Yikes! I’ll never forget standing before a large group of retirees when I was unexpectedly given three minutes to share advice on creating a fulfilling lifestyle in retirement. Really? As a retirement transition coach, I could talk for hours, but I had only three minutes. C’mon!
I took a deep breath, and whew… the answer came! I had just read about the metaphor of retirement’s three-legged stool.
If we imagine ourselves sitting on the stool, the three legs that will serve as the foundation for a fulfilling lifestyle are:
FINANCES | TIME | HEALTH
We’re often told that the most crucial leg of the stool when preparing for the future is the financial one—investing in assets that will support us later in life.
While that’s undeniably crucial, the other legs also deserve equal attention. Investing in our physical, mental, and emotional health and how we use our time is just as vital.
These aspects support our longevity, enrich our experiences, and shape our overall quality of life.
If one or more legs are weak, we might live a less joyful and fulfilling life than anticipated. Here are a few ways to stay comfortably seated on the stool:
Finances
Planning for a financially secure retirement involves more than just saving money. It means developing a strategy to manage your lifestyle long-term. Ask yourself if your plan includes:
- A clear retirement vision
- Estimated income and expenses
- Ways to maximize retirement contributions
- Investment and withdrawal strategies
- A healthcare plan
- Asset protection
- Ongoing check-ins with a financial advisor
Time
Your time is valuable. How will you use your time to ensure you look back without regrets?
- What priorities do you want to focus on and accomplish?
- What have you been putting off?
- What have you committed to doing for or with others?
- What passions or hobbies would you like to explore?
- What causes matter to you, and how can you support them?
- What leisure activities excite you?
- Have you considered launching a business or part-time pursuit?
Health
Physical, mental, and emotional health all contribute to your overall well-being.
Be mentally healthy:
- Pursue continuous learning.
- Play strategic games and puzzles.
- Read or listen to books and podcasts.
- Journal or write.
- Satisfy your curiosities.
- Include regular physical activity into your daily routine.
Be emotionally healthy:
- Stay socially connected with friends and family.
- Begin your day with purpose.
- Join clubs or groups with individuals who share your interests.
- Limit exposure to negativity in the news or with individuals.
- Communicate openly with loved ones about mutual expectations.
- Practice mindfulness or meditation.
- Keep a gratitude journal daily.
- Embrace retirement as a beginning, not an end.
- Reach out for help from a friend, doctor, or therapist if needed.
- Include exercise in your routine.
- Plan for something you are looking forward to.
Be physically healthy:
- Keep up with medical, dental, and eye exams.
- Maintain a healthy weight.
- Learn ways to reduce health risks.
- Stay active with cardio, strength, flexibility, and balance exercises.
- Find an accountability partner or health coach.
- Replace harmful habits with healthy ones.
- Prioritize good sleep.
Which of your three “legs”—finances, time, or health—feels strongest right now? And which one could use a little support?
