The “Third Age”: A life bonus for retirement

For much of life, the path ahead is relatively well defined. Childhood and education prepare us for adulthood, while the working years are often devoted to building careers, raising families, achieving financial security and meeting responsibilities to others. Eventually, many people reach a stage where some of those responsibilities begin to diminish while they still have the health, energy and resources to remain actively engaged in life.

Researchers often use the term “Third Age” to describe this stage after the primary working years, when people may have greater flexibility to shape their time and priorities. It is not a universal experience, but understanding the concept can help broaden the way we think about retirement.

What makes the Third Age different?

The "First Age" is largely a period of preparation. It includes childhood, education and the development of the skills and independence necessary for adult life.

The "Second Age" is dominated by responsibility. Careers are established, families may be raised, financial obligations accumulate and daily life is often structured around work and the needs of others.

The "Third Age" is different because some of these obligations may begin to decline. For perhaps the first time in decades, people may have considerably greater control over their time.  That freedom creates both an opportunity and a challenge.

Earlier stages of life provide relatively clear measures of progress: such as completing education, finding a job, raising children, and accumulating financial resources. There is no equally clear road map for the Third Age, so each person must determine what a meaningful next chapter looks like.

For some, that may mean continuing to work but changing the role work plays in their lives. A demanding full-time career might become consulting, mentoring, teaching, serving on boards or working fewer hours. The emphasis can shift from career advancement toward engagement and contribution.

Others may use the Third Age to explore interests that received too little attention during their working years such as writing, gardening or learning a language can become meaningful parts of everyday life rather than activities squeezed into vacations and weekends.

For others, family and close relationships may become a greater priority. The Third Age can create more opportunities to spend time with family and longtime friends.

Service can also become an important part of this stage. Decades of professional and personal experience can be valuable to nonprofits, community groups and younger professionals. Research on retirement suggests that meaningful social roles can be associated with life satisfaction and well-being.

A satisfying Third Age does not have to be unusually ambitious yet can be quite rewarding.

Why can the Third Age be so rewarding?

The Third Age can offer a combination that is difficult to achieve earlier in life : time, experience, perspective and freedom.

Younger adults may have tremendous energy and ambition but relatively little control over their schedules. Work, children and financial responsibilities make legitimate demands on their time.

By the Third Age, some of those pressures may have diminished. At the same time, people bring decades of accumulated experience and a clearer understanding of their interests, abilities, relationships and priorities.

This stage can also provide an opportunity to reconsider the role of achievement. During the Second Age, success is frequently measured externally — by promotions, income, possessions or other accomplishments.

In the Third Age, goals can change. Success might instead mean maintaining good health, nurturing relationships, contributing to others and having refreshed reason to look forward to tomorrow.

What helps people thrive?

A rewarding Third Age does not happen automatically. Retirement alone does not create purpose, friendships, good health or intellectual stimulation. In fact, leaving the workforce can mean losing some of the social roles, relationships, structure and sense of purpose that employment previously provided. Research examining retirement transitions suggests that meaningful social roles may be an important contributor to well-being.

Several elements can help people remain engaged and support a fulfilling life after full-time work.

Engagement matters. Commitments, projects and responsibilities can provide structure and a reason to remain connected to the world.

Relationships matter. Retirement can change social networks dramatically, particularly for people whose friendships and daily interactions were closely connected to their careers. Maintaining existing relationships and developing new ones therefore requires intention.

Health matters. Physical health increasingly becomes a form of freedom. Strength, mobility, balance, nutrition, sleep and appropriate medical care influence whether people can actually pursue the lifestyle they envision.

Curiosity matters. Learning should not end when a career does. Courses, books, travel, hobbies, technology, new skills and exposure to different people and ideas can provide continuing intellectual stimulation.

Purpose matters. People often benefit from feeling that what they do matters. Purpose does not require starting a company or accomplishing something publicly impressive. It can come from mentoring, caring for family, volunteering or simply being a dependable friend.

Taken together, these elements point to the value of meaningful participation in the Third Age. Research on social roles in retirement reinforces the idea that meaningful participation can be associated with better well-being.

Retiring from something — or to something?

Traditional retirement planning has understandably concentrated on finances. People spend decades calculating how much they need to save, when they can afford to stop working, how they will generate retirement income and how long their resources may last.

Those questions are essential, but financial readiness answers only one part of the retirement question. A person can be financially prepared to retire without being prepared for the life that follows.

Work provides much more than compensation. It can provide identity, structure, relationships, intellectual challenges, goals, recognition and a sense of usefulness. When a career ends, those needs do not necessarily disappear.

That is why one of the most important questions surrounding retirement may not be “What are you retiring from?” It may be “What are you retiring to?”

Are you prepared for your Third Age? Your Mesirow wealth advisor can help.

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