A purpose driven retirement

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Planning for what to do after retirement is as important as saving or investing for retirement. A human mind without a purpose, does not have a will to live. A purpose driven retirement should be one of the key objectives of all the people who are considering retirement.

What is your purpose?

A purpose is very important. What can you add value to the world? Everyone has a purpose on earth. Not knowing the purpose does not make one unimportant.

“The Lord God took the man and put him in the Garden of Eden to work it and take care of it.”

Genesis 2:15 (NIV)

From the quoted verse from the bible above, it is clear that the role of a man is to work and manage the earth. This is why it is not a surprise to see people getting their purpose from the work they do.

Now what do you think will happen to those people when they retire without anything to fill the void?

Having millions in the bank account does not replace your purpose. Many of us think that going to work is all about money but the truth is that when you have money, you will start looking for something to justify why you are on earth.

Why many die just after retirement?

According to research many people die just after retirement. This is very disturbing. There are many reasons that can justify this.

These are some of the biggest contributors of a short life span after retirement:

1. Retirement with no purpose
2. Retiring with insufficient money
3. Late retirements

Retiring with insufficient savings

Bills will not stop coming because you have retired. Many people will only realise that their savings are insufficient when they retire or about to retire. The reality is that many people do not save for their retirement in their 20s, they wait until it is probably too late. They ignore the power of compounding.

It may be hard to convince our minds that we will get old someday but as long as we live, we will get to that point. We can either live in denial of that fact or we can do something about it.

Retiring with no money is very stressful. As people grow older, they also need medical attention as well as a lot of assistance. Without this, many are condemned to a quick death.

Moreover, some will not be blessed enough to have caring children. It is also a proven fact that a parent can raise 10 kids but 10 kids can struggle to look after that parent.

It is wise to invest for retirement. Be wise enough to avoid being a burden to your family. Have investments that will help you in your old age. Remember that a wise man will leave inheritance to his grandchildren. Therefore, you should have enough to cater for your needs and the generations to come.

Late retirement

Some people upon realising that they have insufficient savings for retirement, they delay retirement. By the time they will consider retirement, their energy levels are so low that starting something new will be close to be impossible.

This is more or less the same as retiring without a purpose because the chances of a purpose driven retirement are limited because of low energy levels.

Retirement with no purpose

Having a purpose is not only important in retirement, it is also important on any stage of life. It is good for the brain to keep thinking and adding value. A life with no purpose will not see the value of life.

Investing money with an intention of doing nothing in retirement is as bad as having nothing in retirement. Without a purpose, the money saved will not improve your life.

A purpose driven retirement is when you start doing something that adds value to the community that you could not have done while you were occupied with work. For example you can start teaching young people about investing, farming, management, marriage or any skill that you acquired in your long life. Some people can even start new companies that can add a lot of value to the people without having to worry about money.

The easiest way to defeat a person is to take away his/her purpose. If a person feels unworthy, he/she will stop believing in who he/she is.

Retirement should not be the end of one’s purpose but a new beginning of another chapter.

It is important to retire with enough investments so that you can allow your retirement chapter to be all about adding value to the society without any money problems or worries. A purpose driven retirement is fulfilling.

Preparing for a purpose driven retirement

What does retirement mean to you? Is it a time to rest and enjoy your money?

In my view, retirement is not about age. Retirement is when you remove the worries of money in the life equation and you start focusing on something more fulfilling to your life. Retirement is not about sitting at home doing nothing. It is the best time to do what your job was stopping you from doing.

A purpose is not something you figure out in your retirement. While you are still busy investing for your retirement, start planning what you are going to be doing after retirement. This can also guide you in determining how much you need to invest to achieve those goals.

For example if your vision is about travelling across the whole world teaching people, then you need to consider the cost of doing that when you are still saving up for retirement. The same applies when you are thinking of starting a new company, you need to have enough invested to use as capital.

Important articles:

• Saving or investing for your retirement – what are the options?
• Investing in ETFs: Beginners’ guide
• The importance of an Emergency Fund – Bible story of bumper harvest and drought

Conclusion

A purpose driven retirement is a very important objective that we need to consider as young people. The trap of a less fulfilling retirement can be avoided. As we save for our retirement, we need to think about what we are going to be doing when we retire. A purpose makes life worth living.