Retirement coaches can help employees plan a more fulfilling life after work

Having a fulfilling retirement is about more than just money. But figuring out what your golden years mean to employees may require some outside help. 

"A retirement coach helps people really figure out how to invest their time," says Joe Casey, an executive coach and former SVP at Merrill Lynch. "If they don't plan for the non-financial side of retirement, they'll get a lot of surprises, and it can actually derail a retirement. You want to have your money handled well to afford and survive retirement, but how do you want to thrive?" 

As a retirement coach, Casey works with clients who are planning to retire or who want guidance about what they should do with their time. Many look to find a new purpose, tap into passions, learn new skills, or simply downshift in their careers, but don't know how to start after decades spent in the workforce. 

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"People lose their identity, because often their identity is connected to work," Casey says. "But the only way we grow is by stepping out of our comfort zone. Many people have examples of people who did what others expected, and they really didn't take the opportunity to try new things. But boredom will be one of your biggest enemies in retirement." 

Having a sense of purpose is a critical part to feeling fulfilled outside of the office. A survey by Transamerica found that 97% of retirees with a sense of purpose considered themselves happy in retirement, compared to 79% who said they were not fulfilled. For some, a lack of vision drives them back to work. Of those who decided to return to work after retiring, money was a factor, yet fighting boredom and keeping their minds sharp were also high on the list, a study from Home Instead found. 

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In order to find that purpose and design a fulfilling life, Casey walks his clients through a three-phase process. The first is to figure out your priorities — Casey encourages his clients to take stock of where they are now: How satisfied are you in your work? What areas of your life should you improve, be it relationships or even your health? Then clients think about the different opportunities they can create to enhance their lives, which can lead to both professional and personal change. 

"I had a client who was a doctor and had a personal health crisis and had to change his lifestyle. Through that process, he decided to retire early and become a wellness coach," Casey says. "He wanted to have a broader impact than he could have had with his patients, and this was a breaththrough for him." 

Other clients have pursued part-time work after demanding careers, or sought out education through universities and fellowship programs. While these are all ambitious pursuits, Casey underlines the process is meant to reveal the lifestyle that will keep a retiree happy, fulfilled and engaged. 

"Most of my clients do a little bit of work, some volunteering, some boards, some learning of things they haven't done before. It opens up people's minds to what might be possible," he says. "If there were no restrictions or limitations, what would you really want to do? I call it the 'run away and join the circus' plan. I haven't had a client do that, but it helps them think creatively."  

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Casey encourages people planning their retirement to talk to others who have already hit retirement age to look for examples of what life could look like after work. Don't get trapped into thinking you have to spend your time watching grandkids or playing golf, Casey says. 

"People will say, 'You're too old for that, or that's not age appropriate, or someone your age shouldn't be doing something like this,'" he says. "People's expectations can lead us astray, and we don't often have examples of people who have done something interesting, but they're definitely out there." 

While this is a personal quest, employers can support this next phase of an employee's life by addressing the total lifestyle change retirement can bring. Acknowledging the financial aspect will always be important, Casey says, but supporting the whole employee requires a better balance. 

"There's a big opportunity for companies to start to really get involved in educating people about bringing their whole brain to retirement," he says. "Help people bring more imagination to their time and really focus more on the gains."