Plan for a retirement with purpose

Modern retirement can last as long as a career. With longer life expectancy and more active later years, this phase of life offers an opportunity to thrive — but only with the right planning. Too often, people drift into retirement without direction, only to find themselves without structure or fulfilment.

This stage isn’t just about financial security. It’s about purpose, relationships, health and lifestyle. For some, that might mean stopping work entirely. For others, it might involve part-time projects or volunteering. The key is to approach retirement intentionally, rather than treating it as a deadline.

Retirement planner and author JUSTIN KING believes it’s crucial to have a clear sense of what makes life meaningful and to revisit that plan regularly. Financial forecasts can only go so far — inflation, investment returns, and even lifespans are unpredictable. But by focusing on the decisions we can control and seeking trusted advice, we’re more likely to shape a retirement that’s rewarding and resilient.

Key takeaways

Be proactive, not passive

Many people drift into retirement without a plan. Making the most of this phase requires thoughtful preparation and clarity around how you want to spend your time.

Purpose matters as much as money

Leaving behind a job that didn’t fulfil you creates the chance to focus on what truly does. Asking what would make this next chapter feel meaningful is just as important as calculating budgets.

Plan for uncertainty

Financial variables like inflation, investment returns and life expectancy are all unknowns. Being conservative in your assumptions and revisiting your plans regularly can help you stay on course.

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Transcript

Robin Powell: Life expectancy has increased dramatically over the last 50 years. Retirement can now last several decades. And yet many people almost drift into it. Justin King is a retirement planner, podcaster and author.

Justin King: We drift into being a little overweight, we drift into not being so fit as we want to be. Sometimes our relationships can drift. Life is a bit like that and, of course, this retirement phase… you know, if you arrive at your retirement date – whatever date that is that you choose – and you just go, “Right, I’m ready for this. I planned for this. I know what to expect. I know what I’m going to do. I just can’t wait for this period of my life.”

RP: Working out when to retire isn’t necessarily easy. Some people choose to retire and never work again. Others work part-time and wind down gently. Either way, Justin says, it’s vital to have a sense of purpose.

JK: To have purpose any time in your life is hugely important. Possibly though, of course, we have a wonderful opportunity to be really purposeful about this stage of life because we are no longer shackled to a job that, possibly, didn’t really stimulate us or fulfil us. It may have been that that is the case, but it may not have been. There’s an awful lot of people you can talk to who are dreading Monday morning and, if that is the case, I want you to then go, “let’s make sure this period of life is wonderful for you,” and that’s going to take some planning. And also have a conversation about: what would be really fulfilling? Because that’s what you really want in life: you want to be fulfilled!

RP: For most people, the key question is this: how much money do you need to enjoy the lifestyle you want in retirement? But it’s not a simple calculation.

JK: We only know history. We don’t know the future. We don’t know what interest rates are going to be, we don’t know what inflation is going to be, we don’t know what investment returns are going to be. We know so little, it’s quite amazing that we can call ourselves retirement planners, with all honesty! We don’t know how long someone’s going to live. So we’ve got all these vagaries to deal with. What we can control, of course, is how we live our lives – what we’re spending – and also possibly be really conservative with our approach of what our expectations are likely to be, what our investment returns are likely to be, to be quite negative or pessimistic about inflation. You know, you put it all in a spreadsheet for 30 years and, as an ex-pilot and an ex-sailor, you get your course wrong by one degree and you end up in totally the wrong place if you keep on that course for a long period of time!

RP: It’s precisely because retirement planning is so complex that it’s crucially important to seek professional advice — and preferably ongoing advice. Our needs and circumstances can change quite quickly in later life. Having a planner we can turn to when they do is extremely valuable.