Retirement Beyond the Numbers: How to Live Life Fully After Work

Retirement is a stage of life many look forward to. After decades of saving diligently into their pensions, most people anticipate a future free from work. Yet, it’s easy to overlook one essential question: what do we truly want our retirement to look like?

In a recent podcast, Alison Cork—known as the youngest female founder of a publicly listed company—pointed out a striking statistic: the average person collects their pension for just eight years. Cork attributes this to the loss of purpose many feel when they stop working, which can affect their longevity and quality of life.

While we can't verify the source of Cork’s statistic, it does give us pause: retirement should be more than just crossing a financial finish line. Without a clear focus on health, purpose, and happiness, there’s a risk that retirement might feel like a passive chapter rather than a fulfilling one.

In this newsletter, we’ll explore what it takes to plan for a retirement that blends financial security with genuine fulfilment.

The True Story Behind Retirement Statistics

Alison’s “8-year pension collection” figure may seem surprising, especially when compared to life expectancy in the UK—79 years for men and 83 for women. With the state pension age currently at 66, and private pensions often accessible even earlier, most retirees have at least 15 years or more to enjoy their pension savings.

Although this viral statistic may not entirely reflect reality, it underscores an important point: retirement should be more than just the end of a career; it’s an opportunity to craft a purposeful, fulfilling chapter of life.

Source: Labour Force Survey 2022

Beyond Financial Security: Finding Purpose in Retirement

Money alone won’t give you a fulfilling retirement. Purpose is key to feeling truly alive and engaged, and studies show that people who stay mentally and physically active in retirement tend to be healthier and live longer.

1. Pursue Meaningful Activities and Hobbies

According to research by Hei Wan Mak (2023), there’s a positive correlation between hobby engagement, happiness, and life expectancy. For example, England, where 78% of people actively engage in hobbies, ranks in the middle globally for both happiness and life expectancy. This suggests that pursuing hobbies may contribute to a longer and happier life, reinforcing the value of finding fulfilling activities in retirement and beyond.

Retirement offers the opportunity to pursue passions that might have been on the back burner. Whether it’s learning a new language, picking up painting, taking up gardening, or diving into photography, meaningful hobbies can provide mental stimulation and joy.

2. Volunteer and Give Back

Many retirees find purpose in giving back to their communities. Volunteering can be incredibly rewarding, offering social connections and a sense of accomplishment. Some people work with charities, mentor young people, or even consult part-time in their former industries.

3. Stay Socially and Mentally Engaged

As people age, their social circles often shrink, with time alone increasing significantly in retirement. This trend highlights the importance for retirees to stay socially and mentally engaged, as maintaining connections with others can enhance well-being, combat loneliness, and keep the mind active. By investing in social activities, hobbies, or community involvement, retirees can enjoy a healthier and more fulfilling retirement.

As Steve Jobs approached the end of his life, he reportedly expressed deep regret over prioritizing work above all else, realizing that true fulfilment lies in personal connections and meaningful experiences.

“Only a few really understand it. You were loved when you were born. You will be loved when you die. In between, you have to manage!” - Steve Jobs

His story serves as a powerful reminder, especially for those nearing or in retirement, that wealth and career achievements alone don’t guarantee happiness. Building strong relationships, engaging in hobbies, and staying connected with others can bring lasting satisfaction and purpose. Retirement isn’t just an end—it’s an opportunity to shift focus to what truly matters and to create a life rich in joy and human connection.

While retirement statistics can be eye-opening, remember that your retirement doesn’t have to fit into anyone else’s template. Retirement is a unique phase, and there’s no one-size-fits-all approach. Think about what truly brings you joy, purpose, and health, and make those the pillars of your retirement plan.

Final Thoughts

Retirement is more than just a financial milestone; it’s an opportunity to build a life rich in purpose, connection, and joy. While careful financial planning is fundamental, it’s equally vital to think about the life you want to lead beyond work. We believe that retirement planning should address not only your financial needs but also your personal aspirations.

Whether you’re envisioning a retirement filled with travel, pursuing long-held hobbies, volunteering, or staying active in your community, we’re here to help bring that vision to life. Our team is dedicated to working closely with you to craft a retirement strategy that aligns with your goals—financial and personal.

Let us support you in building a retirement plan that not only secures your financial future but also fosters a life of fulfilment and purpose. Get in touch today to explore how we can help you make the most of your retirement years.