Retirement, redefined
It's ironic that the word retirement is actually derived from an Old French word meaning “to retreat.” Society has taught us to work hard to reach a point in our careers with more resources, relationships, influence and perspective than ever . . . then beat a hasty retreat from it all.However, retiring away from something, without defining a purpose, can bring about a quick decline in quality of life.
At Ascend Financial, we recommend a retirement paradigm shift.
Rather than retiring AWAY from something, our aim is for people to retire TOWARD something meaningful. Therefore, instead of the term “retirement,” we prefer “repurposement.”
Repurposement for a Purposeful Retirement
So it’s important to retire towards something meaningful — but what? Only you can define your ideal retirement. But to help start the conversation, we recommend examining your retirement in four key areas, captured in the acronym “L.I.F.E.”:- L — LABOR: Switching to part-time work, whether earning income or exclusively volunteerism, might mean you can do more physical labor. This can include volunteering at a thrift shop, working retail, serving meals at a soup kitchen, building homes with Habitat for Humanity or working hands-on with a church missions team.
- I — INFLUENCE: Leverage the relationships you’ve worked hard to build. You might advocate for a cause close to your heart, mentor young professionals who are launching careers or use your connections as a consultant or advisor.
- F — FINANCES: This includes traditional philanthropy, like writing checks to meaningful organizations. Beyond a charitable transaction, you might consider getting further invested in an organization on the receiving end of your gifts.
- E — EXPERTISE: Put the skills you used in your job into play for a different organization. Some people might do freelance work in their same field. Others might use their expertise in a volunteer capacity, like a lawyer practicing pro bono for a nonprofit.
Everyone has a different path that is right for them.
A unique and personal retirement calls for unique and personal savings strategies. If you’re looking for sound advice on planning for your own season of repurposement, we’re here to help.