In search of a meaningful life

In retirement, you can decide how you spend your time. If you consider your own needs and wants it will help you to define the shape of your retired life.

By Dr Jon Glass - 3 min read

A little about Jon

Dr Jon Glass* runs retirement coaching business 64PLUS. He coaches individuals to a clearer understanding of the issues they will face post work. He has studied counselling and coaching at The Australian College of Applied Psychology and The Institute of Executive Coaching and Leadership.

What is the meaning of life? It’s a huge question and you won’t be surprised to hear that I have no comprehensive answer. However, it’s a question worth pondering—particularly as you approach retirement. 

As far as I'm aware, there is no recipe to follow or menu to choose from when it comes to how you can find your meaning in retirement. However, I can help by sharing some ideas and concepts that I use in my retirement coaching practice. 

The first thing is to think about your personal needs and wants, which are concepts we have discussed in my previous articles. These two concepts define both your behaviour and your character, but are hard to pin down. Let’s try this simple outline:

• Your personal wants are the things you desire and can usually articulate. Your wants might include having more money, better health, an end to toxic friendships, etc.
• Your personal needs are typically at a deeper level and harder to locate. Your needs may include recognition from others, having an image as a charitable person, greater self-belief, etc.

Think of the analogy of the iceberg: wants form the visible part, needs lie undersea. 

What you ‘need’

In the rest of this article, we will talk about needs. As a very general pathway to understanding, let’s begin with Maslow’s Hierarchy of Needs—this may look daunting but it’s quite straightforward. You may have seen this triangle before. 

Source: https://www.simplypsychology.org/maslow.html 

The bottom two layers fit into anyone and everyone’s ‘wish list’ of needs. Other columnists in this publication cover topics that help to ensure we can comfortably satisfy these basic needs in retirement—after all, super plays a vital role in ensuring you have an income stream in retirement to meet these needs for as long as possible. In talking about meaning in retirement, we’ll consider the top three layers, which make a good framework for the rest of this article.

Here are some simple questions for you to think about to help you better identify your higher-level needs:

• What did you enjoy doing as a child?
• What activities today give you most pleasure?

The answers may point you towards a general area or a very specific activity, although you should carry out more soul-searching and self-assessment to really get to the heart of the matter.

As you assess your needs, certain needs emerge strongly—and this allows us to define actions to fulfil these needs. For example, someone with a love of learning can participate in a mix of online and face-to-face courses to fulfill that need. 

You choose

While one person may want to learn a new skill in retirement, another may want to give back to the community. There are many other possibilities. I have found that those who have worked in corporate roles for many years are often drawn towards exploring their creative side, either in writing or using their hands in painting or pottery or similar activities.

As you explore your own meaning in retirement, you could look to develop what I call a ‘portfolio of activities’ that will give you practical outcomes. So, if learning a particular skill is your need, the next step might be to enrol in a community college or university. With giving back to the community, it may make sense to find suitable charity work. In either case, it is critical to define each activity so you have clear next steps to follow.

The beauty of retirement is that you become your own boss, so can choose your portfolio of activities, how engaged you would like to be and how you spend your time.

Meaning in retirement is found in activities and mindsets that make sense to your needs. What an exciting prospect! Even better, you can try out activities and then stop them if they are not meeting your needs. It’s all up to you.

---

Zest! recommends: 

---

*The opinions expressed are those of Dr Jon Glass and 64Plus. Russell Investments does not endorse, and is not accountable for, any views expressed by Dr Jon Glass or 64Plus.

Issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM) as trustee of Russell Investments Master Trust ABN 89 384 753 567. Nationwide Super and Resource Super are Divisions of the Russell Investments Master Trust. The Product Disclosure Statement (‘PDS’), the Target Market Determinations and the Financial Services Guide can be obtained by phoning 1800 555 667 or by visiting russellinvestments.com.au or for Nationwide Super by phoning 1800 025 241 or visiting nationwidesuper.com.au. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell Investments product. Russell Investments Financial Solutions Pty Ltd ABN 84 010 799 041, AFSL 229850 (RIFS) is the provider of MyTracker and the financial product advice provided by GoalTracker Plus. General financial product advice is provided by RIFS or Link Advice Pty Ltd (Link Advice) ABN 36 105 811 836, AFSL 258145. Limited personal financial product advice is provided by Link Advice with the exception of GoalTracker Plus advice, which is provided by RIFS.

This communication provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. If you'd like personal advice, we can refer you to the appropriate person. This information has been compiled from sources considered to be reliable but is not guaranteed. Past performance is not a reliable indicator of future performance. To the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance on this information. This material does not constitute professional advice or opinion and is not intended to be used as the basis for making an investment decision. This work is copyright 2022. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of Russell Investments.