allworth-financial-logo-color
    • Wealth Management
      • Financial Planning
      • Investment Management
      • Tax Planning
      • Estate Planning
      • Insurance Services
    • 401(k) For Employers
    • For Airline Employees
    • Our Approach
    • Why People Work With Us
    • Office Locations
    • FAQs
    • Our Fees
    • Our Story
    • Advisors
    • Our Leadership
    • Advisory Firm Partnerships
    • Allworth Kids
    • Webinars & Events
    • Podcasts
    • Financial Planning
    • Investment Management
    • Tax Planning
Meet With Us
  • Locations
  • Login
  • Contact

3 keys to retirement reinvention

  • Share this post

Allworth Co-CEO Scott Hanson shares his thoughts on why retirement should be considered a transition - not a destination.

 

What do you want to be when you grow up?

Everyone reading this has answered that question. And it’s also likely that the first time you were asked, however you responded, your answer evolved over time.

Now, here’s another question: how do you want to be remembered?

While we advise people at just about every stage of life, year-after-year, if I had to guess, I’d say our single largest contingent of new clients is comprised of people who are preparing to retire and who will soon have money in transition.

That is, while money should always be hard at work making even more money, during the transition, the focus for some people shifts from “saving for retirement” to “using that savings to retire.”

But here’s the rub: After you’ve completed your career, and someone asks what you do, consider breaking the habit of saying: “I’m retired.”

That’s a default description. Describing yourself as retired infers that you are done growing, or through with reinvention.

And that is hardly an accurate description of today’s post-career crowd.

However, until you retire, how can you know what it’s going to be like? After a lifetime of hard work, how can you understand the extent of the challenges you’ll face when your career is no longer the primary driver of not only who you are, but how you spend your time?

I’ve worked with CEOs who routinely had 60 hours a week scheduled out in advance for years upon years. There can be no question that a career is an identity.

But retirement? Retirement is a transition. (And not an ending.)

And my experience has been that the transition into retirement is more likely to be successful if the following three challenges are met.    

Personal reinvention

As I previously mentioned, most of us spend a huge portion of our lives working to earn money. For many people, while work can be stressful, and while of course not everyone loves their job, work typically provides satisfaction, status, and, most of all, a sense of purpose.

Make no mistake (and those of you who are already retired likely know this), but when you transition into retirement, you undergo a massive shift of purpose.

So, the big question is, both during and after that transition, where will all your purpose land?

I say, without any risk of overstatement, that the “Where will all your purpose land?” question is among the most important of our lives. And the closer a client gets to retirement, the more we advisors try and touch upon how to spend time once that transition occurs.

And that’s because, not only does everyone need purpose, because they do, but it’s also because happiness and health depend on it.  

If you haven’t transitioned into retirement - or if you already have, and you are feeling at loose ends - it’s never too early and it’s never too late to ask yourself: “What can I do to make the world, or my community, or my street, or even my neighborhood, a better place?”

Think of it this way: retirement is not in-and-of-itself a destination any more than a freeway is. Retirement is the metaphorical highway of life. It’s a mechanism that, when well built, enables you to get to your purpose.

So, with that in mind, the goal should not be to retire, it should be to embrace the change by picking a purposeful destination.     

Change your perception about money

Do you view money as a tool that works for you?

Far too many people see their savings the way they see the sand in the top half of an hourglass. They view it as an abstract entity that will dwindle year-after-year until either they pass away or run out of cash.

Picture this: you have $1 million just sitting in the bank. Now, imagine your first year of retirement. Let’s say you take two vacations, then you get a new roof put on your house, and then a child has an emergency and needs to borrow $30,000.

Next, subtract living expenses, and you can see that it’s been just a single year since you retired, and now you may have as little as $850,000 left in the bank.

The money you’ve saved throughout your life exists to support your new purpose(s) after you transition through retirement. When you view it that way, you may come to understand that there is no magic number that ensures you’ll have enough money to pay for a 30-year, post-career existence.

Your money is a tool, and as such, its work never ends, and it never gets to retire and live the good life.

Financially, the most worry-free retirements are enjoyed by those people who save enough money and invest it in such a way as to be able to live off the interest or dividends (and subsequently never touch the principal).

Never.

That’s financial freedom and it should be your goal. Your money exists entirely to work for you to free up your life (and your energy) so you can devote yourself to your purpose.

Rethink time

Have you ever heard someone say, “If I’d known I was going to live this long I would have … done this, or done that”?

The older we get, the longer the road stretches out behind us. Yet, when you drive, do you spend more time looking at the road ahead or looking in the rearview mirror?

My experience has been that one of the keys to a successful, happy, post-work existence is to look forward more than you look back.

And I love nostalgia and enjoying thoughts of the past just as much as anyone.  

But focusing more on the future? How do you do that?

First, it goes back to identifying your purpose. Volunteering. Creativity. Mentoring. A master’s degree. Maybe starting a new business doing something you are passionate about.

It’s a fact that most happy people have a good reason to get out of bed in the morning. Identify one, and then find five more.  

Second, while we should all try and embrace each day, another interesting trait that I’ve noticed in happy people is that they don’t worry obsessively about how much time they have. Simply, try not to allow yourself the luxury of hesitating to try something new just because you’re worried you might not be around to enjoy the fruits of that labor.

Third, as mentioned throughout this article, happy people resist the urge to think of retirement as an ending or destination. To them, retirement is the transition to another exciting part of an ongoing life.  

How do you want to be remembered?

Commit yourself to living today well, and with purpose, but also with your eyes looking ahead toward a long and rewarding future.   

 

 

Give yourself an advantage. Sign up to receive monthly insights from our Chief Investment Officer, and be the first to know about upcoming educational webinars. You'll also get instant access to our retirement planning checklist.

Related Articles
See more articles
February 03, 2025 How your money mindset affects your financial future

Discover the psychological pitfalls and powerful shifts that can help high-net-worth individuals make smarter, more intentional financial decisions.

Read Now
November 09, 2023 What does it really mean to retire?

Allworth co-founder Scott Hanson walks you through the history and evolution of the concept of 'retirement.'

Read Now
June 22, 2023 Ready to explore? 4 tips for your next big getaway

Allworth co-founder Scott Hanson shares a few helpful suggestions for your next big vacation. Here are a few facts that you’ll find interesting: 92% …

Read Now
Allworth Financial logo
Talk with an Advisor Contact us
  • Services
    • Wealth Management
    • 401(k) For Employers
    • For Airline Employees
  • Working With Us
    • Why People Work With Us
    • Office Locations
    • FAQs
    • Our Fees
    • Client Login
  • About Us
    • Advisors
    • Our Leadership
    • Advisory Firm Partnerships
    • Allworth Kids
    • Careers
    • Form CRS
  • Insights
    • Workshops & Events
    • Podcasts
    • Financial Planning
    • Investment Management
    • Tax Planning

Newsletter

Subscribe to receive monthly insights from our Chief Investment Officer, and be the first to know about upcoming educational webinars.

©1993-2025 Allworth Financial. All rights reserved.
  • Privacy Policy
  • Disclosures
  • Cookie Preferences
  • Do Not Sell or Share My Personal Information

Advisory services offered through Allworth Financial, a Registered Investment Advisor

Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Check the background of this firm on FINRA's BrokerCheck.

HMRN Insurance Agency, LLC license #0D34087

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Allworth is engaged, or continues to be engaged, to provide investment advisory services.  Rankings should not be considered an endorsement of the advisor by any client nor are they representative of any one client’s evaluation or experience. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized advisor.  Therefore, those who did not submit an application for consideration were excluded and may be equally qualified.

1.  Barron’s Top 100 RIA Firms: Barron’s ranking of independent advisory companies is based on assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Firms who wish to be ranked fill out a comprehensive survey about their practice. Allworth did not pay a fee to be considered for the ranking.  Allworth has received the following rankings in Barron’s Top 100 RIA Firms: #14 in 2024, #20 in 2023 and #31 in 2022. #23 in 2021, #27 in 2020.

2.  Retention Rate Source: Allworth Internal Data, FY 2022

3 & 9.  NBRI Circle of Excellence and Best in Class Ethics:  National Business Research Institute, Inc. (NBRI) is an independent research firm hired by Allworth to survey our customers. The survey contains eighteen (18) scaled and benchmarked questions covering a total of seven (7) topics, and a range of additional scaled, multiple choice, multiple select and open-ended question and is deployed biannually. NBRI compares responses across its company universe by industry and ranks the participating companies in each topic. The Circle of Excellence level is bestowed upon clients receiving a total company score at or above the 75th percentile of the NBRI ClearPath Benchmarking database.  Allworth’s 2023 results were compiled from 1,470 completed surveys, with results in the 92nd percentile. Allworth pays NBRI a fee to conduct the survey.

4.  As of 1/1/2025, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $26 billion in total assets under management and administration.

5.  Investment News Best Places to Work for Financial Advisors:  Investment News ranking of Best Places to Work for Financial Advisors is based on being a United States based Registered Investment Adviser with a minimum of 15 full or part-time employees working in the United States and having been in business for over a year.  Firms who meet Investment News’ criteria fill out an in-depth questionnaire and employees were asked to take part in a companywide survey.  Results of the questionnaire and employee surveys were analyzed by Investment News to determine recipients.  Allworth Financial did not pay a fee to be considered for the ranking.  Allworth Financial has received the ranking in 2020 and 2021.

6.  2021 Value of an Advisor Study / Russel Investments

7.  RIA Channel Top 50 Wealth Managers by Growth in Assets:  RIA Channel’s ranking of the Top 50 Wealth Managers by Growth in Assets is based on being an active Registered Investment Adviser with the Securities and Exchange Commission with no regulatory, criminal or administrative violations at the time of the ranking, provide wealth management services as their primary business and have a two year growth rate of 30% based on assets reported on Form ADV Part 1 at the time of ranking.  Allworth Financial did not pay a fee to be considered for the ranking.  Allworth Financial received the ranking in 2022.

8.  USA Today Best Financial Advisory Firms: USA Today’s ranking of Best Financial Advisory Firms was compiled from recommendations collected through an independent survey and a firm’s short and long-term AUM growth obtained from public sources. Allworth Financial did not participate in the survey, as self-recommendations are prohibited from consideration, and all surveyed individuals were selected at random. Allworth Financial did not pay a fee to be considered for the ranking. Allworth Financial received the ranking in 2024.

Tax services are provided by Allworth Tax Solutions, an affiliate of Allworth Financial. Allworth Financial does not provide tax preparation services or advice.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Important Information

The information presented is for educational purposes only and is not intended to be a comprehensive analysis of the topics discussed. It should not be interpreted as personalized investment advice or relied upon as such.

Allworth Financial, LP (“Allworth”) makes no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of the information presented. While efforts are made to ensure the information’s accuracy, it is subject to change without notice. Allworth conducts a reasonable inquiry to determine that information provided by third party sources is reasonable, but cannot guarantee its accuracy or completeness. Opinions expressed are also subject to change without notice and should not be construed as investment advice.

The information is not intended to convey any implicit or explicit guarantee or sense of assurance that, if followed, any investment strategies referenced will produce a positive or desired outcome. All investments involve risk, including the potential loss of principal. There can be no assurance that any investment strategy or decision will achieve its intended objectives or result in a positive return. It is important to carefully consider your investment goals, risk tolerance, and seek professional advice before making any investment decisions.