How To Turn Your Retirement Into Your Legacy

Did you know more people turn 65 each day in America than are born? And by 2030, there will be more people over 60 than those under 18? This generation of “elders” in the developed world is “the longest lived, wealthiest, healthiest, most highly educated, and largest percentage of elder population in history,” says John Izzo, life coach and author of The Five Secrets You Must Discover Before You Die.

For about 10 years, I have been interviewing thought leaders about life and work wisdom. I am also particularly concerned with what the “largest percentage of elder population” will leave as their legacy. After listening to Izzo’s TEDx talk “The Defining Moment for a Generation-in-Waiting,” I interviewed him for my podcast “Becoming a Sage.”

According to the Webster’s Ninth New Collegiate Dictionary. Webster’s defines “retire” as: “to withdraw from action or danger: retreat; to withdraw especially for privacy; to fall back: recede; and to withdraw from one’s position or occupation.” None of these definitions seem positive when it comes to life. But your retirement can be.

Work takes on a new definition when we are retired. Work can be viewed as a contribution of skills, talents, and interests. Instead of saying, “I am retired,” I encourage my clients to share their interests, hobbies, and/or passions. Instead of asking people, “What do you do?” I suggest asking, “What are you interested in or involved in at this time?”

It is important to be intentional about your time. Jerry Foster, founder of the Foster Group, describes in his book LifeFocus: Achieving a Life of Purpose and Influence, that as people age, they often choose one of three paths: indulgence, indifference, or influence. Indulgence is focused on consuming and accumulating. Indifference about not knowing what to do. Influence is about generativity—making the world a better place. The latest research from Age Wave indicated that the majority of Baby Boomers feel it is more important in this next life chapter to be “useful” rather than to be “youthful.”

Life after one’s main career usually offers more freedom and flexibility that can be used in ways to make significant contributions. Izzo explained how we are facing significant challenges: climate warming, the growing income gap between the rich and everyone else, the wars in Europe and the Middle East, and the differences among the various generations. These challenges that are causing anxiety and increasing fears for everyone. This generation of elders has the time, talent, wealth, and political ability to impact how the world addresses these challenges.

Throughout history, elders in cultures around the world were the ones who were responsible to think about the future, pass on their wisdom, and make critical decisions as good ancestors for future generations. The best example of this is the Seventh Generation Principle. Native American tribes believe in the idea that “our decisions today should consider the potential benefits or hard that would be felt by seven future generations.”

Izzo said the critical question for elders is this: How do you want to continue to contribute to the world? We talked about how life after 50 is often no longer about one’s ego, but about how one can contribute in new ways. He described how midlife has been extended in two directions. He coaches people in their 30s and 40s who have made a fortune by starting a business and selling it. Now they are asking questions people usually ask in their 50s and 60s. What am I going to do now that I have made a living? What am I going to do with my energy, time, talent, and treasures?

How can you channel your wealth, talent, and wisdom to reinvent and solve societal problems? How are you thinking about how your kids are doing and how your grandchildren will do. How can you reinvent yourself and help create a better society? A common assumption is that as people become older, they get more conservative—protecting what “I” have. We need to think about protecting what “we” have.

Retirement doesn’t need to be the time to turn inward. It can be the time to use our wisdom to open our hearts and turn outward to make the world a better place for all of us. Jane Goodall, the legendary conservationist, said it best: “What you do makes a difference and you have to decide what kind of difference you want to make.” You get to decide the legacy you want to leave for future generations.