Large corporations draft mission statements to clarify goals and plan for the future. Typically, businesses assemble key directors and staff at a luxury retreat to discuss the company’s objectives, values and future plans. The result is a brief mission statement that captures the essence of a company and serves as a road map.

In just a few succinct sentences, these documents describe a business from several angles…

  • Mission. What is the company’s purpose? What does it do and how is it unique from its competitors?

  • Vision. Where will the company be in three to five years?

  • Values. What are the principles, morals and philosophy that underpin its behavior?

  • Identity. Where does the firm fit into society?

    • Just as many businesses find such documents indispensable, people nearing or in retirement can benefit from a personal mission statement to “redesign” a period of life that often lasts decades. Retirement does not come with instructions — you must write your own training manual. Unlike previous stages of life — school, marriage, career — retirement has no predefined roles, no bosses to supervise you and no competitive coworkers to measure yourself against.

    The best part of retirement is having control over your time and the freedom to pursue your interests. But you need to devote time and deep thought to figure out what you want now, where you are going and how you will get there. A well-crafted statement can help you develop a plan that will unify your identity, life’s purpose and core values. As a retired physician and volunteer at the small-business counseling agency SCORE, I see many people flounder in retirement. That’s why a personal mission statement is so important at this stage of life. It will provide the needed structure and strategies to get you where you want to go.

    Five Keys to a Happy Retirement

    Personal mission statements are just that — personal. Yours will not look like mine or anyone else’s. However, your statement should address the following five keys to a happy retirement…

  • Health. Your number-one priority should be a commitment to a healthful lifestyle. Without it, your retirement plans will be foiled. In preparing your mission statement, include strategies to promote regular exercise, a more healthful diet and quitting bad habits, such as smoking or drinking too much.

  • Giving back. Ponder ways to share your intellectual, social and economic capital with others. This could mean becoming a coach or mentor to younger people.

    • Inheritance issues should also be thought through and included in your mission statement. Many retirees do not give sufficient thought to a fair distribution of family assets, keepsakes and heirlooms. Lack of clear instructions may create discord and hurt feelings among heirs.

  • Renewing family life. One of the windfalls of retirement is time available to strengthen family ties. Consider ways to reach out to children and grandchildren, settle old arguments with siblings or aged parents and renew ties with your extended family. You might organize a reunion, dig into genealogy or look up long-lost first cousins.

  • Personal interests. How often have you said, “I’d like to study guitar or take up woodworking or go to cooking school, but I just don’t have the time”? Well, in retirement, you do. A side benefit of cultivating new interests is a growing circle of friends. One of the most positive predictors of a satisfying retirement is a large social network.

  • Finances. Money will provide the options and flexibility to carry out your plans, so include a financial strategy in your mission statement.

    • Best: Consult a financial planner, tax adviser or other qualified professional to be sure that your resources are adequate and to develop strategies for a financially secure retirement.

    How to Get Started

    To write an effective document, you’ll need to set aside enough time to sit down and think deeply as you write the bulk of your statement. Naturally, you will add to it and revise it over time as more ideas occur to you… and show all or parts of your statement to some of your family and friends to get their insights. Start by answering these questions…

  • How do I stay healthy and active?

  • How can I share my experience with others?

  • How will my family relationships change?

  • Which new and old friendships do I wish to nurture?

  • Which new social and athletic activities might I like?

  • What do I want to leave to my heirs and charity?

  • Do I want to work part-time?

    • Your mission statement may be just a few succinct paragraphs or it may run to several pages. Just be sure to address your goals, objectives, values and a vision of where you want to be in three to five years. Some examples to get you started…

    Mission…

  • Help my daughter, a single mother, raise her three small children.

  • Share my financial-planning expertise by teaching a personal-finance class at the local community college.

  • Explore my creative side by signing up for evening painting classes.

  • Develop a healthful eating plan by consulting a nutritionist.

  • Become more active in my place of worship.

    • Vision…

  • In three to five years, move to Vermont and make new friends.

  • Grow my new e-commerce business by 50%.

  • Have an established, part-time consulting practice.

    • Values…

  • Always be guided by caring and giving, not jealousy or intolerance.

  • Focus on my spiritual life. Practice the habit of gratitude, giving thanks daily for the good things in my life.

  • Acknowledge that the human body is my most valuable possession and vow to become the primary caretaker, focusing on a healthful lifestyle.

    • Identity…

  • Replace the accolades earned at work with pride in personal development.

  • Feel proud of my primary career but excited about new ventures ahead. Enjoy new roles as caregiver, nurturer and homemaker.

  • Rejoice in the new freedom of retirement.

    • Now Put it in Action

    A well-tailored mission statement may take months or even a few years to evolve. Corporations consider this a living document and so should you. You might tape it above your desk for daily reflection or put it in a drawer for an occasional fresh look. Either way, a personal mission statement will be an indispensable tool in helping you pursue your passions in this new phase of life.

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