I was meeting with Linda last month- she’s 55, divorced, and has built a successful career in healthcare administration. As we reviewed her 401(k), now just over $800,000, she asked a question that stopped me cold.
“Richard, I know we’ve been talking about having enough money to retire, but what if I hate being retired?”
Linda was asking the right question.
After more than two decades in this profession and my training as a behavioral financial advisor, I’ve learned something important: the women who struggle most in retirement aren’t usually the ones who run out of money. They’re the ones who run out of purpose.
And if retirement is roughly 10 years away for you, this is a conversation worth starting now.
Why Retirement Planning Must Address Purpose- Not Just Your Portfolio
Most retirement planning focuses on the math:
- How much do I need?
- When can I stop working?
- What’s a safe withdrawal rate?
Those are necessary questions, but they’re incomplete.
Research consistently shows that retirees who plan only for financial independence, without planning for meaningful engagement, are more likely to experience anxiety, depression, and what psychologists call retirement syndrome- that lost, untethered feeling that comes when your identity was closely tied to your career.
I see this often with accomplished women who spent decades being needed, leading teams, and making important decisions. One day, the calendar clears. The freedom they imagined can feel less like liberation and more like free-fall.
Why “Doing Whatever You Want” Rarely Leads to Fulfillment
Here’s a pattern I’ve observed over the years: the women who thrive in retirement aren’t doing whatever they want- they’re doing what they ought to do.
“Want” is short-term and fleeting. Sleep in. Travel more. Finally relax. Those things are enjoyable, but they don’t sustain us.
“Ought” comes from values, contribution, and identity. It’s mentoring younger women, serving a cause you care deeply about, starting a small business, or staying engaged in meaningful work on your own terms.
The women with the highest retirement satisfaction figured out their “ought” before they retired and built a financial plan that supported it.
The Behavioral Challenge of Planning for Retirement Happiness
Behavioral finance teaches us something humbling: we’re not very good at predicting what will make us happy in the future.
Many clients tell me, “When I retire, I’m never setting another alarm clock again.” Six months later, they feel unproductive, disconnected, and restless.
It turns out that some structure, responsibility, and commitment actually increase life satisfaction.
That’s why the best time to explore retirement purpose is while you’re still working:
- What activities energize you?
- What problems in the world do you care enough to help solve?
- What would you do if money weren’t the deciding factor?
Experimenting now gives you clarity later.
Building the Financial Foundation for a Purpose-Driven Retirement
Freedom in retirement doesn’t come from assets alone, it comes from flexibility.
That means:
- Multiple income sources, whether from part-time work, consulting, rentals, or passion projects
- Adaptability, so your plan can evolve as your interests change
- Resilience, with built-in cushions for health issues, family needs, or market downturns
- A gradual transition, rather than an abrupt stop from full-time work
A well-designed retirement plan supports choices- not just an end date.
Why Starting 10 Years Out Matters
If you’re in your 50s or early 60s, time is your greatest advantage.
Use it to:
- Try volunteer or leadership roles that interest you
- Mentor younger colleagues
- Build relationships outside of work
- Notice what gives you energy- and what drains it
Retirement can be lonely if most of your connections are work-based. Purposeful planning helps prevent that.
Integrating Money and Meaning
This is where comprehensive, behavioral financial planning becomes essential.
You’re not just planning for retirement, you’re planning for your next chapter.
I help clients create purpose-driven financial plans that align money decisions with values, priorities, and identity. Sometimes that means adjusting savings strategies. Sometimes it means restructuring investments for flexibility. Often, it means having honest conversations that go well beyond spreadsheets.
The Questions Worth Asking Now
If retirement is within the next decade, consider these questions:
- What parts of your current work feel most meaningful?
- What would you regret not trying?
- How do you want to spend your time and energy when work is optional?
- What financial structure would give you the most freedom?
The Bottom Line
Retirement isn’t just a financial event, it’s a major life transition.
The women who navigate it best plan for purpose alongside their portfolio. With the right preparation, retirement can be deeply fulfilling—not just financially secure.
If you’re ready to build a retirement plan that supports both security and meaning, I’d welcome the opportunity to talk. As a behavioral financial advisor, I help women create thoughtful, flexible strategies for this next phase of life.
👉 Schedule a conversation to explore your retirement vision and financial plan.
Because the goal isn’t just to afford retirement, it’s to love it.
Richard Dunn, CFP®, BFA®, AIF® is a behavioral financial advisor and fiduciary financial planner based in West Saint Paul, Minnesota, working with clients nationwide. Ifyou'reready to start planning for both financial security and retirementpurpose, reach out for an introductory conversation.
This article is for educational purposes only and does not constitute investment, legal, or tax advice.
Retirement Planning FAQs:
1. Why isn’t having enough money enough for a successful retirement?
Because retirement is a life transition, not just a financial milestone. Many retirees who are financially secure still struggle with loss of identity, purpose, and structure when work ends. Planning for meaning alongside money helps prevent dissatisfaction, anxiety, and burnout in retirement.
2. What is “retirement syndrome” and who is most at risk?
Retirement syndrome refers to the feelings of aimlessness, depression, or disconnection that can arise after leaving a long career. I see this most often among accomplished women whose identities were closely tied to being needed, leading teams, or making important decisions.
3. When should I start thinking about purpose in retirement?
Ideally, about 10 years before retirement. This gives you time to experiment, build flexibility into your financial plan, and discover what genuinely energizes you—rather than trying to figure it out after you stop working.
4. How does behavioral financial planning help with retirement decisions?
Behavioral financial planning recognizes that humans aren’t purely rational. It helps you align your financial strategies with your values, habits, and emotional drivers—so your retirement plan supports the life you actually want, not just what looks good on paper.
5. What does a purpose-driven retirement plan include?
A purpose-driven plan goes beyond investments. It may include flexible income strategies, phased retirement options, room for career or volunteer pivots, and financial structures that support meaningful work, relationships, and personal fulfillment throughout retirement.