and productive life declines or is eliminated.  The “ideal” retirement is portrayed as a time of endless leisure, with no responsibility and endless days of fun.  Although this may sound great on the surface, the truth is that most people are not meant for this type of retirement, and statistics back this up.  Over one-third of male retirees go back to work in some form within one year of retirement.  Replacing full-time work with full-time leisure is not the answer.

Mitch Anthony, in his paper “The New Retirementality” (May 2004), states it this way:  “The New Retirementality debunks the myth of fulfilling full-time leisure as pictured in the retirement brochures.  Many of us find meaning and purpose in our work and a needed catharsis in our leisure.  It’s difficult to enjoy the one without the other.  It is a necessary paradox in our lives.” 

Now the last thing you may want to hear is that you should continue working and not retire!  However, that’s not the point.  Instead, rethink what meaningful work could look like for you in retirement.  Is there a way to work part-time that allows you to stay connected and engaged but also frees up time for other activities?  Is there work you would like to do related to a hobby or particular interest?  Is there a new career that you’ve always wanted to pursue, that the realities of life have prevented you from exploring?

A client with whom we have worked for 20 years desired to make a career change in his mid-30s.  The stress and time required to have a successful career in the corporate world was taking its toll, and he envisioned a different future for himself and his family.  We developed a plan that allowed him to leave the corporate world and move into a lower-paying job as a school counselor, which he had always dreamed of doing.  The desired outcomes have been achieved both personally and for his family.  An additional benefit is that he is in a career from which he doesn’t want to retire!

Although most people won’t make a dramatic career change like this at such a young age, there are some great lessons that can be learned for your retirement.  Retirement is the perfect time to consider a new career, one with your interests and desires taking a higher priority over income potential.  A new career may be created that provides more free time to explore other interests.  The impact on your finances can be tremendous!  Part-time income at a fraction of your current salary can allow you to retire sooner and move into a desired lifestyle at a younger age.  Work shouldn’t be viewed as “all or nothing”.  Rethink the possibilities of work to see if there is a career change that can provide meaning and responsibility with added flexibility and supplemental retirement income.  Meaningful work doesn’t have to be for pay either.  If your financial needs are met from investment assets and other sources besides a paycheck, volunteer work can fill the void that may be missing when you go from full-time work to no work.

Volunteer work or a new career is one of the issues to address as you create your new retirement.  Retirement should be a great time to explore new learning opportunities and new places.  College towns are booming as retirees take advantage of the educational offerings they provide (many at a discount from normal student rates!).  Have you ever wanted to learn more about a particular region, subject, or historical event?  Organizations like Exploritas combine travel around the world with education on a wide range of topics.  This can be a great way to expand your knowledge while visiting a part of the world you haven’t seen before.