Retirement planning, financial planning, and investments are commonly discussed concepts for both new employees and those who are close to retirement. These concepts have been the centre of retirement workshops and are at the core of every session related to retirement planning.
However, people who are nearing their retirement often fail to plan how they will spend their time after retirement. Typically work comprises nearly 8 to 10 hours of an employee's day. Post-retirement people often feel a sense of ‘emptiness’ or ‘purposelessness’ during these 8 to 10 hours. It is suggested that retirees should either be productive during this time or try out new things, pursue their hobbies etc.
If retirees fail to use these 8-10 hours productively, it can potentially have many negative effects such as obesity, laziness, mental health problems such as anxiety.
Importance Of Having A Purpose
Having a purpose in life gives individuals something to look forward to. Post retirement it is important to have something to direct your efforts towards and put your energy into. It is suggested that individuals should find their purpose before they retire. Additionally, it is important to look at retirement as a fresh start rather than the end of your career.
Things To Do Post-Retirement
There are several things people can pursue once they retire to have a purposeful life. These include activities such as volunteering, philanthropic work and travel.
Volunteering
Both big and small companies require volunteers frequently. Volunteering can be a good way to utilise your time while helping others and experiencing new things. Many retired seniors open a consultancy business that helps them earn steady cash while helping newcomers in the field by providing insightful and experienced advice to people such as young entrepreneurs or young investors. Consultancy is a good idea if you have vast experience in a field like business, medicine, finance, banking, export/import or anything that may help people gain insight into the inner workings of a sector.
Philanthropic Work
Philanthropy is widely chosen by seniors post-retirement. When individuals feel that they have learned a lot from the industry and the society, they try giving back to society through either donating their time or money or by establishing organisations that work for a cause like, children’s education, cancer research funding, women’s education etc.
Individuals can also contribute towards building institutions such as hospitals for public welfare, schools for poor children etc. Philanthropic work leads to a high degree of satisfaction as individuals feel that they are making a difference.
Hobbies
Individuals can also pursue hobbies such as reading, cooking, gardening, knitting, photography, painting, and writing to utilise their time productively. Individuals can join online courses or subscribe to YouTube channels that may help them learn these skills. There are books which focus on teaching senior citizens about these skills. People usually look forward to pursuing hobbies and spending time with their family allowing them to connect better with their spouse, kids or grandkids and be more present in their lives.
Entrepreneurship
Often individuals who need a rigid schedule turn towards entrepreneurship. Pursuing entrepreneurship can provide a steady income and put an individual’s energy towards something purposeful. Many experienced people open consultancy agencies that allow others seeking advice to talk people to an expert in the field.
Social Clubs
Social clubs can be helpful for socialising and meeting new people, networking and talking to different types of people. Social clubs like; book clubs, sports clubs, theatre clubs and cooking clubs allow people to have someone to talk to in their life that is outside their family. Such clubs also help senior citizens find a safe space in which they can talk about their interests while enhancing their understanding of those interests.
Travelling
Travelling can also be extremely helpful for senior citizens as it allows them to learn about new cultures and experience diversity. Senior citizens can also learn more about the world and feel more freedom when they are on their own and meet people of different races or cultures and observe how they live.
