Nearing Retirement? Why 'Refirement' Is a Better Philosophy

Get fired up about your upcoming retirement by reframing this new chapter of life as a chance to redeploy your purpose, rather than retreat from it. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.You are now subscribedYour newsletter sign-up was successfulWant to add more newsletters?Delivered dailyKiplinger TodayProfit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. 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Articles about retirement planning often assume the end goal is a carefree life of self-indulgence. Play a few rounds of golf. Enjoy dinner and drinks with friends. Wake up when you want, and call it a night when you please.Nothing wrong with any of that — except many retirees find a devil-may-care lifestyle without any sense of purpose leaves them adrift.In their pre-retirement lives, they were productive, with careers that gave them goals to reach each day and tasks to accomplish. In retirement, they are directionless and bereft of anything that feels like a higher calling.Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.This potential scenario is why, instead of planning for retirement, you should consider planning for something much more meaningful — "refirement."What is refirement, you might ask?Refirement is the intentional redeployment of a person or family's time, talents and treasure in pursuit of a renewed purpose. Think of refirement as a bold, countercultural model that rejects the traditional American retirement mindset of passive consumption and purposelessness. Instead of exiting life's stage, you step onto a new stage.About Adviser IntelThe author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.In the transition from work life to a traditional retirement, people can sometimes feel lost. Maybe not right away, because retirement might initially seem like an extended vacation. But eventually it's normal to ask, "Is this all there is?"Research has shown that, for many people, work is more than a paycheck. A job is a key part of their identity and their purpose in life. And often, that's also how others see us.Think about how often we associate a person with their job. Speaking of someone, we might say, "She is a cardiologist," "He is a CPA" or "That couple runs a bookstore."In retirement, those career- and job-focused identities disappear, and when people aren't careful, so does the purpose that every life needs. This is where refirement changes the narrative.Instead of retiring from something, you are refiring to something. It's the next chapter in the story, not the end of the book. Refirement is a reinvestment in a calling. It is a recommission to serve, lead and love with the same passion you had in earlier years, only through new platforms.What might those platforms be? That's up to each individual. Jimmy Carter may or may not have ever encountered the term refirement, but he is a good example of a prominent person who embraced and embodied the concept.He was helping build houses through Habitat for Humanity well into his 90s, ensuring that his life was not deprived of meaning, passion and purpose.People aren't always thinking in those terms when they near retirement. They are more focused on what it will be like to escape work life and ease into a more laid-back lifestyle.Retirement planning, to a large degree, centers on taking an inventory of income sources and savings and devising ways to get the most out of their money to fund that desired lifestyle.Of course, refirement requires looking at finances as well, but with a different approach, one that allows for the fun and relaxation of a traditional retirement but encompasses much more.Looking for expert tips to grow and preserve your wealth? Sign up for Adviser Intel, our free, twice-weekly newsletter.One of the most practical and powerful ways to live out refirement is by reframing the way we steward our resources, especially our money, which can be divided into three distinct buckets:Money for ME. This bucket is about enjoying the fruits of your labor free of guilt. It supports your lifestyle and freedom and funds the big-ticket dreams, such as travel, home renovations or the car you've always wanted.This bucket exists to celebrate life, not escape from it.Money for WE. This bucket is focused on generational impact. It's the intentional investment of capital — and character — into your children and grandchildren. Through thoughtful giving, rewarding and incentivizing, we transfer not just wealth but also wisdom.This is one of the greatest antidotes to the common, often unwise, transfer of wealth that burdens more than it blesses.Money for THEE. Here lies the eternal impact. This capital fuels the causes that stir your heart and support the people you care about. This might be a church, a charity or a nonprofit organization doing work you admire.When time, talent and treasure converge on mission-driven generosity, legacy becomes more than a word — it becomes a movement.Ultimately, the goal isn't just to retire comfortably. You want to refire your life to make this final chapter the most meaningful period of all. Refirement enables you to finish strong, live fully and lead a life of joy, significance and impact.Ronnie Blair contributed to this article.The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from LWG. LifeWealth Investments, LLC d/b/a The LifeWealth Group ("LWG") is a Registered Investment Adviser under the Investment Advisers Act of 1940. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability. Securities offered only by duly registered individuals through Madison Avenue Securities, LLC ("MAS"), member FINRA/SIPC. MAS, LWG, and SWM are not affiliated companies. Insurance products are offered through the affiliated insurance business Significant Wealth Management, LLC ("SWM") d/b/a The LifeWealth Group. SWM is not a registered investment adviser. The insurance products offered by SWM are not subject to Investment Adviser requirements. For more information about LWG, including our Form ADV brochures, please visit adviserinfo.sec.gov and search for our firm name. This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.Hilton Lamprecht was born and raised in the industry, so wealth management and financial advising seem to be in his blood. As the eldest son of the president of the LifeWealth Group, Hilgardt Lamprecht, Hilton has been around the practice and industry his whole life. From a young age, Hilton was involved in various aspects of the business until stepping into a full-time role immediately following his graduation from the University of Florida with a degree in finance. Since starting with the firm, Hilton has worked his way from a financial planner to becoming a LifeWealth lead adviser, now serving as the head of the advisory department.