Finding Reason & Meaning in Retirement

By Andrew Rutter

A practical workbook including 17 fun but life changing exercises, a signature Goal Setting tool, Planning checklists and Bucket List ideas designed and built for those seeking reason and meaning in Retirement.

“The purpose of our lives is to be happy”  – Dalai Lama

“The future's so bright, I gotta wear shades” - Timbuk 3

I’ve never written a book but admire people who have.

I’ve read many of the classics, love crime thrillers (hello Lee Child & Harlan Coben) and devour Australian fiction writers such as Tim Winton & Jane Harper.

The thought of one day writing a book was kind of on the bucket list amongst many other things but not a driving motivation.

However, of late I’ve been contemplating winding back from the workforce into part or full time retirement (not a term I like - more on that later) and have been researching the concept of “reason & meaning” in retirement. What will I do in retirement? What is on my bucket list that I now have time to undertake? How will not just fill my time with hobbies, travel and socialising but also do something meaningful and motivating?

I’ve read plenty of books, articles and online posts and I’ve kept a workbook of ideas, notes, diagrams and ideas. It was whilst I was working through all of these and developing my personal bucket list that the idea of writing a book on what I’ve learned started to resonate.

So, it’s not a fiction book and certainly not a crime thriller. But it is a collection of ideas and wisdom (only some of it mine!) that I’ve packaged up as a kind of workbook for you to keep a record of your thoughts, reactions and plans as you sift through the various chapters. In this way, it becomes your book, your journal, your plan of attack as you tackle this new chapter of your life.

I promise you that I’m no self-help guru. I’m not directing you to my website to sign up to my new 10-part course, there’s no religious angle convincing you to find meaning by joining my cult and there is no up-selling, cross-selling or selling of any kind. Which probably makes me a shit salesman, but that’s no longer my motivation.

A bit about me…

I’m hitting 60 years of age and have worked in the financial services field most of my career. I’ve mostly worked as an employee in both small and large businesses and have always been on the sales & business development side of these businesses. That suits my personality. I like interacting with people and growing relationships and businesses. I’m also goal driven. Whether that’s because I’ve had to chase sales targets every year for the past 35 years or it’s in my natural DNA is a bit like the chicken & the egg in terms of which came first – but it’s now part of my natural make-up.

I also get bored quickly. Once I’ve hit a targets for a few years, what’s next? If the “what’s next” is the just the same thing +10% I get a little bored with the same-old, same-old and will often look around for new challenges. That’s been the arc of my career.

It’s probably also why I’ve always liked trying new things. Having a crack at a new skill, a new business idea or something to keep me interested. I suspect I’m attracted to shiny new things – a bit like a magpie building a nest. Magpies collect shiny objects for display in an attempt to attract a mate. The bird displaying the most objects of highest quality will get the best mate.

Note: I’m not trying to attract a new mate (to my wife of 30 years, seriously, I’m very happy in that regard!) but I do like to attract new social groups and meet new people with different perspectives. Being open to new ideas and new experiences keeps life interesting for me.

For example, about 12 years ago I started painting. A white collar financial services executive with teenage children, a hectic work life, weekends full of kids sport, dinner parties, red wine and hangovers. To answer a challenge. Prove a point. Do something different. Find a creative side. There was also a semi-serious side. Self-actualization, doing something right brain creative, finding some work-life balance, showing my kids there are various facets to being a well-rounded male. All those kinds of thoughts were also in the mix. But it was mainly about proving a point!

My early efforts were ordinary, which was to be expected really with little formal training. But as I taught myself how to mix and match colour, how to achieve texture, how to replicate what I had seen elsewhere, the results gradually improved. Encouragement from family was important, and friends were pleasantly surprised as they hadn’t seen that side of me. It felt good to be different. I’m still learning and expanding my boundaries.

This experience introduced me to other like-minded souls and led to three of us opening an Art Gallery together – called the Ministry of Art. Open one door, it leads to another. Go through that door and it leads to another – and so on. You never know how life is going to unfold – I find that exciting!

Recently, I’ve been doing a local radio show with a mate called Two Smokin’ Guns. I’ve learned how to twiddle the knobs, mix the channels, keep the sound levels right and importantly keep us on air! That experience has led to us try podcasting which has been another great experience I had never contemplated. Now we are Spotify and other streaming services which is amazing!

The point being that as I wind down my working career and move into my next life phase I want to fill my days with more new and interesting things. I believe it’s also important to keep some structure and routine post work, plus I’d like to use some newly found time to focus a bit more on my health – both mental and physical.

The Serious Bit…

There are too many stories of people who struggle to find a new purpose in their post-working life. They often have a lot of ego and self-importance wrapped up in their job and have wide networks of associates (and perhaps some friends) built up over an entire career. That is hard to leave behind. Additionally hard if you don’t have something to replace it with.

And you do need to replace it with something. You can’t define yourself as the ex-CEO of Acme Co. and equally you can’t define yourself as “Retired” - whatever that means. Living in the past can lead to mental health issues and having nothing new to motivate you does nothing to stimulate your brain. And you know the old adage – Use it or Lose it – well that applies to your brain as well as your body.

I have personal experience of my friend's father who had the big job, the international travel, the large number of staff who looked to him for leadership and whose ego and sense of self-importance never recovered once he retired. His job was such a big part of who he was. It was his reason for getting up every day. When he retired he was lost. Missed his past life and had no concrete plans for his new life. If you think about it, you will know someone in the same boat.

In many ways, it feels natural to see a person’s profession as an important detail of who they are. It can be a clue into their values, interests or background (or simply help two strangers pass time at an awkward cocktail party!). But many of us have come to actually define ourselves by our occupations – which often comes at the expense of other areas of our lives, such as family, friends, hobbies, interests, passions and contributions to society.

A good friend and contributor to this book, business coach and mentor Richard Jones, has done a great deal of research into this area of transition. He has worked with professional sportspeople and business people on how they define themselves and how they re-define themselves once they have moved on from their occupation. He has a great quote for this; “You need to design a better life than you are currently leading, in order to retire.” 

Hopefully, the content in this book will help you do just that. 

So why the book?

Firstly, I don’t want to be the bloke who has no plans for his post-work life. I intend to fill it with enjoyable stuff.

Secondly, it’s on my personal bucket list, it’s something new and interesting and the content is helping me to understand what I need to do to find new reason and meaning in my retirement.

Thirdly, if I can help another person along their journey to find reason and meaning in retirement, to keep them active both mentally and physically, to keep them using it and not losing it, well that would be reason enough to justify the publication of this workbook.

So, that’s my Why.

I hope the content in this workbook helps you find yours.

Enjoy your journey.

Let's Get Started…

Before we dive into the first chapter I should give you a heads-up on what to expect from this book.

First, it's a workbook for you to make notes as you go along. I will ask you some thought-provoking questions, provide some exercises for you to complete and provide some content for self-reflection. These are voluntary but to get full value from the workbook I would encourage you to attempt these exercises.

Second, you will need some tools before you start on this workbook;

• A highlighter to mark any sections that resonate.
• A pen to complete the tasks at the end of each section so this becomes your personal workbook.
• An open mind on how bright your future can be.

Third, some of the learnings you can expect to get from this book are as follows;

• Personal insights
• Great Bucket List ideas
• Powerful Goal setting frameworks
• Alternate ways of defining retirement
• Your relationship with money
• Oh yes, and random song lyrics

Warning: I love music so you will find some random song lyrics scattered throughout this workbook. So, if the content is boring at least you might be prompted to listen to some songs. That will brighten up your day!

I'm giving you a longing look
Everyday, everyday, everyday I write the book

Chapter one we didn't really get along
Chapter two I think I fell in love with you
You said you'd stand by me in the middle of chapter three
But you were up to your old tricks in chapters four, five and six

The way you walk
The way you talk, and try to kiss me, and laugh
In four or five paragraphs
All your compliments and your cutting remarks
Are captured here in my quotation marks

Don't tell me you don't know the difference
Between a lover and a fighter
With my pen and my electric typewriter
Even in a perfect world where everyone was equal
I'd still own the film rights and be working on the sequel

Everyday I Write the Book – Elvis Costello

Maths + Mindset + My Health = My Compelling Future

(Ma + Mi + Mh = MCF) to get all mathematical on you!

This is not a financial planning book. This book assumes you have developed a financial plan that ensures you have sufficient funds to retire. If not, there are plenty of books dedicated to the topic of retirement financial planning. Better still, retain the services of a professional financial adviser to coach you towards your desired financial outcomes. 

This is also not a book about your health. I might touch on some areas to do with mental health and tools to lower stress but I don't stray into physical health issues. These are personal. Plus, I'm not a qualified medical practitioner. 

This book concentrates on the psychological aspects of retirement - the Mindset. What you want to do in retirement. Finding new reason and meaning. Finding a new purpose and setting goals. Finding new ways of mattering to those in your orbit. Finding your North star. 

It's full of practical exercises, tips and suggestions to assist you in creating your compelling future in retirement.

The above formula is important though. You need to have the maths sorted, the mindset sorted and any health issues sorted in order to fully enjoy the transition into your post-retirement phase.

Maths

There are some basic concepts you should have a grasp on;

• Assets less Liabilities = Net Assets
• Income less Expenses = Net Income
• Do I have sufficient Net Assets to generate my desired retirement Net Income?

If you don’t understand the above concepts then you definitely need to have a chat with someone. It's important to have certainty about your financial situation heading into a phase in which you are reliant more on passive income from investments not income from salaries or business dividends. It's important to know that you have enough.

To help you more with the Maths side of things I have included a case study.

Insert Case study from BM.

See a planner.

Mindset

The maths side tells us whether the numbers will work out. The mindset side deals with our relationship with retirement and how our psychology influences our behaviour. Read on to discover more about your relationship with retirement, your relationship with money, where you are in the retirement life-cycle and how to set and achieve goals for a compelling future.

Health

Older people make up a considerable proportion of Australia’s population— in 2017, over 1 in 7 people were aged 65 and over (Australian Bureau of Statistics) and this will continue to increase. The health of this increasing number of older Australians is an important social and economic challenge facing Australia. It is also an opportunity, as extending a lifetime of good health enables older Australians to continue to contribute socially, culturally and economically to the wider community

A range of factors influence older people's ability to remain healthy as they age; these include a number of behavioural and biomedical risk factors and ongoing social and mental wellbeing. According to a 2018 report by the Australian Institute of Health and Welfare;

• 9 in 10 older people believe they have someone outside the household in whom they can confide
• 1 in 10 older people were engaged in employment, education or training
• 2 in 5 older people reported being sufficiently active during the preceding week
• 7 in 10 older people are overweight or obese

It seems obvious that having good friends, being engaged in self-education, being active and not being overweight are all important factors in physical and mental health.

Having healthy habits will allow you to better enjoy this next phase of your life. So, make sure you visit the doctor regularly, stay on top of any medical conditions, stay active and watch what you eat. Ask yourself, are my current habits giving me  the best chance to enjoy a healthy life? If not, it might be time to tweak a few habits.

My Compelling Future

Who doesn't want a compelling future to look forward to? Who doesn't want to find their Why? Who doesn't want to have a series of dreams and goals that fill their post-retirement life with fun, happiness and a sense of purpose. And who doesn't want to leave a legacy and be remembered as having a positive impact?

If that's you, read on and start designing your compelling future.

"If you don't design your future, someone or something else will design it for you.

The past is not a sufficient blueprint for the future.

You can analyse the past, but you have to design the future."

 - Dr. Edward de Bono