Reimagining Retirement: It’s Time for Your Future “Third Act”

There is a retirement crisis in America. Less than half of today’s workforce is confident they will have enough money to ever stop working. Meanwhile, forty-nine percent of Americans 55 – 66 have no personal retirement savings. And sixty-seven percent of Gen Xers (approaching age 60) don’t have a retirement plan.

Amidst these rather grim statistics, a countertrend is quietly gaining steam. A shift in attitudes is occurring in the way some people plan, think about and experience their last trimester of life – their ‘Third Act’.

As medical breakthroughs and healthier lifestyles extend lifespans, this third stage of life is getting longer. In 1900, the average American could expect to live to be 47 years old. By 2019, the average life expectancy had increased to 79 years. Life expectancy is expected to approach triple digits later this century.

Today’s retirees have been given the greatest gift in all of history – 30 extra years of life. But the hard part is knowing what to do with the extra time. Studies show that many seniors are squandering the gift, letting their extra years idle away in loneliness, poor health, and constant worries about finances and the state of the world.

According to Nielsen, today’s retiree spends 33 hours a week watching TV and 15-20 hours on the Internet. Today’s generation of retirees is more isolated than ever, less likely to participate in community or religious organizations, less likely to marry, and less likely to talk to neighbors. They make less sense

interactions with their spouses and partners and are more likely to report weaker ties to friends and family.

However, not all retirees are falling into these patterns. The Act Three movement is about reimagining retirement through the lens of opportunity. The goal is not just to live longer, but to live better with purpose and passion leading the way. Instead of a 24/7 pursuit of leisure, some seniors are continuing to work. Others are realizing the importance of embracing this stage of life not just as a time of slump and lonely loneliness, but as an opportunity to grow, spend time with loved ones, learn and give back to a nation who has given them so much. The Third Age movement encourages retirees to use their experience and wisdom to make meaningful contributions to society, promoting a vision of aging that is active, purposeful and fulfilling.

To get the most out of this third phase of life, it is essential to approach it with an open mind and positive intentions. Here are some suggestions:

Start planning your Act Three today. Hire a fee-based financial planner to help you create a plan. Even if your retirement is decades away, any 70-year-old will tell you it will be here before you know it. Even if money is tight at the moment, you can get away with a token amount by giving something up ($5 latte). Your future self will be thankful you did. “I realize that my father — through no fault of his own — was never taught how to save and invest or how to plan for the future,” notes Zara Mirza, chief brand officer at TIAA. “Retirement savings is empowering, it’s creative, it’s a foundation that can allow a young person to live a freer and more authentic life.”

Create a vision of what you want your retirement years to look like. Don’t wait until your second act is over to start planning your third act. The old adage that “failure to plan is planning to fail” applies to third acts. Interview retired friends and family members who you consider successful in filling their days with meaning. Write your plan or create a vision board: How do you want it to be? What is the view on the breakfast table and what brings you joy? Start a bucket list and write down what you want to achieve.

Engage in activities that provide a sense of purpose. Although I chose not to retire because I love what I do (public speaking and writing books on future trends), my wife retired after 40 years as a public school teacher. Today she is a CASA (Court Appointed Special Advocate) volunteer, appointed by judges to provide vital support and advocacy for children in the foster care system. Volunteering, pursuing new hobbies, or even working part-time can help maintain a sense of contribution and accomplishment.

Maintain and build social connections. Strong relationships are the key to a fulfilling life, providing support, companionship and joy. After retirement, many new retirees find that their social network it was mostly about the work they did. Once they stop going to the office, these relationships tend to fall apart. If so, it’s time to act. Replace your work network with your Third Act network. Strong relationships can provide emotional support and a sense of belonging. The other side is loneliness, as Surgeon General Vivek Murthy noted in an advisory that illuminates the dangers. “It is associated with a greater risk of cardiovascular disease, dementia, stroke, depression, anxiety and premature death.”

Make lifelong learning and personal growth a reality. Through educational courses or creative pursuits you can reignite passion and curiosity, ensuring that the post-retirement phase is not just a time off, but a vibrant and meaningful life. My good friends in California (who asked not to be identified) retired after careers in corporate America. They decided in their late 60s to return to college as a way to embrace their lifelong love of learning. They attended an undergraduate program that allows people in their 50s, 60s and 70s to attend classes alongside undergraduate and graduate students. Their statement: “The kids today are amazing and accepted us [the experience] it gave us the spark we needed to engage even more with the world.”

Cultivate health and well-being: Prioritize physical and mental health. Engage in activities that keep you active and healthy, such as yoga, walking, or even joining a sports league.

Explore new passions: This is the time to explore interests that you may not have had time for during your working years. Whether it’s painting, writing, gardening or traveling, immerse yourself in activities that bring joy and fulfillment.