Is This Going To Be Your Retirement?
We are in the midst of a global event never seen before by anyone in our current generation. As this pandemic circles the world, our nation is reeling from the unexpected effects it’s having on all of us. No one could have predicted that in 2020 our world would be challenged in such a profound way.
In many ways, the response to this pandemic is a metaphor for a forced and unplanned retirement. Let me put this concept into perspective. When I began to incorporate coaching into my therapy practice, I selected retirement as the focus of my coaching practice. It seemed like a natural thing to do.
In 2012, 78,000,000 boomers began turning 65 at the rate of 12,000 daily. The 2020 Census reports there are currently 73,000,000 boomers, and our whole generation will have turned 65 by 2030. This is still a significant number of people in our generation and many of those turning 65 are also contemplating retirement if they haven’t retired already.
However, despite these prodigious numbers, most people are not focusing on retirement lifestyle planning before they actually retire. While they have planned well financially, they’ve done very little to plan how they will spend their time in retirement. Our generation readily schedules appointments for estate planning, medical appointments, auto repairs, home buying or selling, exercise classes, and the list goes on. Boomers instinctively know they need help and/or training if they want to learn how to be a better chef, doctor, teacher, or learn to paint, lose weight, fly a plane, or redecorate their house. Unfortunately, many don’t think they need help planning their retirement.
Corporations continue to provide employees with financial planning preparation but aren’t addressing what these employees will do with their time, talents, life experience, etc. In his book, The Big Shift, Marc Freedman suggests this cohort of boomers could do so much to help our country, especially after we return to whatever our normal will be. We can do this by volunteering to address issues like meeting the needs of education, poverty, the environment, and medical challenges. Without the planning and educational information, many will not have the awareness that these are issues that need their expertise.
I’ve worked with numerous clients over the years, both before and after their retirement. Some came to coaching before retirement because of the anxiety they were feeling at this impending change. Others came to coaching after retirement because of the difference between what they expected when they retired and the reality of the situation. From those already retired, I’ve often heard, “I thought I could figure it out after I retired” or “I just thought things would fall into place.” Perhaps the most striking comments came from those who’ve said, “How hard can this be, anyway?” Too many people fail retirement because they don’t know what they don’t know.
There are so many moving parts to a successful retirement that should be put into place at least five years before you make one of the most significant transitions in your life. You can get a broad overview in my earlier post “Change Or Keep For Retirement.”
The simple reality is that work has provided for so many of our needs, yet we are not aware of how important those needs are and, instead, stay focused only on the financial planning.
A Metaphor
I think the pandemic we’re all going through now might open the eyes for some of our boomer generation since it is a metaphor for retirement. Suddenly, within the course of a couple weeks, almost everything in our lives has been turned upside down.
The need to do social distancing is interfering with our relationships because we are unable to interact with friends, family, and coworkers like we normally would. The same kind of dynamic occurs in retirement because you won’t be seeing the people you’ve interacted with for years at work unless you carefully plan a social activity with them outside of work. Adult children are raising their own children and have limited time.
Working from home has upended the normal work schedule for millions of Americans. The routine and structure of your work has been replaced with little or no structure, very much like what happens when you retire without a plan.
Also, your sense of having purpose and fulfillment has been replaced with a sense of fear, anxiety, and wondering what comes after this pandemic. Without a plan, this could happen in retirement. What will happen for you after work?
Our Reality And A Guide
We are all creatures of habit. We like the predictability of our lives, even if it’s sometimes overwhelming. But, suddenly, all bets are off! Will our lives ever return to normal? This is where the metaphor takes on special meaning as it relates to retirement. We are all having to create our own new normal and that is what happens in retirement.
In summary, it’s not possible to have a happy and successful retirement unless you are able to explore the benefits and aspects of work that you have experienced during the past 30, 40, or even 50 years.
About eight years ago, I trademarked this concept and it’s an easy to remember acronym to remind you what needs work satisfies and how you’ll replace them in retirement. It’s one I’ve written about before (including in article “Successful Retirement Planning—Replace What Work Provides“).
As you scan these two words, think about what each letter means to you personally. What will you be doing in retirement that will be a substitute for the needs that are currently being fulfilled by your work? What will be brand-new?
During this pandemic, and afterwards in your retirement, you’ll need some degree of order, structure, and purpose to accomplish your goals. Maybe in addition to cleaning out the garage, organizing your records, or watching Netflix, you can spend some time thinking about and planning your retirement.
Please be safe in these challenging and anxiety-provoking times. We will get through this together! I’m here to help right now—just a phone call or video conference call away. As we work to successfully transition through this, you have extra time to plan the next exciting chapter of your life.
Dee
As you face these uncertain times due to COVID-19 as well as changes and transitions in life and work, I welcome the opportunity to assist you. I am available for virtual consultations and virtual presentations at this time instead of corporate and group seminars and community workshops. Please contact me.
Dee Cascio
Author, speaker, Licensed Psychotherapist, Certified Life Coach, Retirement Lifestyle/ReCareer Coach, and Life and Work Transitions Strategies Coach.
The Life and Work Transitions Community
You’ve joined a great group — people who plan to make successful transitions in life and work. May you be inspired to use your strengths and skills to grow in this season and may each transition be your best ever.
Need more help for life transitions and retirement?
Ready To Retire? Successful Retirement Planning To Make The Best Of The Rest Of Your Life
