Retirement Can Be Great or Miserable

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Like anything in life, there are always two sides of every coin. Some will proclaim the glories of marriage, and some will proclaim the horrors of marriage.  Some will tell you the greatest of joys is being a parent, and some will bemoan parenthood. Some will extol the virtues of democracy, while others will warn of the pitfalls.  Retirement, you would assume, is considered by all to be the most glorious time of life.  Yet, like anything else in life, it is both great and miserable.

Retirement is far from just a financial equation. If your focus on retiring is merely whether you have enough money to retire, then the conclusion of retirement will prove to be a dead end. Retirement needs to be approached from both an objective and subjective viewpoint. Your career should be objective and subjective as well, but most people end up in a career due to circumstances. Retirement, though, is the greatest opportunity to be intentional about your goals. Life is built on the foundation of relationships. Some may find fulfillment in a vast number of relationships, and some may find it in deep relationships with only a few. Many or few, the road to fulfillment is paved with relationships.

Retirement is a time that one may depart from the relationships of work.  These relationships could be where you got your significance from, through being the boss or the go-to person or the expert in this or that. Once you are no longer in that role, a piece of you has now been lost and needs a replacement. I have seen clients successfully do this by becoming the home handyman, the babysitter of grandchildren, the charity volunteer, or a second career, like my brother, referee of golf matches. What will be your plan to fill the gap between to who you were at work and who you want to be in retirement?  You hold all the cards to make your dream come true.

It is precarious to go into retirement without a personal goal as well as financial goals. Divorce and depression are as rampant in the golden retirement years as travel, fun, and family vacations.  So how do you overcome the negatives? The answer in relationships – using your skills and talents selflessly to help others.  Whether it is an abundant number of good relationships or a small group of deep relationships, fulfillment cannot be achieved without relationship.

If you love bicycles or taxes or painting or handyman work, then you could use your talents to help others without a big profit motive. You could work to connect deeply with your spouse and children, your siblings, or a unique group of select friends. You can do volunteer work and develop a new group of relationships.

Charitable giving should rarely be just giving, but instead should be intentional to develop relationships: giving to micro-charities and relating to the charity directors or to the beneficiaries, creating a scholarship fund at a university and personally choosing the recipients, becoming the most significant donor to a small charity, or assisting a friend in the development of their 501(c)(3).

Playing is great and it should be a function of retirement, but only in relationship will you find love, joy and peace.  Only in true relationship will one find fulfillment.

Financial Consulate aims to help lessen the worry and burden of wealth management and enhance financial wellness so our clients can pursue relationships and true fulfillment. Choose the professionals at Financial Consulate as your Certified Financial Planners™ (CFP®) to take advantage of our educational, ethical approach to financial planning. Our services are comprehensive, including tax planning, investment planning, retirement planning, estate planning, and more. We operate completely independently and offer fee-only services to keep your vision in line with our recommendations at all times. While we have offices in Hunt Valley, Maryland, Fernandina Beach, Florida, and Gettysburg, Pennsylvania, we serve clients across the nation. To begin your partnership with a trustworthy wealth advisor, please contact Financial Consulate today.