The Secret to a Fulfilling Retirement (Retire With Purpose)
In this video, we discuss the secret of a fulfilling retirement by being generous.
The Secret to a Fulfilling Retirement?
Resources:
- https://www.biblegateway.com/passage/?search=2%20Corinthians%209%3A6&version=NIV
Full transcript:
SPEAKERS
Anthony Saffer 0:00
Retirement can be a great time of worry for many people. For some, it’s the fear of running out of money, taking care of loved ones’ health, maybe it’s the time that you’re going to fulfill or just your overall purpose. However, there’s a secret to having a fulfilling retirement, the key, is generosity. Hey there, it’s Anthony and Alex from One Degree Advisors and we help you gain confidence in your retirement. So, Alex, people work hard for the privilege of retiring and you know, having some fun and relaxing having a leisurely retirement. The problem is that many people enter into retirement and they have that worry about their finances, or they just otherwise lose their purpose in life.
Alex Okugawa 0:38
Yeah, first and foremost, it’s important to remember that retirement can be a great time to focus on your own well-being and enjoyment in life. But there are only so many rounds of golf and walks on the beach, that you can enjoy. What I like to say is leisure in retirement is a bit like ice cream. One scoop is great. Two scoops is amazing. And so if one scoop is better than two scoops, well, then a whole carton must be absolutely amazing. Why not? Why stop there? But of course, we know the problem eating a whole carton is going to make you sick, right too much leisure in retirement can lead to you feeling unfulfilled or lacking purpose.
Anthony Saffer 1:19
Yeah, so leisure is good. But one good secret that retirees have is that generosity aspect. And this can really be carried out with just balancing that leisure with, you know, community activities, spending time with family and friends of the people that you really love. Perhaps it’s donating your time, or giving money, these are all things that can be helpful.
Alex Okugawa 1:40
One of the benefits of being generous is that it can help shift the focus away from your own problems and help focus your attention on helping other people. And when you give to others, whether it be through like you mentioned your time, your money, your resources, you can really feel a sense of fulfillment and purpose that we find can be hard for retirees to find in retirement. 2nd Corinthians chapter nine, verse six says this, “the point is this, whoever sows sparingly will also reap sparingly. And whoever sows bountifully will also reap bountifully”.
Anthony Saffer 2:18
Yeah, that idea of sowing and reaping is really powerful. So there are many ways to be generous, we’ve mentioned a few of them, and no matter someone’s financial situation, here are a few ideas. The number one is to volunteer your time
Alex Okugawa 2:31
Yeah, many nonprofits and organizations rely on the help of volunteers to carry out their activities. So whether that’s at like your local church, your hospital, an animal shelter, Community Center, whatever it is, whatever you have a passion for, there’s likely opportunities there for you to lend a hand and really help and support that organization.
Anthony Saffer 2:52
Number two is donating your money* And we get to see this with boots on the ground, how people that have that generous aspect, they seem to have a level of contentment over their money.
Alex Okugawa 3:01
A lot of people when they get into retirement, they kind of get sometimes get that feeling of oh, I’m on a fixed income. And so I really can’t do any level of giving. And, honestly, that’s where we can come in through good planning to say, well, here’s what your plan looks like if you do some extra giving. And then we can also help folks to show them, you know, here’s the most tax-efficient way to do your giving, right? So you could actually maybe even give more, but because you’re doing it in such a tax-efficient way and lowering your taxes, the net cost is the same. So why not give more to the charity, and less to the IRS if you can do so, that’s what can be a really powerful component of giving thinking strategically.
Anthony Saffer 3:42
Yeah, absolutely. And then number three is sharing your skills.
Alex Okugawa 3:44
You know, so often people have worked years and years in the workforce, and they’ve accumulated this great skill set, and then they go into retirement, and then it just stops, right? And that’s where you can think about, you know, who could you mentor? Who could you transfer a lot of the skills in this knowledge to? That can give you a lot of fulfillment, rising up and raising up the next generation.
Anthony Saffer 4:06
Yeah, and number four, and I love this one is sharing your resources.
Alex Okugawa 4:09
You know, maybe you have a big house. And now that you have gotten older, the kids are out of the house, you have a lot of room. So is there a spare bedroom that maybe you could help some folks with? You know, maybe you can open up your house to someone in need? Or perhaps you have an old car that you don’t need anymore, right? Can you give that to charity for someone that just has an old beater and it’s constantly in the shop? Or maybe you have something that someone else can use? I mean, these little things can really go a long way for people in need.
Anthony Saffer 4:36
That’s right. So the secret to having a fulfilling retirement we really find this in families is to really embrace that generosity. Getting out there in the community making a difference in the world around you having an impact with your wealth, and sharing your resources. We previously recorded a video on a great tool to help facilitate this around donor-advised funds. We’ll go ahead and post the link to them. Thanks again for watching. Watching this is Anthony Saffer at One Degree Advisors and if you’d like to learn more about how we can help you with your retirement, please go to onedegreeadvisors.com/getstarted.
Transcribed by https://otter.ai
The One Degree Blog
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This does not constitute an investment recommendation. Investing involves risk. Past performance is no guarantee of future results. Consult your financial advisor for what is appropriate for you. Disclosures: https://onedegreeadvisors.com/solutions/#disclosures
