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Beyond the Bank: How Purpose and Planning Shape a Rich Retirement

What if retirement was about more than just money? Have you considered how finding your purpose could transform both your life and the lives of others?

During this inspiring episode of RichLife Retirement, we’re exploring the intersection of purpose and planning and its impact on your retirement.

Long-time RichLife friend, April Rooks, founder of AMPED Kids Foundation, a non-profit organization that provides musical instruments and lessons to foster and adopted children joins us to talk about how transformative finding purpose can be — not just for ourselves, but for others too. 

Bruce Steinbrock and I are also discussing the potential retirement savings crisis facing many Americans, with a large percentage having little to no retirement savings, and how to get back on track.

𝗞𝗲𝘆 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗶𝘀 𝗲𝗽𝗶𝘀𝗼𝗱𝗲:

🎯 How discovering your mission can lead to a more fulfilling retirement journey
🎯 Ways to help develop a retirement strategy that aligns with your personal mission and values
🎯 Understanding the importance of creating a plan that addresses both your financial and life goals
🎯 Why the average household doesn’t start saving for retirement until age 53-54 (and what you can do about it)
🎯 Strategies to help build confidence in your retirement planning, even if you’re starting later
🎯 Understanding the importance of clarity in creating actionable retirement goals
🎯 Ways to help strengthen your retirement planning through proactive steps
🎯 Tips for aligning your financial strategy with what truly matters to you

We’re also answering listener questions from the AskBeau.com mailbag. 𝘉𝘦 𝘴𝘶𝘳𝘦 𝘵𝘰 𝘴𝘦𝘯𝘥 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘴𝘰 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘨𝘦𝘵 𝘵𝘩𝘦 𝘢𝘯𝘴𝘸𝘦𝘳𝘴 𝘺𝘰𝘶 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘩𝘦𝘭𝘱 𝘥𝘦𝘴𝘪𝘨𝘯 𝘺𝘰𝘶𝘳 𝘙𝘪𝘤𝘩𝘓𝘪𝘧𝘦 𝘙𝘦𝘵𝘪𝘳𝘦𝘮𝘦𝘯𝘵.

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Let’s explore a fundamental truth about retirement planning: it’s about much more than just money.

While financial preparation is crucial, true retirement confidence comes from aligning your resources with what matters most to you.

Finding Purpose in Retirement

Long-time RichLife friend, April Rooks, founder of AMPED Kids Foundation, exemplifies how discovering your mission can transform retirement planning from a purely financial exercise into a journey of purpose. AMPED Kids provides musical instruments and lessons to foster and adopted children, demonstrating how personal passions can become powerful vehicles for community impact.

“Having a rich life, to me, is living a life that is full of purpose and fulfillment,” April shared during a recent conversation. Her organization’s work illustrates how retirement planning can incorporate both financial goals and personal mission, creating a more meaningful and satisfying next chapter.

The Scientific Side of Purpose

Beyond the emotional benefits, research supports the therapeutic value of pursuing meaningful activities. In AMPED Kids’ case, music education provides both neurological and physiological benefits for children who have experienced trauma. This scientific backing reminds us that purpose-driven activities in retirement can contribute to both physical and mental well-being.

Addressing the Retirement Savings Reality

While purpose is vital, it’s equally as important to address practical financial concerns, particularly the retirement savings challenges facing many Americans. A significant portion of adults aged 50 and older have minimal retirement savings, highlighting the need for proactive planning.

However, there’s encouraging news for those feeling behind: the average household doesn’t begin focused retirement saving until ages 53-54. While earlier saving is beneficial, it’s never too late to start building toward your retirement goals.

Creating Clarity Through Planning

One key to developing confidence in your retirement strategy is gaining clarity about your current situation and future goals. This involves:

  1. Honest Assessment: Understanding where you are now financially
  2. Goal Setting: Defining clear, achievable objectives
  3. Action Planning: Creating specific steps to move toward your goals
  4. Regular Review: Adjusting your strategy as circumstances change

 

For example, someone starting at age 50 with 17 years until retirement can create a structured saving and investment plan that, while perhaps not “perfect,” moves them consistently toward their goals.

Building a Strong Foundation

A comprehensive retirement strategy should address several key areas:

  • Income Planning: Creating reliable income streams
  • Investment Strategy: Managing assets for growth and stability
  • Healthcare Planning: Preparing for future medical needs
  • Tax Efficiency: Helping to optimize your tax situation
  • Legacy Planning: Ensuring your wishes for the future

 

The Three-Legged Stool Evolution

Traditional retirement planning often referenced the “three-legged stool” of pension, Social Security, and personal savings. Today’s reality requires a modified approach, as pensions become increasingly rare and tax considerations take on greater importance.

This evolution makes personal planning even more crucial. It requires understanding various income sources, tax implications, and how to help create sustainable retirement income through careful portfolio management and distribution strategies.

Taking Action

Whether you’re ahead of schedule or playing catch-up, several steps can help strengthen your retirement strategy:

  1. Start with clarity about your current situation
  2. Define both financial and personal goals
  3. Create a structured plan that aligns with your objectives
  4. Work with experienced professionals who can help guide your journey
  5. Regularly review and adjust your strategy as needed

 

Remember, retirement planning isn’t just about reaching a certain number in your account. It’s about creating a framework that helps support the life you want to live and the impact you want to have.

Moving Forward with Confidence

The path to retirement confidence begins with understanding that both purpose and planning play essential roles. By combining clear financial strategies with meaningful personal missions, you can work toward creating a retirement that’s not just financially sound but truly rich in all aspects of life.

Whether your passion is music like April Rooks, or something entirely different, the key is to align your financial planning with your personal values and goals. This integrated approach can help create not just a sustainable retirement, but a fulfilling one.

Now We’d Like to Hear From You…

What gives your life purpose and meaning? Have you thought about how those passions could shape your retirement journey? Whether you’re helping others through music like April Rooks, or pursuing a different calling, we’d love to hear how you plan to create a rich and purposeful retirement.

Share your thoughts with us about how you’re aligning your retirement strategy with what matters most to you. Reach out to us by email – info@richlifeadvisors.com to let us know! Your story might inspire others to think differently about their own retirement journey.

Disclaimer: RichLife Advisors is not associated with or endorsed by the Social Security Administration or any other government agency. Maximizing your Social Security Benefits assumes foreknowledge of your date of death. If as an example you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.  Investment advisory services offered through Fiduciary Capital, Inc., a state registered investment advisor.

** RichLife Advisors does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances.

Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.