I had my hip replaced last month. After spending three days in the hospital, I spent a couple weeks at home recovering. And I was bored. Really, you can watch only so many reruns of Gun Smoke or CNN’s nonstop coverage of Trump and Comey before all your energy is depleted. The hospital certainly isn’t a resort, but, unlike my house, it’s buzzing with activity. Just ask anyone who’s ever tried to settle into a long nap during a hospital stay.
Anyhow, I’m on my way to a full recovery. While I was home, however, I had time to think. That is, think about my retirement. Not that I’m planning on retiring any time soon, but my recovery has given me time to envision what I want my retirement to look like. And that vision doesn’t include old TV westerns.
Most of us don’t spend nearly enough time thinking about what we want our retirement to look like. Instead, we tend to create this grand vision of what we think retirement will be like. Most of us have been misled to believe that retirement is nirvana with endless days playing golf or sitting on a beach sipping drinks with umbrellas.
If you’re 5 to 10 years out from retirement, now is the time to start exploring the meaning of your work. What role is work playing in your life? If you’re like most, you tend to undervalue the benefits of work in your life. They go well beyond collecting a paycheck. French researchers have found a link between delaying retirement and reducing the risk of Alzheimer’s and other mind-robbing diseases. For each additional year you work, you reduce your risk by 3.2 percent. What’s more, working longer also contributes to longevity. On a recent retirement webinar, the facilitator cited an 11% (!) increase in life span for each additional year people work. As an investment advisor, I’d say that’s a pretty good return. What it all comes down to is staying engaged. It’s the engagement with life that helps prolong life.
Let’s be clear. Just because you’re leaving work, doesn’t mean you’re retiring. Sure, you know what you’re retiring from, but what are you retiring to? Our parents’ generation may have said, “When I retire, I’ll never work again.” But today’s retirees are striving for more of a balance. Most people are happiest when they find the perfect balance between purpose and pleasure. Ironically, our pleasure (or leisure time) draws its meaning from work. For instance, we all know someone who can’t wait to hit the golf course on the weekend. His tee times are usually earlier than he’s rolling out of bed during the work week. But golfer beware: there’s a diminishing law of returns on leisure. And when we retire, every day will not be a Saturday. The thing you’re looking to for joy and fun can over time make you grumpy. Do you really want golf to become your job?
In the past, my clients may have asked “Do I have enough money to retire?” Or “Have I had enough?” Now, clients are more apt to ask “Will I have enough to do?” All of us, whether we’re a multimillionaire or someone who will be living on little more than our social security, will have the exact same amount of time to fill each week—168 hours. If you don’t have a plan for maximizing your time, the next stage of your life may not be as fulfilling as you had envisioned.
Finding powerful reasons to get up in the morning will be as important in your retirement as funding it. Don’t confuse leisure with happiness. People tend to lean on leisure for fulfillment. But we really can’t be happy without pleasure and purpose. There are plenty of people who wake up seeking pleasure only to return to bed empty. Successful retirees do things that they’re curious about. They do things that bring value to others and meaning to themselves. They’ve explored the meaning of work in their lives and find a way to make it a part of their retirement.