How to Retire with Purpose,
Not Just a Stock Portfolio

When most people think about retirement, their minds go straight to the numbers:

• How much do I need to save?
• When can I afford to stop working?
• Will I run out of money late in life when I need it the most?

Those are important questions, but they’re only part of the story.

Yes, you need a comprehensive financial plan to support a retirement that could last 30 years or more. But it’s just as important to consider how you’ll experience that time. As retirement gets closer, new questions often come to the surface:

• What happens after I stop working?
• Is retirement an ending, or the start of something new?
• How do I plan for purpose, not just income?
• What kind of life do I want when every day is mine to shape?
• How do I define success in retirement, on my terms?
• What will give structure and meaning to my days?

These questions are personal and incredibly important. They’re also central themes in “Fish Don’t Clap: Planning for a Purposeful Retirement,” a book written by Brad Connors, the founder of iWealth.

In this article, we’ll share insights inspired by Fish Don’t Clap and explore how Minnesota financial planners can help you build a retirement plan that is more than preserving assets.

Because retiring well isn’t just about stopping work, it’s about stepping into a purposeful and fulfilling next phase of life.

What Happens After I Stop Working?

Knowing what to do next can be challenging after decades of being defined by your career, title, productivity, and responsibilities. Many retirees underestimate how much of their identity was tied to their profession, along with the structure, recognition, and purpose that came with it. It’s common to feel a sense of drift or loss when all that suddenly disappears, never to reappear.

Instead of viewing retirement as “free time,” consider it a shift in how you use your time, energy, and life experience. This isn’t about staying busy; it’s about staying engaged.

• Reflect on what truly motivates you:
• What skills have you built that others could benefit from?
• What interests have you set aside while raising a family or building a career?
• Could you mentor younger professionals in your field?
• Serve on a nonprofit board?
• Volunteer in your community?
• Reduce your golf handicap?
• Learn to play pickleball?
• Teach, coach, or consult part-time?

Maybe now is the time to start that creative project you’ve talked about for years or travel and connect with people more meaningfully.

Your time and experience are still valuable. With thoughtful financial planning and a willingness to explore new ideas, retirement can become a reward for past efforts and a launching pad for a deeply fulfilling second act.

Is Retirement an Ending, or the Start of Something New?

Too often, retirement is seen as the finish line; the “final chapter” after a long career. But viewing it that way can be chilling.

Yes, retirement may be the end of your primary working years, but it’s also the start of a new, exciting phase of life that could last for decades. It is up to you to make those years meaningful.

Thankfully, the idea that retirement means slowing down and sitting in a recliner all day watching endless hours of TV is now outdated. Today’s retirees are more active, engaged, and curious than ever before. They think of retirement as their time for reinvention, not a retreat from having any real purpose in life

Short video: Transition to the next phase of life post-retirement with good mental health.

How Do I Plan for Purpose, Not Just Income?

Spending decades working toward retirement as a financial goal is easy: save enough, invest wisely, and maximize Social Security. And while those steps matter, they do not create a fulfilling lifestyle. Purpose doesn’t appear on a balance sheet, but it’s equally crucial for your long-term well-being.

Once you understand your purpose, post-retirement, your financial plan should support those goals.

Money is not the goal; it’s merely a tool to live how you want. On the other hand, a well-thought-out retirement plan allows you to focus on what matters most. That could mean:

• Structuring retirement income streams to match your lifestyle goals, like discovering new horizons with travel, caregiving, or seasonal work, so your time and cash flow align with how you define quality of life.
• Creating flexibility in your budget for unexpected opportunities or changing priorities. When your purpose takes on new meaning, your finances should be able to adjust with it.
• Funding causes you care about include charitable giving, donor-advised funds, or helping your children or grandchildren with education or homeownership.
• Investing with intention, aligning your portfolio with your values through values-based investing (ESG or BRI), local impact strategies, and planning for your legacy.
• Planning for free time, so you can say yes to what inspires you, and no to what doesn’t, without worrying about the financial tradeoffs.

When your financial plan is rooted in purpose, retirement becomes more than sustainable. It becomes personally fulfilling and not just a way to get through another day. This is where holistic financial planning in Minnesota can help you align your financial circumstances with your life’s meaning.

Your retirement years should feel less like a finish line and more like a season for new opportunities.

What Kind of Life Do I Want When Every Day Is Mine to Shape?

Your schedule likely revolved around work, family, and obligations for decades. In retirement, that all changes. Suddenly, you have complete control over your time, but that freedom can feel overwhelming if you haven’t thought about how you want to use it.

Retirement offers a rare opportunity to design your days with purpose and intent. Start by picturing your ideal week. Do you want regular social interaction, quiet mornings, golf outings, opportunities to learn or create? Would you thrive with more structure or more spontaneity?

This is your chance to build a life around what brings you energy and fulfillment. Minnesota wealth management professionals can help structure your financial plan to support these lifestyle choices, fund travel, downsize your home, or set up income streams that offer freedom and flexibility.

How Do I Define Success in Retirement, On My Terms?

Success in retirement isn’t about keeping up appearances or meeting someone else’s definition of a comfortable lifestyle. It’s about living in a way that feels right to you and your spouse. It may be based on financial independence, but it could also mean having more time for family, hobbies, giving back to your community, or finally writing that book you’ve had in your head for years.

Take a moment to ask yourself: What does a meaningful, successful retirement look like for me? It is not what the media says it is. It’s not what your peers are doing. It is what matters most to you.

Defining success on your own terms gives you clarity and focus and helps guide your financial and lifestyle choices. When your money and values are in sync, retirement becomes more than sustainable; it becomes more fulfilling and gets you out of your favorite recliner.

A Minnesota financial advisor who embraces holistic planning can work with you to ensure your wealth supports your version of a fulfilling retirement.

Watch our founder, Brad Connors, discuss the importance of having purpose in retirement for smart money decisions.

What Will Give Structure and Meaning to My Days?

Without a job to anchor your schedule, it’s easy to let the days become a blur. It’s Monday, then it’s Friday, then it’s Monday again. A lack of structure can lead to boredom, restlessness, health issues, loneliness, and depression. Most people need a routine that includes purpose and pleasure with family and friends to feel grounded and engaged during decades of retirement.

Start by identifying the activities that get you excited. You wake up looking forward to the day. Is it helping others? Working with your hands? Staying physically active? Playing a round of golf? How about becoming a master bridge player? Being around people you like is a plus? Build your weekly rhythm around those things.

At the same time, you don’t need to feel like you have to pack every minute of every day. Instead, you have anchor points, like volunteering every Tuesday morning or golfing every Friday, activities that create structure without rigidity. Structure helps you make the most of your time, and meaning gives that time value. In retirement, the two work best together.

On a similar note, financial planning in Minnesota isn’t just about managing a budget; it’s also about supporting your ideal lifestyle. Whether that means setting aside funds for hobbies, travel, education, or part-time work, your financial plan can help align your daily life with your deeper goals that impact your quality of life.

Fish Don’t Clap: Planning For A Purposeful Retirement

“Fish Don’t Clap” is a great, fast-paced read if you’re nearing retirement and are wondering what comes next. Written by Brad Connors, it offers a fresh perspective on how to make retirement more purposeful, not just financially, but personally.

If you’re ready to discuss your financial planning needs, connect with iWealth to build a meaningful and well-structured retirement.