"Mike, I've got my finances figured out, but what am I supposed to do with myself now that I am retired?"
It's a question I hear more often than you might expect here in Oakland and throughout Central Florida. People spend months, sometimes years, planning the financial side of retirement - how much they need to save, when to claim Social Security, and how to manage their withdrawals. But then they retire and realize they never really thought about the non-financial side: Who am I now that I’m not going to work every day?
As a financial advisor, I help people prepare for the money part of retirement. But lately, I've noticed that the life part - staying engaged, finding purpose, maintaining relevance - is just as important for a fulfilling retirement. And it's something a lot of people struggle with.
The good news? You don't have to figure it all out right away. But asking yourself the right questions can help you start thinking about what you want your next chapter to look like.
Here are the five questions I encourage my retired clients to consider, questions that can help you stay relevant, engaged, and excited about what's ahead.
Question 1: "What Skills Do I Have That Others Could Benefit From?"
This is often the hardest question for new retirees to answer, not because they don't have skills, but because they take them for granted.
After 30-40 years in a career, you might feel like your skills are outdated or only useful in the context of your old job. But here's the reality: you have a lifetime of knowledge and experience that others need.
How to Think Through This:
Start by making two lists. First, write down everything you learned in your career, not just technical skills, but people skills, problem-solving abilities, and industry knowledge. Then make a second list of the skills you actually enjoy using.
Ask yourself:
- What do friends and family often ask for your help with?
- What parts of your job gave you the most satisfaction?
- What problems did you become really good at solving?
- What would you want to teach someone just starting in your field?
Consider both formal opportunities (mentoring programs, consulting, part-time teaching) and informal ones (helping neighbors, community volunteering).
The Financial Connection: Many retirees discover that sharing their expertise can even generate income, whether through consulting, part-time work, or teaching. Even modest earnings can extend how long your retirement savings last.
Question 2: "What Have I Always Wanted to Learn or Try?"
This question often reveals interests that got pushed aside during your career.
You might think you're "too old" to start something new, or that it's frivolous to spend time and money on hobbies. But retirement is actually the perfect time to pursue interests you never had time for. Learning new things keeps your mind sharp and often leads to unexpected social connections.
How to Think Through This:
Reflect on these questions:
- What interested you before your career took over?
- What do you find yourself reading about or watching videos about in your spare time?
- What skills would complement your existing knowledge in interesting ways?
- Is there something you've always said you'd try "when you have more time"?
Don't worry about being "good" at something right away. Focus on finding activities that make you lose track of time or that you genuinely look forward to.
The Financial Connection: Budget for learning and hobby expenses in your retirement plan. Classes, materials, or equipment costs are usually modest compared to the engagement and joy they provide.
Question 3: "How Can I Stay Connected to People and Community?"
This question often surprises people, but social isolation is one of the biggest challenges retirees face.
Work provides built-in social interaction, shared purpose, and daily structure. When that's gone, many retirees feel disconnected. The key is being proactive about creating new social connections around your retirement activities.
How to Think Through This:
Consider these areas:
- What kinds of people do you enjoy spending time with?
- What shared activities or interests could connect you with like-minded people?
- How important is it for you to feel useful or needed by others?
- Do you prefer small group interactions or larger community involvement?
Look for opportunities that provide regular social contact, such as weekly volunteer commitments, recurring classes, book clubs, or community organizations. The structure helps ensure you don't accidentally drift into isolation.
The Financial Connection: Social engagement often leads to healthier aging, which can mean lower healthcare costs over time. Factor transportation and activity costs into your retirement budget, but consider them an investment in your wellbeing.
Question 4: "What Problems Do I See That I Could Help Solve?"
Sometimes the best way to stay relevant is to tackle challenges you see in your community or the world around you.
You might feel like big problems require big solutions that are beyond your reach. But small actions by individuals can make meaningful differences, and your unique perspective might be exactly what's needed.
How to Think Through This:
Pay attention to what frustrates you:
- What issues in your community genuinely bother you?
- What problems do you see that seem like they should have solutions?
- Where do you see gaps in services or support that match your skills?
- What would you want someone to fix if you or your family needed help?
Start by researching what organizations are already working on these issues. Often, the best approach is to support existing efforts rather than starting something new.
The Financial Connection: Problem-solving activities often lead to volunteer opportunities or "encore careers" that provide both purpose and sometimes income.
Question 5: "What Would I Regret Not Doing or Trying?"
This is the bucket list question, but think beyond just travel and adventure.
It's easy to put off dreams indefinitely, especially if they seem impractical or expensive. But retirement might be your last chance to pursue some of these aspirations.
How to Think Through This:
Be honest with yourself:
- What have you always said you'd do "someday"?
- What would you be disappointed not to try?
- What experiences would enrich your life, even if they're challenging or unfamiliar?
- What would make you feel proud when you look back on your retirement years?
Prioritize based on what would bring you the most satisfaction, and break big dreams into smaller, manageable steps. Some aspirations require significant financial planning, while others are surprisingly affordable.
The Financial Connection: Work with your financial advisor to understand which dreams fit your budget and how to plan for them. Some goals might require adjusting your retirement timeline or spending plan.
Your Personal Approach to Relevance
The beautiful thing about these questions is that there's no single right way to answer them. Your retirement doesn't have to look like anyone else's.
Some people find fulfillment in quiet pursuits close to home. Others want adventure and new experiences. Many discover that the best retirement includes a mix of different elements that evolve over time.
The key is being intentional about it. Don't just drift into retirement hoping you'll figure it out as you go. Take time to really think about what would make this phase of your life meaningful and engaging.
Remember: you don't have to answer all these questions immediately. Retirement isn't a single decision—it's an ongoing process of discovering what brings you joy and purpose at this stage of your life.
The Financial Planning Connection
At LaPorte Financial, we help Central Florida families plan for retirements that are both financially secure and personally fulfilling. Because what's the point of having enough money for retirement if you don't know what you want to do with your time?
Whether your goals involve extensive travel, starting a small business, going back to school, volunteering extensively, or simply having the freedom to explore new interests, we can help you create a financial plan that supports whatever matters most to you.
The best retirement planning considers both the financial and the personal aspects of this next chapter. Your money should support the life you want to live.
Ready to start planning for a retirement that excites you? Let's talk about what you want this next chapter to look like.