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Retirement Redefined Repurposement

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.
What are you good at? What brings you joy? What do you want to be remembered for? Answering these questions can help you conceptualize your own “repurposement.”

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.