When we discuss retirement, we often assume that anyone who has sufficient savings set aside is therefore ready to retire. But is that always the case?

Certainly, much of the focus of our work as financial professionals is on guiding others in the acquiring, preserving and distributing of their money in the ‘best’ way possible. ‘Best’ being determined by what suits the plans and dreams of that specific individual client or family.

Money, however, is not everything.

In fact, money likely wasn’t the only thing you received when working at your career. You likely found a sense of purpose, fulfillment, companionship and a source of ongoing mental stimulation through your work. Perhaps a constant series of challenges, as well.

While it’s true that you do want to have enough financial resources to pay your bills throughout your retirement years, it nonetheless also remains important that you have purpose in your life.

Many new retirees discover they lack a sense of purpose or meaning after the “newness” of being retired wears off.^[1]

It might be a good idea for a newly retired person to spend some time and thought considering what his or her purpose will become in the (hopefully many) years of retirement. In fact, even if you’re not yet retired, this could be a helpful exercise as one additional piece of developing your retirement plan.

In his presentation to Leadercast 2017, Andy Stanley suggested asking yourself, “What breaks my heart?” as a good start toward finding your purpose.^[2]Specifically, he suggested locating the intersection or overlap of three areas:

• What breaks my heart?
• Who needs my help?
• What skills & talents can I offer?

He was addressing business and community leaders, but that advice can also be useful for retirees.^[3]

U.S. News and World Report has a different list of suggestions to help you develop meaning and purpose after you have entered the retirement phase of life:^[4]

• Enjoy your freedom
• Rediscover yourself
• Make some plans
• Develop new routines
• Make new friends
• Recalculate

That last suggestion might be rephrased as “Be flexible.” You may discover that your initial ideas of what would make your retirement great don’t work out for you.

Maybe you find that the community where you always wanted to live isn’t what you had pictured, after you actually begin living there. Maybe you realize you don’t truly want to stop working yet, and you’re open to getting a new job working part time at a career where you find fulfillment in helping others.

Retirement is about more than just money. Money, however, can either limit your options or expand the list of choices available to you during your retirement years. At Texas Financial and Retirement, James Holloway, Sr. and the rest of the team work with our clients to help them plan for maximizing retirement income while minimizing the tax burden on their heirs. We’d like to see everyone have the financial freedom to follow their life’s purpose during retirement – no matter what that is.

Contact us at bestclients@texasfinancialandretirement.com or 903-534-5477 and ask about a free initial visit so we can discover if we can help you. We’ll cover your current and expected savings for retirement, along with your personal retirement dreams. Then we can help you to develop, or revise, your own customized retirement plan.

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Texas Financial and Retirement, Inc. are not affiliated companies. Investing involves risk, including the potential loss of principal.Neither the firm nor its agents or representatives may give tax or legal advice.  Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 676126

Contributing Author, Howard Thompson