Planning For Retirement
Retirement is both an attitude and a situation. It requires planning and adjustment. Depending on how you feel and how you prepare for retirement, it can be either one of the most satisfying times or one filled with despair. While financial planning for retirement should begin when an individual is in his/her 20's, emotional preparation should begin three to five years before retirement takes place. Without adequate planning your life will feel like a freight train going full-speed ahead when the tracks run out: de-railed.
Many individuals have difficulty adjusting to retirement. In the past, may saw retirement at the end of their life. Today, most people are taking better care of their physical and mental health, and thus both the life expectancy and years post-retirement are considerably higher. When a person chooses an all-encompassing line of work, it can very easily become a person's whole identity. This tendency makes planning for retirement even more crucial.
When preparing for retirement, it's important to take several things into consideration. First and foremost, preventive health care is essential. Don't let yourself become a passive consumer of health care services. Educate yourself about prevention and protect what you have. Good nutrition, regular exercise, and preventive check-ups are your best defense against the common ailments of aging.
On one hand, time during retirement usually becomes much less structured and there is more of it, so goal-setting is critical. People tend to sleep less as they age. This process occurs normally, so it is nothing to worry about. However, finding ways to use this extra time to enrich your life is something to start planning before retirement. Potential retirees should experiment with diverse hobbies and challenging activities. "Single-source identities" should be avoided. That occurs when your entire identity is defined by one thing (e.g., work or a relationship). For "single-source identities," when you lose that one thing, you lose your sense of self. "Multiple source identities" are filled with diverse interests and can ward off the major source of unhappiness during retirement: boredom. Meaningful goals and productivity are as important as ever during this time of life and give the individual a sense of purpose and direction.
On the other hand, life tends to become much less demanding when people retire. You need less to feel satisfied: less food, less stuff, fewer wants. Often people who were extremely achievement-oriented during their earlier years learn how to enjoy other pleasures in life - watching, listening, thinking, and being. For people who have defined themselves by their goal-attainment, this can be a difficult transition. Part of learning to enjoy these activities involves changing ones self-image. Goal achievement is only one source of life success.
Finally, relationships during retirement tend to become very important. Because the emphasis has been taken off the drive to accomplish work-related goals, individuals are left with more energy and time to devote to significant relationships. A sense of community is needed to replace the support system once found through work relationships. Clubs, neighborhoods, and other community organizations can increase a feeling of connectedness and belonging. Couples can flourish during retirement if there are adequate financial resources and the couple can agree on how their time will be spent.
Are You Ready For Retirement?
Answer the following questionnaire. The more times you have honestly answered "yes," the more ready you are to face this next stage in your life.
1. Do you discuss retirement plans freely with your spouse and friends?
2. Do you have a good support network outside of your job?
3. Have you thought about meaningful retirement roles that will substitute for your work?
4. Do you have a functional budget?
5. If you are currently married, have you considered how you might handle widowhood?
6. Do you have regular medical check-ups?
7. Do you exercise regularly?
8. Do you have an up-to-date will?
9. Have you planned meaningful civic, educational, and leisure activities?
10. Do you know the tax advantages available to retirees?
11. Have you planned any income-producing possibilities for your retirement?
12. Do you have a diverse list of potential activities which you could do alone, with your spouse, and/or with others?
13. Do you know the local, state, and federal retirement resources available to you?
For workshops on "Retirement Preparation" call John Nicoletti (303-989-1617) Adapted from the DEA EAP "Psychological Impact of Retirement"
Additional Reading
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Fries, J. (1989). Aging Well. Reading, MA: Addison-Wesley.
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Le Shan, E. J. (1990). It's Better to be Over the Hill Than Under It: Thoughts on Life Over Sixty. New York: Newmarket Press.
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Levinson, D. J., Darrow, C. M., Klein, E. B., Levinson, M. H. & McKee, B. (1978). The Seasons of a Man's Life. New York: Ballantine Books.
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Sheehy, G. (1976). Passages: The Predictable Crises of Adult Life. New York: Patton.
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Veninga, R. (1991). Your Renaissance Years. Boston: Little, Brown.
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