Are You Ready for Retirement?

Richard L. Wolfe, PhD

People normally have compelling reasons for retiring. However, many people are often ambivalent as well. Much of the ambivalence stems from the uncertainty of what retirement will be like. Few people have had life experiences that would prepare them for retirement. In addition, while many people prepare financially for retirement, most people do not prepare psychologically (e.g., by planning how they will spend their time and energy). The magnitude and complexity of the changes associated with retirement , combined with the uncertainty surrounding adaptation to a new way of life , tend to generate a considerable amount of anxiety. Since anxiety is unpleasant, people often avoid thinking about retirement.

Having information helps to reduce anxiety. There is a great deal of published information regarding how to prepare financially for retirement. There are also a large number of professionals who can provide advice, direction, and help regarding how to prepare financially. However, there is relatively little published information about how to prepare psychologically for retirement and relatively few professionals who have the experience to help. The following paragraphs are devoted to providing you with both a perspective on retirement and a series of questions designed to stimulate your thinking and help you prepare psychologically for retirement.

Overview

How many hours per week do you spend working? Generally, most people devote between 40 and 70 hours per week to their work. Business owners often spend over 70 hours a week managing their business. When you retire, all of the time that you previously devoted to work becomes available for other activities. How many hours per week do you currently devote to your work/business? How do you plan to spend the same number of hours per week, every week, for the rest of your life?

Furthermore, unless retirement has been precipitated by a serious health problem, the day after you retire you will possess the same energy, intellect, and drive that you had the day before you retired. Without a plan for investing one’s energy, intellect, and drive, retirement can be experienced as an abrupt cessation of meaningful life activity. Quite simply, how many hobbies, pastimes, and non-work activities require the same levels of energy, analysis, and drive as one’s job or business? How will you invest your energy, intellect, and drive during retirement? What activities would you find challenging, gratifying, interesting, and enjoyable?

Similarly, the day after you retire you will possess the same knowledge and skills that you had before you retired. It’s highly likely that you can apply the knowledge and skills that you utilized in your work to other endeavors. It’s also likely that you possess knowledge and skills that were never required in your work but would be valuable assets in other roles. How are you going to apply the knowledge and skills that you possess during your retirement?

Socially, work normally includes numerous and often complex relationships with other people. Many of these relationships are quite meaningful, enjoyable, and even stimulating. Other work relationships may be frustrating. However, how many pastimes, hobbies, or other activities involve the same types of relationships and quality of social interaction? How will you satisfy your needs for social involvement after you retire? What activities would provide you with the kinds of social interaction that is meaningful and enjoyable for you?

Work often evokes a variety of emotional responses. We experience excitement, frustration, satisfaction, annoyance, and even pleasure at different moments in our work. While some of these emotions are unpleasant, they are often stimulating and add an emotional dimension to our daily lives. Not having enough to do can be very boring. What activities are likely to provide you with some excitement, satisfaction, and pleasure?

Goal setting is an important part of our work and a major factor contributing to our success. Goals are typically challenging. They energize us and direct our behavior. Accomplishing goals, especially ones that we have worked hard to achieve, can be extremely gratifying and enjoyable. If accomplishing goals is important to you, what hobbies, pastimes, involvements, etc. will include setting meaningful goals that will provide energy, direction, and satisfaction?

Envision a Desirable Future

Socrates said, “know thyself”. Shakespeare wrote, “to thine own self be true”.

Effective preparation for retirement begins with assessing yourself and what is important to you. Most adults know themselves pretty well. Still it’s useful to examine and take stock of who you are now. On the one hand, personality traits and values remain relatively stable throughout adulthood. You probably display many of the psychological characteristics that were apparent early in your adult life. On the other hand , we change as a function of the experiences we have over time. We mature, we develop new skills and interests, and we accumulate knowledge of the world, others, and ourselves. In addition, what’s important to us also changes. Having a clear understanding of yourself and what is important to you is the foundation from which you can develop a desirable vision of your future.

“Who are you now?” The answer to this question is normally complex and requires a fair amount of reflection. However, the answer provides important insights into how you have remained the same and how you’ve changed over the years. It clarifies who you have become.

“What is important to you now?” The answers to this question and similar ones, such as “what’s “What is important to you financially; socially; emotionally;” financially, socially, and emotionally?” provide the foundation for goal setting.

Having a clear understanding of who you are and what is important to you provides the basis for envisioning a desirable future.

 

Richard L. Wolfe, Ph.D.
Consulting Psychologist

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