The 5 Pillars Of A Fulfilling Retirement (and They Don't Include Savings, Healthcare Costs Or Social Security)

Tom retired at 67 after 35 years as a CFO. He spent his career managing risk with precision and applied the same discipline to his retirement finances.

His savings are solid, his withdrawal strategy is documented, and his estate plan is current. He walks every morning and sees his doctor twice a year.

By the industry's retirement checklist, he has done everything right.

However, according to a second checklist that may be even more important for a fulfilling retirement, four of his five pillars are missing.

Every retirement planning conversation eventually centers on the same five items:

• Savings rate
• Social Security timing
• Withdrawal strategy
• Healthcare costs
• Estate planning

These are legitimate concerns, well researched and worthy of careful attention. The financial planning industry has spent decades refining tools to address them.

They answer one question with considerable precision: Can you afford to retire?

However, research has identified a second important checklist. Those five pillars have received considerably less attention in planning conversations, generate no tax provisions and do not appear on any financial statement.

The second checklist predicts the quality of your retirement years more reliably than the first checklist. For most retirees, the score on the second checklist determines whether retirement feels like a reward or a long, quiet drift.

Five pillars of a fulfilling retirement

The five pillars of a fulfilling retirement are not a motivational framework. They are a research-based map of the conditions that sustain health, meaning and well-being in later life. Each has a body of longitudinal evidence behind it. Each is plannable. Yet, in most retirement conversations, each is left to chance.

Pillar No. 1: Exercise

Tom has this one covered. The daily walk, the Wednesday golf round, the annual physical and blood pressure well within range.

Golf, it is worth noting, ranks among the top three exercises for retirees alongside cycling and pickleball: The walking, the outdoor exposure and the social dimension compound its value beyond what most people assign it.

Among the five pillars, exercise is the one the financial industry most often acknowledges, though typically as a healthcare cost to plan for rather than as an asset to build.

The distinction matters. Physical activity is not only a hedge against medical expenses. It is also a cognitive protector, a mood regulator and the most accessible form of independence insurance available to a retiree.

Tom has this pillar but has not yet fully valued it.

Pillar No. 2: Intellectual stimulation

Tom reads the Wall Street Journal every morning. He follows the markets, tracks economic indicators and considers himself intellectually engaged. He is not wrong, but he is missing a distinction that the research makes with precision.

Consuming information is not the same as generating it. For 35 years, Tom's role required him to produce: Analysis, decisions, arguments and strategic recommendations with real consequences. That daily cognitive demand kept his mind operating at full capacity.

Reading is maintenance. The brain grows under novelty and demand, not under consumption and repetition.

A 2025 systematic review confirmed that retirement is associated with measurable cognitive decline because structured cognitive demand disappears. Researchers called the mechanism the mental retirement hypothesis. Passive engagement does not prevent it.

Pillar No. 3: Emotional well-being

Tom's professional relationships were genuine. Over 35 years, he built real trust with colleagues, clients and direct reports. Most have moved to different cities and chapters. His marriage is intact and stable, running on parallel tracks that worked well when his career organized his days.

What Tom lacks is what Harvard's Study of Adult Development, the longest-running longitudinal study of human flourishing in history, identified as the single strongest predictor of health and happiness in later life: The quality of close relationships.

Not the quantity. The quality.

Relationships with real depth, mutual accountability and trust that does not depend on a shared project or a professional context.

Tom has acquaintances. He has a history of relationships. That gap is not a character flaw. It is a planning oversight.

Pillar No. 4: Spirituality

This pillar is the one most likely to be dismissed in a financial planning context and the one most consistently validated by the research.

Spirituality, as the research frames it, is not necessarily religious. It is a connection to something larger than oneself: A sense of meaning, a reason to matter beyond the personal, an answer to why the days are worth living.

Tom's career provided this without his noticing. The company's mission, the team's outcomes and the clients' results gave his work a context that extended beyond his own interests.

In retirement, that context disappeared without a replacement being designed. His days are comfortable and, in a way he has not yet named, purposeless.

Pillar No. 5: Hobbies

Tom golfs on Wednesdays. He enjoys it. The research draws a distinction worth making explicit: Activity that passes time pleasantly is not the same as activity that generates meaning. The difference is whether the outcome matters to anyone, including the person doing the activity.

Golf, in this context, is a placeholder, a reasonable one while a person figures out what comes next.

The hobbies pillar, properly understood, is purposeful engagement that fosters identity and contribution outside professional life.

It is the answer to the question retirement eventually forces on every retiree: Who am I when the job is over, and what do I build with what I know?

This is Tom's shakiest pillar. He has not yet found what replaces the sense of contribution his career provided automatically.

The second checklist

Tom is not unusual. He is representative of the retiree the financial planning industry serves most effectively: Financially prepared, psychologically unprepared and genuinely surprised by the gap between the two.

The five pillars are not equally difficult to build. Most people arrive at retirement with one or two already intact. Tom has exercise. His intellectual engagement is passive and insufficient, as research shows. This is a redesign problem, not a rebuild.

The other four pillars are largely absent. The work is to identify which are missing and to treat that absence as a planning problem rather than a personal failing. Absence is not deficiency. It is a design gap, and design gaps have design solutions.

For Tom, securing the four missing pillars does not require dramatic reinvention. Three commitments cover all four.

The first addresses two pillars at once: A role that demands his analytical skills in a context where he holds no authority, such as a nonprofit board, a civic commission or a mentorship program for young finance professionals. That single commitment restores both intellectual stimulation and purposeful engagement.

A standing social commitment with two or three people who depend on his presence, not merely his availability, addresses a third.

And a question he has not sat with long enough to answer honestly addresses the fourth: What would make the next chapter matter to someone other than himself?

None of these are financial decisions. All of them will determine the quality of the years his financial plan is intended to fund.

The first checklist tells you whether you can afford to retire. The second tells you whether retirement will be worth it. Both are necessary. For too long, only one has been completed.

To learn more about designing a fulfilling retirement, pick up my new book, Your Encore Years: The Psychology of Retirement.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.