Most people spend decades preparing financially for retirement: saving money, calculating their expected costs throughout retirement, even thinking about where they want to live. The majority of us are diligent and thorough when it comes to the financial aspect of retirement planning; unfortunately, the same cannot be said for the psychological side of the equation.
HoyleCohen’s Elisabeth Cullington has watched clients struggle to adjust to the next chapter. That’s why she recently sat down with executive coach and “Radical Resilience Expert” Pegah Kadkhodaian in this virtual discussion, “Moving Gracefully Into Retirement.”
Even before COVID-19 hit, America was the most overworked developed nation in the world1. Since the pandemic, many Americans have switched to full-time remote work — and their average workday has gotten three hours longer2. In other words, our careers are a much bigger part of our lives than ever before.
When they retire, many people struggle to find the sense of purpose and intrinsic psychological benefits that, for years, their careers provided. Feelings of aimlessness and loss are becoming more common among retirees: a recent survey found that over 34 million Americans aged 65+ are suffering from depression3, and suicide rates among this age group are on the rise4. These statistics are troubling, but here’s the good news: building up a nest egg may take decades, but preparing psychologically for retirement doesn’t — and it’s never too late to start.
One way to prepare is to think about your values: which values are most important to you? How does your career enable you to fulfill them? And what will become your new source of fulfillment once you retire?
Another key consideration is your personality. Do you thrive on spontaneity, or do you prefer an established routine? Do you regularly push yourself to try new experiences, or do you need a little bit of a nudge to step outside your comfort zone? Self-awareness is a huge part of preparing for retirement, and if you don’t stop to think about why you enjoy the things you do, you may have a hard time finding ways to stay happy and fulfilled once you call it a career.
Elisabeth and Pegah shared a lot of great insights and tips in this must-watch discussion. You’ve done the hard work of preparing financially for your retirement; why not make sure you have all the other tools you need to enjoy the next chapter? If you have any questions or want to discuss your retirement plan after viewing, please don’t hesitate to reach out to Elisabeth.
1Center for American Progress, The Three Faces of Work-Family Conflict.
2Bloomberg, Three Hours Longer, the Pandemic Workday Has Obliterated Work-Life Balance.
3PolicyAdvice, 24+ Statistics and Facts About Depression.
4NPR, Isolated And Struggling, Many Seniors Are Turning To Suicide.
