Legacy certainly is not wealth or belongings. Each of us as we progress through life, we begin to think about the meaning we hope our life can communicate. For some, a life well-lived might mean showing kindness, compassion and giving to others, while for others, their story might be one of overcoming challenges and becoming stronger from every experience of life. Be it legacy planning for retirees or some avenues to give back, it’s about taking some time to reflect on things that truly matters in life, the footprints you want to leave when you are no more.
Does Legacy Planning Make Sense for Most Retirees?
Legacy is knowing your contribution is living on. People who focus on their legacy, research suggests, are likely to experience greater emotional fulfilment and develop closer relationships with family and friends.
Figuring out a long-term legacy plan provides retirees and their families with peace of mind knowing that everyone knows what your wishes are and that everyone will respect them. This provides relief and a sense of security to all involved that not only will they inherit your assets, but your wishes and values are passed on.
Kate’s Legacy of Courage – Mount Kilimanjaro Challenge
Kate is in her sixties and a grandmother and had no desire to take a “stress free” retirement. In raising money for her charity, a passion for giving back sparked something in her and so she decided to attempt climbing the summit of Mount Kilimanjaro. This was a huge, bold ask for someone her age and she trained for months for it.
Kate did not make it to the top, but she still raised thousands for charity and inspired hundreds in her local church. This is her legacy; the reminder that legacy is not perfection: it’s effort and example of having tried, despite a success or failure at what you were attempting. Kate’s story shows that not every dream can or should come true.
Tommy’s Community Legacy: An Overhaul of the Community Hall
Tommy, a retired and Do-It-Yourself (DIY) enthusiast had been visiting his local community hall, but the centre had not been cared for in many years and had rapidly fallen into a state of disarray and negligence and would soon be overtaken by opportunists; they were even now becoming the less attractive sides of local interest. Eager to give back, Tommy became part of a team of local volunteers who changed the neighbourhood’s community centre.
The centre became a communal co-space which draws local visitors and their children during Summer. Under Tommy’s leadership as chair, the centre won many community impact awards. And now it serves as proof of how one man’s vision and work can become something real and vibrant and affecting hundreds of people for many years.
Bayo’s Legacy: Sharing Experiences and Giving Back
A businessman, Bayo has been a mentor to several young adults and his peers for decades. On his 60th birthday, he decided to celebrate in a unique way, writing a book. The book is part memoir, professional wisdom and lessons he wanted to pass on to the next generation. It also transformed into a very handy tool for mentorship. Often, he was contacted by those he had advised, who thanked him for helping shape the courses they pursued.
These three easy guides will get you started on your legacy journey:
Look Inwards. Ask yourself:
- What are the values that have guided my life?
- What do I have to say to others, based on my experiences and journey?
- What is the memory I want my lifetime on earth to be remembered by?
Have an Open and Honest and Conversation About Legacy with Loved Ones
The following simple tips can help kick-start your legacy chat with family:
- Share the stories from your life that had an impact on you.
- Discuss the family traditions and/or cultural practices that you hope to hand down.
- Talk through the wishes you have, whether that’s for an inheritance or donations and make those wishes known. Read further guide on making a legacy donation here.
Not only do these conversations clarify, but they also strengthen emotional ties, they express your hopes for the future. You might begin with, “I want to share with you what I care about most and hear what you have to say.”
Follow these steps to turn your legacy into action:
There are many ways to document your memories, but the most effective might be in writing: a journal or even a personal memoir. This protects your legacy and gives your loved ones something valuable.
- Keep a series of images, a package of video or written memories.
- Have a will drawn up so that your estate is passed on as intended.
- Write an ethical will to pass your values onto your family.
Learn more in our article on Holistic Retirement Planning: Practical Guide to a Secured Future to take the next step in planning your legacy.
Community Legacy Ideas for Retirees
Here are some of the options you might explore if you would like to leave a legacy in your community.
- Volunteer: Spend time at local charities, schools or organisations.
- Mentoring: Pass on your knowledge to younger generations.
- Begin a Project: Like Tommy, be inspired by what social need you see and relate your talents to it.
It allows you to see the impact/returns of your legacy. Check out our guide on How Volunteering in Retirement Enhances Every Aspect of Life to learn how giving back can transform your golden years.
Legacy Beyond Family
With the knowledge that everyone does not have immediate family with which to share their legacy, and that is fine. Retirees have long found ways to leave legacies through other means, including:
- Contribute to charity: Fund raise (or donate to) something you care deeply about (like what Kate does).
- Creative Contributions: Following Bayo’s book in pioneering style, create a piece of art, writing or music that communicates your story.
- Mentoring: Establishes a scholarship or fund for underprivileged students
Tommy’s community centre, Bayo’s mentorship and Kate bold venture towards philanthropy shows that giving a community or good causes back can also result in a legacy that can inspire others for more years to come.
The Emotional Rewards Behind Legacy Planning
There are big emotional rewards you can get in return for paying attention to your legacy. Not only does it provide purpose, but it also deepens relationships and connects across generations. It can feel very meaningful to plan how you want to be remembered.
It begins with small but meaningful steps. If you make legacy planning for retirees your focus now, you will create a life that has a lasting impact on loved ones, your community and the world. Because, in the end, “we are only remembered by what we have done.”
What aspect of your legacy do you feel is most important to start with?
Download our free Legacy Planning for Retirees Checklist to jump-start your process today.
