You Need a Reason to Get Out of Bed in the Morning

By: Patrick R. Cote CFA, CFP®

“You need a reason to get out of bed in the morning.”  That was the advice from a serial entrepreneur I worked for at a startup in the dot com era back in 2000.  At the time, I had asked him why he kept going, even though he was already quite wealthy.

I often think back to that philosophy when I speak with clients about their long-term financial goals. Retirement was traditionally viewed as the golden opportunity to enjoy a life of leisure. Some folks have a passion for activities like golf or skiing, so they already have a sense of how they would like to spend their time in retirement. Other retirees may opt for a balanced lifestyle that allows them to stay active and engaged while enjoying the flexibility to pursue other interests. This could involve consulting, freelancing, starting a small business, volunteering or remaining with their current work on a reduced hour basis.

Financially, continuing some form of work during retirement can be highly advantageous.  This extra income can help fund travel adventures, hobbies, or simply provide peace of mind to support your financial future. Moreover, it may help delay claiming Social Security benefits, which can significantly boost your monthly payouts in the long run.

Beyond the financial advantages, engaging in work during retirement provides a sense of purpose and fulfillment, as well as physical and mental health benefits. Staying connected to the workforce helps retirees maintain a sense of routine and structure, preventing feelings of isolation or boredom.

To help set up this retirement balance, assess your financial situation and determine the amount of income you need, if any, to sustain your desired lifestyle. Consider exploring new skills or updating existing ones to enhance your employability. Reach out to networking, professional, or nonprofit organizations that can connect you with potential opportunities.