What do you do if you're a late career professional struggling with the emotional aspects of retirement?
Navigating the transition into retirement can be an emotional rollercoaster for late career professionals. You've likely spent decades building a career, establishing a routine, and finding purpose in your work. Now, as retirement looms, the prospect of leaving behind a significant part of your identity can be daunting. You might feel a mix of relief, excitement, and uncertainty. It's essential to acknowledge these feelings and understand that they are a normal part of the transition process. Coaching and mentoring can play a pivotal role in helping you navigate this new chapter of life, ensuring that your retirement is fulfilling and purpose-driven.
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Brett FrevertCFO | Controller | HR - - America's Premier Outsourced Leadership TEAM | Fractional, Interim, and Recruiting
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Daniel Collins, MBA, PMPProject Management Engineer - Acquisition | Military Transition Mentor | PMP Mentor | Senior IT Project Manager |…
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Matt BushWealth Advisor at Baird | Husband, dad and runner
Begin by taking stock of your emotional landscape. Retirement can trigger a range of feelings from joy at the prospect of freedom to fear of the unknown. Allow yourself to experience these emotions without judgment. Recognize that feeling lost or anxious is common when facing significant life changes. This self-awareness is the first step in managing the emotional aspects of retirement. It's a process that requires patience and self-compassion as you adjust to a new way of life.
Consider setting new goals for your retirement. These could be things you've always wanted to do but never had the time for, like traveling, learning a new skill, or dedicating time to hobbies. Goals give you direction and a sense of purpose, which can be incredibly grounding during times of change. They don't have to be monumental; small, achievable objectives can provide daily structure and satisfaction.
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I believe there is a misconception—an underestimation — of our role as financial advisors. Our title puts the focus on the “financial” aspect of planning, yet competent, thorough financial advisors guide you in ancillary areas as well. It is important consider all aspects of your life when building your personal financial plan—financially, mentally, and socially.
Don't hesitate to seek support from a coach or mentor who specializes in retirement transitions. They can offer valuable guidance and help you to strategize ways to cope with the emotional challenges. A professional can also assist in creating a plan that aligns with your values and aspirations, making the transition smoother and more enjoyable. Remember, seeking support is a sign of strength, not weakness.
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Love this one. We interview 100's each year. The common comments regarding TEAM, are "I'm a team player, anyone can ask me anything anytime" I always go 180 degrees - "what's it like when you ask for help? tell me about the last 3 times you asked for help?" Oh, boy... LOTS of silence. It takes STRENGTH and CONFIDENCE to ask for help.
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The first step in addressing a more all encompassing view of retirement is to be aware of the various aspects. I want to open people’s eyes to the fact that the mental and social components of retirement are also important as we develop their plan together. Plenty of people have estimated the amount of money they will need in retirement accurately, yet they are unhappy in retirement because they failed to address these other critical components of life.
Embrace the changes that come with retirement. While it's natural to grieve the loss of your former career identity, it's also an opportunity to reinvent yourself. Explore different aspects of your personality and interests that you may have neglected during your working years. Change can be refreshing and invigorating if approached with an open mind.
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Just as you can’t expect to save a million dollars if you begin saving just a few years before retirement, you can’t expect to build a strong mental and social framework for retirement if you wait until you’re about to retire. I encourage you to begin thinking about these concepts and working on them now. A little planning now will put you in the best position for when you do retire.
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In my own experience, I looked at this as a time to move forward with things I did not have time to even think about in my working career. This is the time to explore who you are outside of your original career, and perhaps branch out into something brand new and energizing! Maybe there is a hidden artist or chef inside of you! Keep moving forward and see where this new journey might take you. Remember...when one door closes another one opens!
Maintaining social connections is crucial. Your workplace may have provided a community and sense of belonging. In retirement, it's important to find new ways to stay socially engaged, whether it's through volunteering, joining clubs, or staying in touch with former colleagues. These connections can provide emotional support and prevent feelings of isolation.
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In a lot of cases, people are just burned out from working and need to slow down and take a rest. That is certainly understandable, but we encourage them to engage in meaningful activities at some point. Very early in the retirement-planning process, we try to educate people about the importance of planning how they will spend their free time, how their relationships could change, where they plan to live once they retire, and other aspects of the infrastructure
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It is so important to keep socially active. People can feel confused about who they are and what they should be doing once they retire. They have spent so many years using the career as their identity. There are multitude of Meetup groups you might want to look into, book clubs, hiking clubs, political venue, church events. Reach out to your connections and start your own monthly gathering, whether it be dinner, game night, etc. Let this be a time to embrace your life!
Finally, take time to reflect regularly on your retirement journey. Journaling or discussing your experiences with friends, family, or a mentor can provide insight and help you navigate your emotions. Reflection allows you to track your progress, celebrate your successes, and adjust your approach as needed. It's a powerful tool in managing the emotional aspects of retirement.
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I have been wrestling with the emotions of what life will be like in real retirement for some time now. My employer has an innovative program called “less than full time.” I now work MWF week at the same hourly rate and prorated benefits. They still get my expertise and I still have the comraderie at work and am still part of something larger than myself. My outlook improve immensely over the 5 days a week grind!
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Who are you? A parent, a professional, a businessperson? Identity is a profound topic, explored by many, including Jiddu Krishnamurti. It’s vital to distinguish between who you are, what you do, and your relationships. This journey of self-discovery is deeply personal. If you need guidance, don’t hesitate to consult a coach or mentor, and delve into the wisdom of the great thinkers. Whatever your age, engage in activities that resonate with you. Whether it’s offering water on a hot day, volunteering, or gardening, pursue what’s meaningful. Embrace your passions and let go of doubts. Feeling lost in the quest for identity? Let’s find your path together!
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