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Contemplating retirement can induce both excitement and fear. For many, retirement means the freedom to pick and choose how we spend the rest of our lives, that's the exciting part. The fear is whether there will be enough money in retirement, and that's usually the motivation that drives us to take the first steps toward retirement planning. Although financial security is of primary importance, considerable thought should also be given to the quality of how we spend our time once we retire.
Barring a major catastrophe, most Americans will live to the age of 65. Beyond this age, half will live another seventeen to twenty years. Studies show that satisfaction in retirement directly relates to the ability to replace meaningful aspects of one's career with pursuits that hold similar meaning or value. For those who found little satisfaction in their jobs or career, simply maintaining an element of structure in retirement can bring a sense of meaning and accomplishment.
According to research by the American Association of Retired Persons (AARP), maintaining a semblance of structure similar to that in one's work life is key to the smooth transition from work to retirement. These aspects include: maintaining a regular schedule of tasks, having well-established goals, maintaining relationships that are meaningful; and maintaining a sense of challenge. In practice, these four aspects help provide stability through the inevitable changes that occur in later life, such as declining health, or loss of a significant other.
Several studies point to the ability to adapt to change as central to the quality of life as one ages. 'Life experience', the skills of adaptation developed over a lifetime, become necessary assets when adjusting to new and unfamiliar circumstances. In a study undertaken on centenarians, those who adapted well to situations of stress shared dominant characteristics, such as the ability to respond creatively to change and to adequately cope with anxiety, to remain inquisitive and creative, and to successfully incorporate new situations into their lives. Although life change is age-related, Dr. Robert Butler, noted gerontologist and author, points out that "the capacity for curiosity, creativity, surprise and change do not invariably decline with age." Satisfaction in retirement, then, is an unending process of identifying needs and desires, and adapting accordingly.
A common error is waiting until after retirement to pursue a hobby or goal. By waiting, it may not happen. Nurture and cultivate personal passions early on. Start engaging in activities years before retirement to acquire the essential skills and resources necessary to flourish in the new endeavor. Carving out time for personal pursuits while still employed will lessen the void that often comes with leaving a fulfilling job.
Other important factors to consider, according to AARP:
- Stay current on governmental and employer policies that pertain to
benefits.
- Make certain your plan for financial security goes beyond investment
strategies to include estate planning and other legal matters.
- Give considerable thought to the standard of living you would like
to maintain in retirement. Calculate costs for travel and leisure
pursuits, keeping in mind that work-related expenses, such as clothing
and meal costs, will go down, or will be eliminated altogether.
- Don't lose sight of the fact that health, relationships, and
interests will change. Take note of resources from which to draw when
these changes occur. New expectations often develop within a
relationship, for instance when working couples retire at different
times.
- Prepare new systems of support to replace those previously provided
through employment, understand that there is likely to be an adjustment
period upon retiring, and that it's natural to mourn the loss of a
career and the status that came with it.
- Redirect work goals toward new careers, part-time work,
self-employment, or volunteer opportunities, for financial reasons, or
merely as an incentive to take on a new challenge. An increasing number
of Americans are working after retirement. Consider re-packaging
transferable work skills to seek out voluntary or paid positions.
As with any life transition, most people have apprehensions about retirement. However, with some preliminary thought and planning, those initial retirement anxieties will diminish as our new life in leisure unfolds. It can, and should be, a time for us to fully enjoy life.
For more information on planning for retirement, contact Barbara Martin-Worley at the Colorado State University Extension office in Denver at (720) 913-5266 or email at bmw@coop.ext.colostate.edu
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