Maintaining Your Sense of Purpose in Retirement
I recently had the chance to watch a fascinating documentary about Arnold Schwarzenegger, and I couldn’t help but be inspired by his journey and the powerful role purpose played in his success.
For those who may not know, Arnold Schwarzenegger isn’t just a famous actor, but also a world-renowned bodybuilder, entrepreneur, and former Governor of California. His life is a remarkable story of relentless ambition, hard work, and a clear sense of purpose. And believe me, it got me thinking about how we can all apply these lessons to our own lives, especially when it comes to planning for retirement.
In this post, I want to share some of the key takeaways I got from the documentary and how you can apply them to create a sense of purpose and fulfillment in your retirement years.
1. Find Your Sense of Community
Arnold's upbringing was tough, growing up in post-World War II Austria with a father who had fought in the war. It wasn’t a supportive home life, and many veterans returned from the war battling depression. But for Arnold, the gym became his refuge—a place where he found love, support, and camaraderie. It was his way of connecting with others and building a sense of belonging.
When it comes to retirement, a sense of community is essential. Without the daily interactions from work, many retirees can feel isolated. So, whether it’s through family, friends, or a social group, make sure you find a community that supports and engages you. This is a crucial piece of the puzzle for staying mentally and emotionally active during retirement.
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2. Prioritize Travel
Retirement gives you the time and freedom to travel—something Arnold was passionate about from a young age. Growing up in Austria, he dreamed of coming to America. He worked hard to make that dream a reality, moving to London, then eventually arriving in Miami to pursue his goals.
Travel is high on many people's retirement bucket list, but it’s essential to make it a priority, especially during the "go-go" years of retirement when your health and energy levels are at their peak. If you’ve been waiting for retirement to explore the world, don’t wait too long to hit the road. Make the most of these years by experiencing new places and cultures.
3. Think Less
This one might sound a little counterintuitive. You might think retirement is all about thinking ahead, planning, and being productive. But sometimes, the key to happiness in retirement is simply taking a break. Arnold found this peace through his workout routine. He’d spend hours at the gym, not just building muscle, but clearing his mind. He’d focus on each rep, each set, finding a sense of calm and clarity.
In retirement, it’s essential to carve out time for yourself. This means taking breaks, enjoying hobbies that put you into a “flow state,” and taking the time to relax and recharge. Whether it’s playing golf, hiking, or simply taking a walk, these moments of mindfulness are as important as the moments of action.
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4. Take Up a New Hobby
Retirement offers a perfect opportunity to explore new hobbies or revisit old ones. Arnold’s passion for weightlifting became a cornerstone of his career, but he also found time to explore other interests, like acting and business.
The key here is that you don’t have to wait until retirement to dive into something new. Maybe you’ve always wanted to learn to play an instrument, pick up painting, or get into gardening. Start exploring now, so you can hit the ground running when retirement comes. It’s not just about filling time; it’s about engaging in something that brings you joy and fulfillment.
5. Get Your Retirement Organized
For Arnold, getting into Hollywood wasn’t easy. Despite his bodybuilding fame, he struggled with his English and faced significant challenges breaking into acting. However, his financial success in real estate gave him the freedom to wait for the right opportunity. He didn’t need to rush into anything—his investments allowed him to make careful decisions about his future.
This lesson is essential when planning for your own retirement. Make sure you’re financially organized so that you can pursue your passions without the stress of worrying about money. Whether it’s traveling, volunteering, or starting a new business, having a clear financial plan will allow you to take these steps with confidence.
6. Volunteer Your Time
Arnold didn’t need to become the Governor of California, but he did it because he felt a deep sense of duty to give back. He was already wealthy, successful, and living the good life, but he wanted to use his position to make a difference. For many retirees, volunteering can provide a similar sense of purpose.
Whether it’s helping out at a local food bank, mentoring youth, or working with a nonprofit, find an organization that speaks to your passions. Giving back in retirement can provide you with a sense of fulfillment and a way to stay active in your community.
7. Consider Part-Time Work
For some, retirement isn’t about completely stepping away from work. Arnold made a lot of money from acting, but he also had a business and investment portfolio that allowed him to be selective about his career.
Consider part-time work in retirement—not just for the extra income, but for the social connections and sense of purpose it can bring. Maybe you want to teach part-time, consult in your field, or take on a project that excites you. Part-time work can provide a valuable balance between enjoying your retirement and staying connected to the workforce.
Final Thoughts: Action Steps for Retirement Planning
If you want to make sure you're living your best retirement, here are a few action items you can start focusing on today:
Get on a schedule: It’s helpful to stick to some form of routine, especially if you’ve been used to the structure of work.
Prioritize social interactions: Retirement can feel isolating if you're not intentional about staying connected with others. Make sure you’re getting out and engaging with people.
Take control of your finances: Be sure you have a clear financial plan for retirement, and stay on top of your budget. Whether you do it yourself or work with a financial planner, knowing where your money is going is essential.
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If you have a question or topic that you’d like to have considered for a future episode/blog post, you can request it by going to www.retirewithryan.com and clicking on ask a question.
As always, have a great day, a better week, and I look forward to talking with you on the next blog post, podcast, YouTube video, or wherever we have the pleasure of connecting!
Written by Ryan Morrissey
Founder & CEO of Morrissey Wealth Management
Host of the Retire with Ryan Podcast