Retire with Purpose

People often retire with visions of no longer working. They daydream about sitting by a pool or at the beach day after day, golfing, hiking, traveling, hanging out with grandkids, or taking up a beloved hobby. They dream about permanent leisure time. And for some people, this is a reality, and they enjoy it tremendously. 

For other people, retirement is a difficult transition; it creates a sense of loss. The sense of purpose and the job one held for decades are gone. Traveling and sitting by the beach are not necessarily comfortable placeholders for the previous job. 

Retirement planning may be as important as career search, and it should be a part of career management from day one. 

Finances/Math

For retirement planning, simple math includes the following:

• How many years do you want to work? 
• At what age do you plan to retire?
• How much money do you need per month/annually to live comfortably?

The answers to these questions enable a coach to help a job seeker to determine the required amount of money to save across their career. If the client wants to retire at 60 (and take Social Security benefits early), needs $50K per year to live, and receives $1,700/month in benefits ($20,400/year), he will need approximately $1.2 million saved to last 42+ years (pulling approximately $29,600 annually from the savings). (*If a person continues to work from 62 to 68 (retirement age), they can only make $24,480 per year (in 2026) without a penalty on the SS income). 

The client needs to prepare a basic monthly/annual living budget to identify the target retirement number. The budget should include medical/Medicare/IRMAA, utilities (phone, internet, electric, water), car expenses (gas, insurance, car payment), mortgage/rent/HOA, home insurance, property taxes, food, personal care (haircuts, nails), other (home security systems, bug exterminators, lawn care/snow removal), eating out, gifts, vacations, and any additional monthly expenses. It should be very thorough to prevent surprises after retirement. 

Planning to retire also means monitoring the Social Security statement at least annually (https://www.ssa.gov/myaccount/statement.html) to understand potential income levels from 62 to 70.

Savings could be in the form of a 401(k), an IRA, a Roth IRA, a money market account, a high-yield savings account, savings bonds, or CDs. Some people are comfortable with investing; others are comfortable with slow-growing savings and CDs. 

Emotional/Health – Diane’s Whole-Person Theory

For years (20-40), an employee trains for and focuses on a career path, a career field, a discipline (medicine, law, law enforcement, engineering, teaching, military, human resources, sports, environment, technology, etc.), and/or a specific company or mission (NASA/space; Micron/technology advancements/chips/AI/ML; Ivy League University/teaching/research/learning; NFL/coaching/sports medicine/athlete).

When retirement arrives, these people often feel lost. Their institutional knowledge and purpose are no longer called upon daily. Their ego – the one attached to their profession – is deflated. 

They may also experience a “cognitive decline due to ‘mental retirement’, suggesting that the work environment could be more cognitively stimulating than the leisure environment as a retiree. Besides the direct effects of an absence of cognitive activities related to work, retirement may also affect cognitive function indirectly via loss of work-related forms of self-organization, communications and collaborations, which are important factors potentially contributing to the maintenance of cognitive reserve. For example, social networks could be more extensive during employment.” (Effect of retirement on cognitive function: the Whitehall II cohort study, 2017.)

Case Studies

1. I spoke with a retired veterinarian this week. He said, “I studied to be a veterinarian for many years; I invested 40 years into the profession, and the last 20 years, I owned my own thriving veterinary hospital with 49 employees. I trained veterinary interns and new veterinarians in surgery, epidemiology, contamination, and disease, as well as in research. I met thousands of pet parents and explained their pet’s illnesses and ailments and the course of action. I spoke at conferences. Now, I am struggling to stay busy.” He is currently helping care for grandchildren, traveling, and remodeling parts of his home. He cannot sit still. When these activities are complete, he will need something else to do and stay busy. 
2. A newly retired military member with 23 years in (Army/aircraft maintenance/repair/inspection and manager) said, “Job search is daunting. I get no responses back from applications. I know that I am retiring; however, I would like to work another job for 10 or 20 years. Until I secure a new job, I do not know what to do with my hands. It feels very odd right now.”
3. A Navy officer said: “I feel like I am walking off the gang plank. I feel completely lost and unsure.”
4. A retiree said to me, “I retired, and my friends and former colleagues who were also retired invited me to play golf. So, I met them at the golf club. We played golf, ate lunch, and drank beer. I asked them what was next, and they informed me to meet at the golf club again tomorrow for another round of golf.” He told me there was no way he could play golf every day. So, he started a nonprofit business to help others with job searches. 
5. A retiree informed me that at age 75, after 50 years of employment in the meat industry, ranging from growing meat, slaughtering, and selling meat to restaurants and stores while meeting all OSHA and USDA/FSIS compliance requirements for plant operations, he felt useless. He was the subject matter expert, and he knew everyone in the industry across the country. With some coaching, he joined a local club that sheltered German Shepherds. He walked the dogs and fed, cared for, and trained them. As a dog lover, he put his passion to work. He met many new people who shared his passion for German Shepherd dogs. He also joined a men’s group that met weekly to ensure regular socialization. 

So, what do these retirees do? They experience the job loss grief cycle. And they seek coaching to make the transition into retirement more comfortable. I coach my clients to fill their time with meaningful activities, which may include a new paid job (full- or part-time), a 1099 gig, or community volunteer work. They need to decide whether they require additional income or can live comfortably on their savings and any pension. 

Some become entrepreneurs and consultants in their area of expertise. Some return to school for training in new disciplines. Others ask for frequent jury duty. Others get involved in local politics or advocacy. All of these options help maintain cognitive function, decrease depression, and generate motivation. 

Keeping retirees happy, cognitively aware, and interested is a specific opportunity for career coaching. They need to plan their finances, clarify their goals and values, identify passions, and explore new career paths and community service volunteer opportunities.