We’ve all seen advice articles outlining the ideal retirement life.
We’re shown photos of happy seniors playing golf, traveling the world, and pursuing hobbies. There is even an occasional image of smiling couples playing pickleball. Retirement is often portrayed as a wonderful period of open free time to finally do all the things you’ve always dreamed of doing.
However, just 4% of today’s retirees said they are “living the dream,” according to the asset management company Schroders.
Instead of feeling liberated, they struggle with how to spend their days in a satisfying and purposeful way. The typical retirement activities touted by the media turn out to be less appealing or more difficult than expected when you no longer have the structure of a career.
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The retirement life shown is a lot like a mirage.
To make it more of a reality, don’t wait to figure it out in retirement, figure out life ahead of time.
Hobby Mirage
Take hobbies, for instance. While learning a new skill like an instrument or art can certainly be rewarding, it requires serious dedication of time and resources. Hobbies are not the effortless pastimes they are sometimes made out to be. Therefore, define your hobby, but also define your time to that hobby.
Volunteering Mirage
What about volunteering? This virtuous activity is often recommended for retirees seeking purpose. But only 26% of today’s retirees volunteer regularly. The idea of “giving back” through volunteering is noble, but the reality requires finding opportunities that are personally fulfilling. Simply volunteering for the sake of it isn’t enough to make this a rewarding use of time. Invest the time to determine what the use of your time serving others best serves your abilities.
Continuous Learning Mirage
Continuous learning and personal development are other common suggestions for an enriching retirement. And indeed, intellectual stimulation is important at any age. But what type of learning is valuable and engaging for a retiree? The data shows only 42% of retirees identify as lifelong learners, implying most struggle to find educational experiences with meaningful impact. Learning takes dedicated time and should be something or areas you enjoy and expand your knowledge.
Travel Mirage
Travel is often touted as a top retirement activity, allowing you to finally see the world without vacation day constraints. It is one of the more popular pastimes, with retirees traveling an average of 27 days per year. However, this amounts to just over 3 weeks of travel annually for most – not quite the endless road tripping many imagine. Those who get the most out of travel, plan it well in advance.
Entrepreneur Mirage
For the entrepreneurial-minded, retirement could present an opportunity to finally start that business or pursue a passion project. This can certainly be rewarding…for the 6% of adults ages 65-74 who have actually started a new business. For most, the reality of launching a new venture in retirement doesn’t match the romantic ideal. It is not for everyone, and it could consume even more time than what was used during a traditional career.
By the Numbers
The numbers reveal a disappointing trend – the activities assumed to make retirement so wonderful and fulfilling are embraced by only a minority of retirees. The truth is that many people struggle to replace the purpose, structure and satisfaction previously provided by their career.
This isn’t to say retirement needs to be avoided entirely. But a realistic mindset is required. Retirement may initially feel like a well-deserved break, but sustainable fulfillment takes work. Having a thoughtful plan for productivity, meaning and engagement is essential for thriving in post-career life. Otherwise, you may find yourself disillusioned and bored, despite living out the stereotypical retirement portrayed in the media.
David Buck is the author of the book The Time-Optimized Life, owner of Kairos Management Solutions, LLC, and founder of the Infinity Lifestyle Design program. As a Certified Professional Retirement Coach (CPRC), David works with financial services providers helping their clients create a post-career lifestyle strategy. David also helps individuals, teams and businesses learn how to use their time more proactively. To learn more, contact him at dave@kmstime.com or visit Infinity Lifestyle Design.
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