Written by Nick Freedman, Founder of Retire on Purpose.
In the article about the Retirement 2.0 mindset, we suggest that retirement planning utilises a more holistic approach. Beyond simple wealth creation, there are several other factors which contribute towards a positive and happy retirement.
In My Game Plan , you'll learn about Maslow's hierarchy of needs. Abraham Maslow was a psychologist who explained that needs underpin all our human motivations and behaviours. A need is an 'essential, must have' and there are 5 different types. When a need is unmet, our behaviour will often focus on ways to meet the need. So, for example, when you are sick, you seek methods to heal. The lack felt from the unmet need drives an innate part of us to resolve it. By considering all five needs, then creating goals in a holistic manner, you'll begin setting up your future life to enjoy Retirement 2.0.
Level 1 - Physical Health
The first level of need is around your physical health. Your body is a vessel you use to get around and it pays off to look after it. Following a healthy diet and taking exercise becomes more important as the years roll on.
Level 2 - Financial Security
Money is essential for survival. Put simply, without enough income to live on, you lack security about your future. And as well as limiting your standard of living, your mental health will slide too, with increased worry and anxiety.
Level 3 - Relationships and Community
Something to consider is that if you work full time, 2000 hours a year will be spent in relationship with work colleagues. And when this ends it leaves a void. Without other meaningful relationships and new communities, the risk of loneliness becomes real.
Level 4 - Learning and Growth
For most people work takes care of the fourth level of need, by creating challenges and problems to solve. Through the process of solving them, you learn and grow, and this cultivates self esteem and confidence. And it’s no different in retirement. The key thing to consider is the void which is created when your work goals and challenges wind up. What will you do to fill that space?
Level 5 - Higher Purpose
Purpose, put simply, is your reason for being. It’s your big why and when you uncover it, life takes on a whole new meaning. During a career it’s common that other needs take up more airtime. The need to provide for family, pay off a home and financially save for the future can mean that many people never really explore what their purpose is. And so when life conditions change during the transition into retirement, it opens up the possibility to explore what your purpose is. In My Game Plan you will be taken through a process to explore and define the purpose for your retirement.
Retire on Purpose was created to support men and women who are transitioning from the end of their careers into retirement. Our two programs pose all the questions you need to transition successfully. My Legacy helps you find, recruit and mentor your successor, so you can leave behind your professional legacy. And My Game Plan helps you build a holistic roadmap for your retirement so you can retire with a fresh sense of purpose and peace of mind that the new life you are stepping into, is actually the one you want to be living.
This essential 10 minute read is great for anyone who's thinking about retirement or has recently retired. Get your copy here.