How to Fill Your Retirement with Purpose and People

Most of us spend years anticipating and working toward retirement, but what if it falls flat? The National Library of Medicine published a study in which 28% of retirees reported experiencing depression after retiring from the workforce. We’re no strangers to the prevalence of post-retirement depression (in fact, we created a whole series that you can explore here). We’ve found that happiness in retirement has a lot more to do with cultivating community and maintaining a sense of purpose than not having to set your alarm clock every morning. So how do you infuse your retirement years with people and purpose? Let’s talk about the concept of encore employment.

What Is Encore Employment?

Encore employment, also called an encore career, is a term popularized by Marc Freedman in his book, Encore: Finding Work that Matters in the Second Half of Life. It’s the idea of finding a second, less-demanding job to ease you into retirement, whether your motivation is to help transition out of the workforce, supplement your retirement income, or provide you with the chance to mingle with other passionate professionals in a field or hobby you didn’t previously have time to pursue. While the concept of a second career isn’t new, it may offer a fresh perspective on retirement; after all, who says work has to be bad, stressful, or in any way detrimental to your happiness?

Is Encore Employment Right for You?

“Hold up,” you say. “I worked all of these years to get TO my happy place, not to fill my time with more work!” The fact is, no matter how tantalizing your happy place is, you probably won’t be able to fill 100% of your time with the activities or hobbies you’ve been looking forward to in retirement. Do you want to permanently move onto a cruise ship? Are you going to spend seven days a week birdwatching, golfing, or fishing? Many people are so eager to get to retirement that they don’t stop to think about what day-to-day life as a retiree might look like. We’ve found that creating a dream book is a helpful exercise to determine what will truly bring you happiness. For example, have you ever thought about what you would do if you had the opportunity to do work that matters without worrying about the take-home pay? Would you do more pro-bono work in your field? What about volunteering at a local non-profit that could use your talents for grant writing or campaign organizing?

An encore career can be in any field, but the most common choices are in education, healthcare, government, and the nonprofit sector. So, why do retirees gravitate toward these fields? Simple! They all provide valuable social services. For many people, blending purpose with passion often doesn’t present a viable career path, but an encore career provides the opportunity to work for the greater good without worrying about the bills. Secondary careers as coaches, consultants, or serving on advisory boards often provide the chance to give back, filling your retirement years with satisfaction. They also immerse retirees in a community of like-minded people, whether they’re all passionate about the same cause or have similar work or skill backgrounds.

Another benefit of encore employment is the supplemental income. For those who retire early or when the market is down, having enough in your retirement accounts to support your lifestyle may be a concern. After you retire, you’re no longer contributing to your retirement savings, but an encore career can help you delay withdrawing from those accounts. You most likely won’t make enough to contribute anymore, but you may be able to earn enough to live on while leaving more in your retirement account to continue appreciating.

How to Choose the Right Encore Employment Opportunity

So how do you get your second career off on the right foot? Many experts recommend trying a “practice retirement.” One week off won’t give you a good idea of what your retirement might look like, so try to take a sabbatical of 3 months or so. What does it feel like? What brings you joy? If you love getting into a good book, maybe working at a local bookshop would be a rewarding experience. Are you passionate about the arts scene in your city? Working at the local theater, venue, or symphony hall, or applying to serve on the arts commission could all be enjoyable encore careers.

Just because you’re retiring from your career doesn’t mean you’ll suddenly transform into a different person! And, while it might be nice to try something completely different from the work you’ve been doing for years, many people find that the most rewarding encore employment uses the skills they’ve already spent years developing. Think about what drew you to your career in the first place, or what aspects of your job you found most rewarding, and look for an employment opportunity where you can continue to use your natural talents and inclinations.

Building a Better Retirement

Retirement wellness isn’t about having days to lounge around with nothing to do. Rest is important, but true, holistic wellness requires supportive community, stimulating conversations, and a sense of purpose when you wake up in the morning. Encore employment can be a valuable way to fill your social tank and your heart by giving back or paying it forward in meaningful ways. If you’re still not sure how to choose the right encore career, consider taking a professional assessment. And if you’re not sure how a second career will impact your financial plan, reach out to your financial advisor to learn more. Retiring to your happy place doesn’t have to mean retiring from work that brings you joy!