July 20, 2021

A new study has found that contributing to society and having a purpose are key to enjoying life in retirement. This study completed by Age Wave and Edwin Jones shows that the pandemic has influenced the funding and timing of many people’s retirement, often shifting plans they might have had in place for decades.

The study also shows what Americans entering retirement feel are the most important aspects of all elements of comprehensive retirement planning, including those that are not financial. The study indicates that there are four pillars of the new retirement. Family is, of course, at the top of the list. The second pillar is purpose which many respondents derived from their friends and family.

Doing social good is another pillar of the retirement since 86% of all adults and nearly 90% of retirees say that retirees should have more opportunities to put their knowledge and talents to use to benefit society in general and their direct communities.

Retirees said they wanted to volunteer at least three hours per week, which is over 4 times higher than the actual retiree volunteer rate over recent years. The final pillar is about seeing planning for retirement as being more than saving for a retirement. Many of the retirees who were involved in the study said they wish they had done a better job in planning for financial and non-financial aspects of their retirement.