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WHEN I WAS FORCED out of my banking job of 36 years, I was age 59 and had enough money to retire comfortably. But I still felt the need to work—because that’s how I’m wired. Working gives me a sense of purpose and makes me happy, but it has to be the right kind of work.
I need work that’s fulfilling and which allows me to help others. I knew myself well enough to realize that, if I failed to find something meaningful to work toward, I was going to be in trouble. Sure enough, after I lost my job, I ended up stuck in retirement hell.
Figuring out what you want to do with the rest of your life takes time and self-exploration. For months, I searched for my new “why”—until one day I had one of those “aha” moments and knew what my new mission would be.
I was bothered by the lack of guidance on non-financial retirement issues. I didn’t want people to struggle and go through what I went through. I felt obligated to write a book to warn others, and to share my knowledge and experiences, so future retirees could avoid the retirement shock I suffered.
In my enthusiasm, I didn’t realize how difficult it would be. I had to learn a bunch of new skills, which took me way out of my comfort zone. I had never written a book before. I didn’t know how to get a book published. I didn’t know how to create and manage a website. I didn’t know how to blog or tweet. I didn’t know how to promote a book using social media.
Writing a book, and then building a business around it, was one of the hardest things I’ve ever done. There was so much I didn’t know. Figuring out everything on my own was both hard and lonely. It was stressful and I was forced to make decisions on the fly. I can’t tell you the number of times I just wanted to call it quit.
It would have been easier to do this today. Colleges and universities now offer “transition assistance” programs aimed at helping retirees find new meaning and purpose by starting their own business or organization. Working with a group of like-minded people, all chasing after the same thing, is extremely motivating. It allows you to feed off the group’s enthusiasm and creativity. It facilitates the sharing of ideas and experiences.
These programs can help you discover your new source of purpose. Instead of having to learn everything on your own, like I did, there are courses on how to use new technologies like Zoom and Google docs, how to build a website, and how to market your product or service on social media.
Harvard University has a full-year course, the “Advanced Leadership Initiative,” that’s aimed at “experienced leaders” who want to contribute to society and help others in need. At the end of the course, participants present their action plan for addressing a specific societal problem. That plan might focus on saving the environment, or teaching kids about financial independence, or helping to build schools in African villages. What I like about the Harvard program is that it serves as a way to tap into all the human capital that’s sitting retired on the sidelines and using it to help create a better world.
The downside of the Harvard program is its high cost. But we’re seeing a lot of other schools wake up to the potential here and offer their own more affordable version of the Harvard program. I’m excited about these new courses because they make the transition to paid or volunteer work so much easier. Sure, they cost money. But the payoff—finding a new purpose, doing stuff you love and being able to do it for as long as you want—is immeasurable.
Mike Drak is a 38-year veteran of the financial services industry. He’s the co-author of Longevity Lifestyle by Design, Retirement Heaven or Hell and Victory Lap Retirement. Mike works with his wife, an investment advisor, to help clients design a fulfilling retirement. For more on Mike, head to BoomingEncore.com. Check out his earlier articles.
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After a series of increasingly leveraged buyouts by PE firms, ours was the Office from Hell.
At 56, I told my boss that if the next 3 years are anything like the last 3 I’m not sure how much longer I’ll be here. I cleaned out my office and computer files and began executing my written retirement plan while trudging thru the trenches for the next 2 years.
Yet, when the nice HR lady told me I was redundant at age 58 it was still a surprise as I realized that this was the moment where a 25-year career ends.
Now almost 4 years later, no alarm rings as I bound out of bed at ~7am knowing that all I need to do today is see what happens next!
For example, today ,just in case☺, I bought “LONGEVITY LIFESTYLE by DESIGN.
Thanks for that!
I smiled when I read your comment as we followed similar paths. Glad to hear things are going so well!
Really good points. I found myself “retired” at 62 before I expected to be too. With the financial situation solid, I decided to get involved in volunteering in causes I care about. My wife and I babysit our 2 year old twin granddaughters at least once a week. I hit the gym three times a week and walk a few miles on other days, I volunteer at a local hospital twice a week, read with some first graders once a week, and volunteer once a month at church, making gallons of coffee. Plus other things that pop up. My wife is similarly busy with her volunteer gigs.
We interact with others, which we enjoy, and have a reason to get up every morning with places to be. And when we go on vacation, the volunteer gigs cannot stop us like a job sometimes can.
Congrats on designing a great lifestyle for yourself one that has a lot of variety in it. Bonus points for finding ways to give back – most retirees would be happier doing something similar.
I love your work and have both of your books. But I had to laugh at your description of learning how to write/sell/market a book. I’m a professor in a university writing program and the author of nine books. The fourth (and final) edition of my first book comes out tomorrow. Writing a book IS hard. You’re to be commended for figuring it out on the fly and doing so well with it. Obviously you have both energy and persistence.
Thank you DrLefty I’m not a natural writer so writing three books was very hard for me. You must download my third book and last book on retirement “Longevity Lifestyle By Design” and tell me what you think. My goal is to help as many retirees as I can hence my decision to give it away for free but it’s not spreading as fast as I though it would. Any suggestions/ideas would be appreciated.
I’m struggling with finding purpose. I retired at 59 and it’s been over a year. I have severe anxiety and depression, but recently have been applying to several part time jobs. Hopefully this will help.
thanks for the article
Are you struggling on you own? Have you sought or thought about seeking outside help with this? Maybe you are too close to the forest and can only see the trees.
I would suggest that you read our book “Longevity Lifestyle By Design” it will help you figure things out and you can download it for free via the link below. Part time work is what helped both me and my father escape from Retirement Hell.
http://www.longevitylifestylebydesign.com
That’s quite an accomplishment to go from your former career to becoming an author. I agree life has to have purpose in retirement. In my case I chair a college board of trustees, a charitable foundation board and a hospital board along with other volunteer activities that provide that in my life. There is still plenty of time for recreation and travel while still feeling I am giving back. I hope this post encourages others to plan the nonfinancial side of retirement as carefully as they plan the monetary side.
Sounds you have found great balance between work, leisure and play.
Giving back is the way to go!