Saving to thriving: Finding purpose in retirement

Allworth financial advisor Lynda Tu explores how retirees can shift from saving to thriving by embracing purpose, intentional spending, connection, and preparation in their next chapter.

For years, you’ve been diligently saving and planning for retirement—watching your nest egg grow, making smart financial choices, and ensuring you’ll be comfortable when the time comes. Now, as you step into retirement, the question changes from "How much do I need to save?" to "What am I saving for?"

Retirement isn’t just about financial security; it’s about living with intention and purpose. It’s your chance to pivot from a lifetime of working and saving to truly thriving. But how do you shift from the familiar grind of building wealth to the unfamiliar landscape of spending it wisely and finding fulfillment?

Here are some ideas to help you make that transition with confidence and purpose.

1. Define What “Thriving” Means to You

Thriving in retirement looks different for everyone. For some, it might mean traveling the world or picking up a hobby they’ve always wanted to pursue. For others, it’s about deepening relationships with family or giving back to the community.

Start by asking yourself these questions:

What excites or energizes me?
How do I want to spend my time now that my schedule is my own?
What impact do I want to make in this next phase of life?

Don’t feel like you have to have all the answers right away. Purpose evolves, and it’s okay to explore what thriving means for you as you go.

2. Build a “Spending with Purpose” Plan

After decades of saving, spending can feel uncomfortable—even when you know you’ve planned well. But thriving in retirement means shifting your mindset from scarcity to abundance. It’s time to enjoy the fruits of your labor while staying intentional about how you spend.

Here’s how to get started:

Create a budget that aligns with your goals and values. Prioritize experiences and activities that bring you joy.
Plan for essentials like healthcare and long-term care costs, so you can spend confidently without worry.
Work with a financial advisor to create a withdrawal strategy that balances enjoying your savings now with preserving your wealth for the future.

Remember, spending in retirement isn’t “wasting” your money—it’s living the life you worked so hard to build.

3. Focus on Connection and Contribution

Many retirees find their greatest sense of purpose in relationships and giving back. Whether it’s reconnecting with old friends, mentoring younger generations, or volunteering for a cause close to your heart, these connections can be incredibly fulfilling.

Studies show that retirees who feel socially connected and engaged report higher levels of happiness and health. Here are some ideas to consider:

Join a local club, community group, or fitness class to meet like-minded people.
Explore volunteer opportunities in your area that align with your interests.
Use your expertise to mentor others or consult part-time in your field.

Contribution doesn’t have to be grand or time-consuming. Even small acts of kindness can bring a profound sense of purpose.

4. Stay Active and Curious

Retirement is the perfect time to embrace lifelong learning and explore new interests. Staying physically and mentally active is not only good for your health—it also keeps life exciting.

Consider these ways to stay engaged:

Take a class or learn a new skill, like painting, cooking, or playing an instrument.
Travel to places you’ve always dreamed of visiting, whether that’s across the globe or closer to home.
Make fitness a priority by trying new activities like yoga, swimming, or hiking.

By staying curious and adventurous, you’ll keep life fresh and full of possibilities.

5. Plan for the Unexpected

Thriving in retirement isn’t just about planning for what you want to do—it’s also about preparing for the unexpected. Financial surprises, health challenges, or changing family dynamics can arise at any time. Having a safety net in place will give you peace of mind to fully embrace retirement.

Make sure to:

Maintain an emergency fund for unforeseen expenses.
Review and update your estate plan regularly to reflect your current wishes.
Stay on top of healthcare coverage and long-term care options to protect your financial future.

With the right preparation, you can weather any curveballs that come your way and stay focused on what matters most.

Final Thoughts: Make Retirement Your Best Chapter Yet

Retirement is a time to celebrate everything you’ve worked so hard to achieve. It’s your chance to move from saving to thriving—to spend your days doing what you love and creating a life that feels meaningful and fulfilling.

If you’re ready to make the most of this exciting phase, I’d love to help you create a financial plan that supports your goals and dreams. Let’s work together to turn your vision of thriving in retirement into a reality.

Lynda Tu

Financial Advisor

After my family left Vietnam, to start from scratch in America, my parents were very conscientious about what they spent money on. However, they always prioritized helping my brother and me, while putting their own needs on the back burner. In their unspoken gestures of sacrifice and giving to others, I discovered my own sense of what it means to serve others. A commitment that I continue to hold close to my heart, as I work to help my clients regain their time, feel well cared for, and ultimately experience the peace of mind they deserve.

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