Charles Barkley canceled his retirement plans and will continue to host TNT's 'Inside the NBA' show. Here's his 'number 1 priority' when it came to the decision. What would yours be?

Money is only part of the equation

Saving up a nest egg is certainly a key part of most retirement plans. In fact, financial struggles are a key reason why many retirees rejoin the workforce. A survey by law firm Atticus found that roughly 40% of seniors were planning to seek employment due to the modest 2024 Social Security cost-of-living adjustment, while 70% of them reported struggling financially with their social security income.

However, some seniors are motivated by factors beyond money, such as social connection or a sense of fulfillment. According to The London Economic, citing a survey commissioned by the U.K.’s National Citizen Service, three of the most common adjectives British retirees used described their post-work life were “boring,” “lonely” and “quiet.” Presumably, people spend years, if not decades, planning for retirement but overlook all the psychological and emotional aspects of this major change in lifestyle.

With this in mind, it could be helpful to look beyond the financial aspects of your retirement plan.

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Finding fulfillment

Adding elements to your financial plan that address your psychological, social and emotional needs could improve your chances of having a more fulfilling retired life.

Like Barkley, you could extend your career to maintain personal connections and support others in your community. You could also launch a new venture or social initiative and make new friends and social connections after you retire.

Over half (54%) of Americans said they would rather open a small business than retire, if money or health were not a factor, according to UPS’s 2019 Inside Small Business Survey. Meanwhile, the Bureau of Labor Statistics reports that volunteering activities tend to rise with age, as 7.8% of women and 6.4% of men over the age of 65 volunteered on an average day as of 2022.

If it’s within your budget, you could also add travel plans, hobbies and learning programs into your retirement plan — or activities you are passionate about. Retirement doesn’t have to be boring if you plan ahead and focus on what is most important to you and your family.