How to find purpose in retirement

There is so much talk about how to prepare for retirement when it comes to finances. But what about the non-financial aspects? After you stop working how do you find purpose in your life?

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Robert “Bob” Powell sits down with Frtiz Gilbert Founder and Author of The Retirement Manifesto. Together they discuss the many complexities that comes with retirement and the time in your life when you no longer need to worry about money. Fritz details the steps he took to ensure that he had a sense of identity and purpose when he retired. Find out the many tips and tricks he Bob outline in this week’s episode of Decoding Retirement.

Retiring to vs. from something (:40)

It’s important to find something to retire to and not from.

“Why do some people have a good transition and others struggle?”

Finding a new identity in retirement (3:40)

How can people replace the big 5 in retirement: identity, structure, purpose, relationships, sense of accomplishment?

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“Suddenly you have no structure in your life…”

Finding purpose in retirement (22:00)

To evaluate whether to contribute to a Roth IRA or traditional IRA, you must consider where you think your tax bracket will be when you retire.

“Finding a way to use your time to benefit those in need is a really rich area to look at.”

Video highlights:

:40 – Retiring to vs. from something

1:50 – The 90/10 rule

3:40 – Finding a new identity in retirement

6:40 – Test driving retirement

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9:15 – Track your spending

13:10 – Heed the advice of successful retirees

19:25 – Biggest surprises in retirement

Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now!

Yahoo Finance’s Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera.

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Editor’s note: This post was written by Austin Rivera.