Reclaim Your Future: Moving Beyond the Sunk Cost Trap
The sunk cost fallacy is a mindset trap that can keep us stuck in unhelpful patterns, especially in our 60s and beyond. It’s the tendency to continue investing in something simply because we’ve already put time, money, or effort into it, even if it no longer serves us. I don’t know about you, but I don’t want to spend my remaining time on this earth holding on to things that no longer serve me. So how can we recognize that what’s done is done and allow our future choices to be guided by current realities and potential for joy, rather than past investments?
The Comfort of Familiarity
It’s easy to stay in a job that no longer fulfills us, especially after decades of dedication. We might think, “I’ve come this far; I can’t quit now.” But shifting to a more meaningful role or exploring volunteer work could bring a sense of renewal and satisfaction that the old job no longer provides. Whether it’s a second career, an encore career, semi-retirement, pro bono work, or finding employment to bridge the gap until you’re eligible for Social Security, no one said we have to do just one thing our entire work life. I know I’ve pivoted from nonprofit work to education consulting to life coaching. The changes haven’t always been easy, but I’ve never regretted them.
Holding on to a Home Too Long
Many of us stay in homes that no longer fit our needs because of the years spent there and the memories attached. However, downsizing or relocating to a community that better supports our lifestyle can open up new opportunities and enhance our well-being. Maybe now isn’t the time to make a move, but staying aware of what might serve us better in the future can help us live a life we love.
The Weight of Outdated Relationships
Friendships and family connections are invaluable, but sometimes we hold onto them out of a sense of obligation, even when they’re no longer healthy. It’s okay to prioritize relationships that truly nurture and support us, even if it means letting go of others. Just because someone has been a friend for years, or because they are a family member, doesn’t mean you have to stay married to the relationship, especially if it’s not helping you live the life you want. I’m more of the slow-fade kind of relationship leaver, while some of my friends are the big break-up kind. However you do it, staying in relationships that don’t match your values doesn’t help you—and my guess is, it doesn’t help the other person either.
Stuck in Health Routines That Don’t Work
We might continue with a diet or exercise plan simply because it’s what we’ve always done, despite little to no benefit. Being open to new methods, like mindful movement or plant-based eating, can rejuvenate our health and vitality. I don’t like yoga. Periodically, I try it again because I know it’s supposed to be good for us as we age. Instead of giving up after trying it once 30 years ago, I try it in different settings, different styles, and with different approaches. I still don’t like it. But I think trying occasionally is a good way to reevaluate what I enjoy—and adjust as needed.
Hobbies That No Longer Spark Joy
Are there hobbies you’re still engaged in just because you’ve invested years in them, even though they no longer bring joy? It’s okay to let go and explore new activities that align better with who you are now. Sometimes, I have “aspirational” hobbies. I buy all the supplies, gather everything I need, and then the items sit there staring at me, provoking guilt because I spent all that money—and now I feel like I can’t let go because of that investment. Guess what? Keeping supplies I’m never going to use and that generate guilt is not serving me. And I’m preventing someone else from enjoying resources that I’m not using.
Embracing New Technology
It can be hard to let go of old tech habits, but embracing new tools and gadgets can simplify life and keep us connected with loved ones. It’s about finding the balance between nostalgia and practicality. I have so many outdated devices taking up space in my life. They may have once worked for me, but they are no longer compatible with my current needs. When I asked my kids what technology they traveled with, since the idea of toting my laptop around wasn’t appealing, they both answered, “our phones.” As resistant as I am to using my phone for everything while I travel, I’m about to give it a try. I’ve even downloaded some apps to make it easier for the work I want to do on the go.
Redefining Roles
After a lifetime of being the family organizer, breadwinner, or caretaker, it can be challenging to let go of these roles. But embracing new identities can bring freedom and growth in unexpected ways. Just because you’ve always been the family peacekeeper or the one to host holiday parties doesn’t mean you have to continue in those roles.
Opening Up to New Beliefs
Holding onto old beliefs out of habit can limit growth. Staying open to new perspectives allows us to continue evolving and finding meaning in this stage of life.
Moving Forward with Clarity and Purpose
Recognizing the sunk cost fallacy helps us make decisions based on present desires and future possibilities, rather than past investments. It’s never too late to redefine what’s important and pursue a life that truly resonates with who we are now.
By understanding and overcoming this bias, we free ourselves to live more intentionally, choosing paths that align with our current values and aspirations, no matter how long we’ve been on the old ones.
What is one thing in your life that you’ve invested so much time, energy, and money into that letting go of it could open you up to living a life you’re excited to wake up to? Comment below.