Has the term Retirement passed its sell buy date?
Retirement Planning is important, so you get the retirement you want.
Some people still take a traditional approach to retirement. They reach company retirement age and move into a different phase. Look at the advertisements and it’s all about cruises and downsizing. This works for some, but others are looking for something different.
Some have no plans to retire, they want to keep going till they drop! This could be down to necessity, they don’t have enough money coming in, but for many it is because they don’t want to start thinking about life after fulltime work, so carrying on avoids any decision making.
Others will want a change – an encore career, time to do what they have always wanted to do where money isn’t the most
And another group will focus on a passionate interest – now they have time to do what they have always wanted. It could be charity work, study, photography, crafts …
But retirement could come earlier than expected due to poor health of yourself or your partner. A life changing illness can mean any plans need to be put to one side.
Retirement Planning – what sort of retirement do you want?
Too many people fall into retirement and a couple of years down the road they realise it isn’t what they want. There’s still time to change, but it would have been easier if this had been considered in advance.
That’s what I love about pre-retirement education and retirement coaching, helping people to think about how they want to continue in work and to look at their wider life.
Pre-retirement transition coaching works at all levels within an organisation and can cover different areas. Here are some of the areas I cover with my clients:
RETIREMENT PLANNING – EMPLOYMENT
“Those who work on past NRA live 5 years longer than those who retire early”.
Rather than drift, I like my clients to give this some thought, to consider the different versions of life after a conventional retirement age. This is not an exhaustive list but areas to consider include
- Continue with your current employer or a similar role for the foreseeable future
- Move to something you have always loved to do, even if it means a significant pay cut
- A move to a less stressful, but hopefully still fulfilling job
- Part time work to allow more time for other interests
RETIREMENT PLANNING – GROWTH AND LEISURE INTERESTS
15% of students in US Community Colleges (studying for degrees or equivalent) are 50+
Children have grown up, and there can be more time available, so how will you spend it. You could wait till you fully retire or you could gradually move into some wider interests. You need to give this some thought, to think about what you would like to do and perhaps start now, and as you get more time to devote more time to it. You may like to consider whether to:
- Take up a new hobby or allow more time for an interest you have.
- Take a course – academic (part-time degree) or leisure focused (singing; photography; genealogy).
- Read more on everything and anything that interests you but on an informal basis.
- Volunteering, getting more involved with a local organisation or one close to your heart.
RETIREMENT PLANNING – HEALTH
When we are younger, we can think that we are invincible, but as we age, we notice some people we know are having to take medication or can no longer be as active as they were. It’s worth taking stock about your health and fitness, what would be helpful? It might be essential to make changes due to health issues. Should you?
- Exercise more or change what you do (if you are starting to get minor niggles).
- Review your diet and eat or drink differently.
- Reduce stress through either what you do or how you think about what you do.
RETIREMENT PLANNING – RELATIONSHIPS WITH YOUR PARTNER
If you are going to spend more time at home, what impact will this have on your relationship?
- Do you need to talk with your partner about any impact on your usual routine? In years gone by (back in the 1980s) when I ran retirement seminars to predominately men with stay-at-home wives we talked about the impact when you ‘get under her feet’.
- Why not talk with your partner about how you would like your retirement to be. Would it be good to start a new interest together – we took up dancing in our mid 50s.
- Are you happy in your relationship – this is a time when some people realise they have drifted so much that they should live apart.
RETIREMENT PLANNING – RELATIONSHIPS WITH ELDERLY PARENTS AND RELATIVES
By retirement our parents are in their later life and may need more help from us. As we age people can get more demanding, so we need to be ready to respond to changes with our older relatives. What can help is to treat their demands with kindness.
- Consider the help we need to give to our parents.
- Consider the relationship that we want to have with them.
- Talk with your siblings and your parents about what will be helpful.
- It’s not just about you doing everything but getting relevant support from agencies.
RETIREMENT PLANNING – FRIENDSHIPS
It’s in our 60s that we often realise we’ve focused on work to the detriment of maintaining friendships. If this is you, we can make new connections via hobbies and interests such as volunteering?
- Why not get in touch with old friends and rekindle these friendships or use hobbies as a way of making new ones.
- Consider being friends with yourself and seeing time alone as something you appreciate.
This is just a start. If you would like to discuss your retirement plans, I’d love to have a conversation with you.
Denise Taylor, Career Psychologist with Amazing People and Executive Transition Coach. Denise is also the author of 8 books, including Find Work at 50+.
