Bold School Lesson 12: The purpose of having a purpose

Monday, March 21, 2022

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Approach life after 50 with curiosity and enthusiasm.

(Alla Dreyvitser/The Washington Post)

By Vicky Fogg and Suzette Moyer

Bold School Lesson 12: The purpose of having a purpose

We started this newsletter because getting older is tricky, and we were hungry for some bold ideas. And we figured you, our readers, would have unique solutions to decluttering, staying fit, losing eyeglasses, going green and grief. And we were right!

We come from different backgrounds and have different approaches, but a common value that has united the community you helped build is this: Embrace all of life's passages with a sense of purpose. You told us that getting through the day isn't enough.

As the two of us started talking about retirement, our conversations about money and free time also included what new opportunities for purpose we could create. We turned first to what we learned from our own parents.

Suzette: My dad retired when he was 60. In the 26 years since, he has traveled with my mother, volunteered and continued to play golf and go to the gym. My mom, 80, finds joy in their partnership and in reading and learning new technology. I am 55 now; it seems impossible to think I will retire at 60. I'm certainly not "done" with my career, nor have I saved enough money.

Vicky: My 94-year-old dad teaches for an online graduate school and my mom, 88, is an artist. They both work at their vocations every day and could be healthier for it. They both have a strong sense of purpose, although they wouldn't call it that, and no intention of retiring. And, as it turns out, they are not alone. I am 64 (almost time to sign up for Medicare!) and Alan and I aren't done working, but the next chapter is a common topic of conversation.

The two of us get enormous satisfaction from our work, but at the same time, we are both beginning to peek around the corner at what's coming next.

Whatever path you pursue — retirement or part-time work or travel or volunteering — needs some degree of budgetary planning. For that, we turn to our colleague, Washington Post personal finance columnist Michelle Singletary, who has written many columns on the subject: You need to do more than just say " 'I want to retire at 59 or 62," she wrote. "It's not enough to plan for your last day on the job."

And as our colleague Tom Heath writes: "The question is deeply personal. It requires a brutal look at your life."

Singletary encourages you to do the following:

Consider health-care options if you want to retire before Medicare kicks in at 65, consider HSA for the triple-tax advantage it offers. If you opt in, Medicare won't cover an increasing number of expenses related to health care. Among the things that aren't covered: supplemental insurance premiums, deductibles, long-term care and dental services.

If you have a life partner, talk to him or her about the kind of life you both want. They may want to just chill. You may want to travel the world.

Decide where you want to live. Access to health care, public transportation, property taxes and weather could all be factors in your choice, so weigh them thoughtfully. There are several sites that offer interactive checklists to help you figure out what's important.

If you have a mortgage, try to pay it off. Be wary of bankers and advisers who tell you to keep your mortgage to invest the payoff money.

Start to downsize. Get rid of things that clutter your home . Clean out the junk drawers and closets. Get rid of clothes you haven't worn since the '60s. (This would be a great time to revisit Bold School Lesson 1, our decluttering manifesto.)

Will you want or need to work part time or volunteer, or even continue in a fulltime job? And if so, where? Perhaps this will give you ideas to look where you live. Ann Gerhart, our editor, knows an attorney who retired and went to work part time at a kitchen store because she is a great cook; another guy retired from the government and went to work at sporting goods store because he's a huge hiking enthusiast and wanted to share what he knew with others. They each found their purpose.

And what will be your purpose after you retire or cut back? A National Institutes of Health study suggests that having a purpose adds to good health and longevity. In another study, researchers looked at a population in Okinawa, Japan, where people live longer than anywhere in the world, and attributed the longevity to the practice of "ikigai." This "sense of life worth living" includes looking for joy in small things, being present and creating a harmonious atmosphere.

Your ikigai doesn't have to be some profound, earth-shattering thing like writing a novel. Maybe continuing your career is your purpose. One way to explore new purpose is to start with things you already like doing.

It can be as simple as tending a garden, working on a political campaign or volunteering at a food bank.

Perhaps the definition will come after you've lived it for a while. Advice columnist Carolyn Hax writes that "purpose in itself is really more like those audio tours at museums: Without one, you may miss a few things, but you don't necessarily need one to get something out of the whole experience."

Because life is for living — boldly — in every decade.

Your assignment

Jot down you dream volunteering position and explore opportunities that align with causes you're passionate about in your area.

Tell us

What's your "ikigai," or purpose? What's the best thing you've done for yourself since you retired, or what are you looking forward to when you cut back? Submit your response to be featured in our final Friday newsletter here. On Friday, look for feedback on this week's topic and a roundup of our 12 favorite comments from the Bold School Community.