Excerpt from CHAPTER THREE
Reframing Your Golden Years as an Adventure
What Do You Really Want to Do?
Satisfaction in retirement varies. A lot depends on your expectations: What did you anticipate retirement would be like, and what is the reality? It also depends on what life has been like before you make the transition into retirement.
If your expectations are unclear, you may find entering an unstructured period of your life unsettling, even disappointing. Often those who have worked intensely for 30 to 40 years look forward to a time when they can do whatever they want, whenever they want. Or they choose to spend more time with their grown children and grandchildren. Others prefer to work at their own pace, no longer commuting to an office each day. Some want to give back in one way or another such as through pro bono work or serving
on a board. Overall, the key to the next part of life is attitude. Health plays a big role too. There are many unknowns, so focus on the certainties. Unless you keep working or have significant resources, your options may be limited.
Be realistic, and you will be better able to plan and enjoy your life.
Find Your Purpose
To make the most of the years ahead, define your purpose. What will you do?
What will make your days meaningful? Enjoyable? The answers are different for everyone.
I spoke about setting expectations for retirement with Bob McDonald,
retired chair, president, and CEO of Procter & Gamble and former Secretary of Veterans Affairs. “The most important thing is knowing your purpose,” he told me. This means knowing where you are going rather than “meandering through life without direction.”1
McDonald is one of those fortunate individuals who knew from an early age what he wanted to accomplish. In sixth grade, he applied to West Point, the US military academy, and ultimately matriculated there when he was 18, in 1971, graduating in 1975. He was keenly aware that he wanted to “free people from communism” and believed by filing an early application to West Point he would increase his chances for acceptance to the elite academy.2
At age 67, as of this writing, McDonald says that, if anything, he is too
busy, even in retirement. He still maintains leadership roles in companies, serving on the board of directors of the Xerox Corporation, the McKinsey Advisory Council, and the Singapore International Advisory Council of the Economic Development Board.
Not everyone will accomplish what McDonald has in retirement, yet
each person can find meaning in their own endeavors. It may take some soul searching and self-evaluation to figure out what you like to do, what you have access to, and what your skills and talents are beyond working.
“You don’t have to set the world on fire,” McDonald says. “Don’t allow
other people to define your success for you.” Helping one other person in a day can represent success, McDonald says.3
from 12 Ways to Retire on Less
Rowman & Littlefield, January 2024
…how to make the most out of retirement by ensuring that your dollars go as far as possible
— Wade D. Pfau, PhD, CFA, RICP, professor of retirement income at The American College and founder of RetirementResearcher.com
12 Ways to Retire on Less 