The need for purpose in our lives doesn’t end when we retire.

Everyone needs to know that their life matters regardless of their age or profession. Psychologist Viktor Frankl, author of Man’s Search for Meaning, argued that the search for meaning is a primary motivator at every age. For older adults, purpose may shift from career achievement or raising children, to mentoring, volunteering, creative expression, spirituality, or strengthening family bonds between generations.

But one thing is clear: the need for purpose is lifelong, regardless of whether you’re 28 or 78. Having enough money is certainly a necessary component—I don’t want to discount its role in helping each of us achieve our goals, including helping others. However, money can never replace purpose.

We have all seen too many retirees adrift on a sea of aimlessness, boredom, and discontentment. They found freedom from their old job and routines but didn’t consider what that freedom might cost them: purpose.

It is important to understand that “purpose” and “keeping busy” are not the same. Purpose is about engagement in activities that align with our personal values: ones that bring meaning to our lives. Keeping busy is simply what we do to pass the time when we lack purpose.

People who understand the power of purpose have embraced the habits, attitudes, and pursuits that directly correlate with successful aging and staying young at heart. People with a strong sense of purpose are curious, want to connect with others, love a challenge, and are looking for ways to contribute. In my book, The New Retirementality, these are the people I describe as transforming “retiring” into “refiring” and “reclining” into “refining.” Having purpose leaves an indelible impact on the people, ideas, and causes we care about the most.

How often have you heard the refrain, “I’m keeping busy” when you ask clients how things are going? Chances are those clients may be lacking purpose in their lives. There’s nothing wrong with finishing that day’s “to-do” list, but then what do you do?

Why Purpose Matters

A growing body of research––including a 2022 study––shows that that older adults with a strong sense of purpose experience better physical health, improved mental health, stronger emotional well-being, and greater longevity. Purpose can influence health behaviors as well. People who have a sense of purpose are more likely to exercise, maintain social ties, adhere to medical advice, and avoid harmful habits. Common sources of purpose in retirees include:

1. Mentorship and Sharing Wisdom: Supporting younger generations or helping community initiatives reinforce a deep sense of contribution.
2. Community Engagement: Whether tutoring children or teens, helping at food banks, or participating in faith-based outreach, these activities provide structure and social connection—and purpose. Service to others reinforces the feeling of being valuable to others.
3. Lifelong Learning: Classes, reading groups, and workshops offer intellectual stimulation and social connection contributing to purpose.
4. Creative and Spiritual Practices: Art, music, writing, gardening, and spiritual reflection can all serve as anchors of meaning. Creative expression allows older adults to process life experiences and leave a tangible legacy. Picasso’s later years were some of his most creative and productive ones.

It’s important to remember that purpose does not require major accomplishments. Small, consistent acts—calling a friend daily, caring for a pet, tending a garden—can foster meaning and purpose. It’s important to understand that purpose evolves—it’s not static. A retired executive might become a mentor to a budding entrepreneur or explore artistic passions he has put off because of other commitments. The purpose may have evolved, but it’s still there.

Healthcare providers and caregivers increasingly recognize that conversations about goals and values are as important as the medical treatments they prescribe. For financial advisors, “purpose planning” can be as meaningful as financial planning to your clients by helping them connect means and money. Encouraging older adults to identify what still feels meaningful can transform how they approach the next phase of their life.

“Every day is Saturday when you’re retired” gets old pretty quickly. By making retirement a time of integration, wisdom, and renewed direction, it can be fulfilling––even life changing. When clients who are retired (or considering retiring) feel that their lives still matter and contribute to something larger than themselves, they don’t just add years to life, they add life to their years.

A landmark study found that adults with a strong sense of purpose tended to live longer––and this benefit held across all adult ages, regardless of their retirement status or other psychological well-being factors. Whether measured in their 20s, 50s or 70s, purpose appeared to buffer against mortality risk. It’s truly never too late!

Helping Clients Discover Their Purpose

In The New Retirementality, two exercises help you start the conversation with your clients:

1. My Ideal Week in Retirement asks prospective retirees to envision how they will spend a typical week in retirement. You’ll be surprised at how many folks realize they haven’t thought about how they’re going to fill up those 168 hours a week, 52 weeks a year.
2. Retiring on Purpose Profile guides clients in clarifying what lies ahead and turning retirement into their most meaningful chapter.

Both exercises can help your clients distinguish between purpose and simply keeping busy. When your clients understand their true purpose, your value as their trusted advisor rises exponentially.