This is the second in a four-part series addressing issues of retirement life that may not be thought about pre-exit as part of your plan. Tending to these issues prior to leaving your CPA career will set you up for a fulfilling and successful “third act.”

Part 2: Overcoming the Loss of Purpose and Meaning

What gives you meaning and a reason to get up every day when it comes to being a CPA or for your career? Perhaps it’s knowing that your clients, whether external or internal, need you after so many years spent building relationships. After all, who will they turn to if not you and who will serve them as well as you? Maybe it’s the work of managing and leading your firm or being the comptroller or CFO for the organization. Or it’s the feeling of accomplishment for a job well done. Whatever the reason, having a sense of loss of purpose when you retire is both common and something to plan for so you can make the transition successfully.

Just as you tend to your financial readiness, it’s important that you plan for this loss right along with it, or at least prior to exiting your job so you don’t wake up on retirement day one and think, “Now what?” Already retired? It’s still not too late to take steps to ensure your life is filled with meaning and goals. The critical point is that you do so to avoid a downward spiral or marital or partnership issues, especially if one of you is retiring sooner than the other, potentially causing a variety of problems with the inevitable change in dynamic and the increase in the amount of time together you’ll now have.

1. Assess Motivators: To shift from what’s driven you in your career up until now to find meaning in this next phase of life, a good place to start is to identify what motivates you by looking at your values and the important relationships in your life as well as the type of work you most enjoyed. Typically, we’re motivated by supporting people, figuring out or following processes, getting results, or a combination of all three. When you look back on your career and the people in your life, what is it that seems to be a common theme in terms of what energizes you? What charges you up? Once you’re clear on your motivators, you can start to look for different ways to satisfy them beyond life as a CPA, whether embarking on an encore career or volunteer work or discovering other interests.
2. Tend to the Life Pillars: The first post of this series briefly mentions the “life pillars” that we need to make sure we attend to while we’re in our third act, that is the human needs we have. Ignoring them in your retirement time can bring about health issues and decline, whether physical or mental or both. These are your social, emotional, occupational, mental, intellectual, spiritual, and physical needs. Any given day, we can act on many of these through any activities that touch on them. For the occupational pillar that will change when retired, think about how you can replace that with other types of work, including part-time and pro bono. How can you transfer skills you enjoy using in a different way? How can you also ensure you have a solid social network, loving relationships, regular physical activity, spiritual, mental, and intellectual stimulation?
3. Create a Vision: The previous post also touched on the importance of having a vision statement to be the north point on your compass to reference when you need a reminder of where you’re headed and what you’d like to spend your time doing overall. To draft your vision, consider answering questions such as:
• What would you most like to be remembered for in your life?
• What makes you feel alive, engaged, energized, and excited about life?
• What are things you enjoy doing that without, life would feel incomplete?
• What are activities (not work-related) that you wish you had more time to do?
• When your life is ending, what will you regret not doing, seeing, or achieving?

There’s no right or wrong way to write your vision statement. It can be one sentence or phrase or a full paragraph. What’s important is that you have one that speaks to you and that you refer to frequently as a reminder when you need it.

4. Draft Goals: Knowing that we can live up to 20-30 years beyond the traditional retirement age of 65, having goals specific to each decade is an effective approach to keep you on track in retirement. Our 60s will look different from our 70s, which will look different from our 80s, 90s, and beyond. For each decade, identifying goals for how you’ll stay healthy and hit those life pillars, the type of housing and location you aspire to live in, the type of support you’ll need with transportation, care and companionship, and where you want to be financially will keep you motivated and engaged. Just because you’re in a post-CPA career phase doesn’t mean goals aren’t important. It’s what keeps us going, especially when we’ve given little thought to life beyond work.

While the loss of meaning and purpose can be devastating, it doesn’t need to be. The gain of new goals and direction aligned with who you’ll be in your third act can ensure you lead a fulfilling life, no matter your age, ready to write your next chapter.

Next Month: Part 3 - Overcoming the Loss of Routine and Structure

Lisa Downs is President of New Aspect Coaching and host of Reigniting You® a podcast offering career transition support for age 40+ professionals. You can contact her at lisa@yournewaspect.com.