Done With Work

  Larry Gard, Ph.D. For many of us, work is a primary source of accomplishment and pride.  Throughout the course of our career, we point to projects completed, problems solved, and people helped.  If you’re contemplating retirement, it’s easy to imagine you will find yourself missing the satisfaction that comes from a job well done, not to mention dwelling on the things left  undone .      Unfinished business and unmet goals can make it hard to stop working.  Our inclination to focus on what we  didn’t  accomplish reflects a psychological phenomenon called the Zeigarnik effect.  It’s the tendency to remember interrupted or incomplete tasks more easily than those that have been completed.  This phenomenon was first noticed in the early 1900’s and has been reproduced in a number of studies.  The point here is, just because we more easily remember what is unfinished doesn’t mean th...

Larry Gard, Ph.D. There is something I’ve noticed when people tell me about their first year of retirement.  Occasionally they will mention adjusting to living on a fixed income, but more often it’s the  non-financial  side of things that occupies their mind. In some instances, they sound pleased. For example, they’re eager to talk about new hobbies, interests, or educational pursuits. In other cases, they’re more negative. They’re feeling unsettled in a new home, unmoored without their former routine, or unsatisfied with how they’re spending their days.   The financial services industry has done much to educate Americans about saving for retirement.  Sound fiscal preparation is essential, but we also need to prepare ourselves for the head and heart side of this transition.  Preparing ourselves psychologically is challenging, in part because unlike financial planning, there is very little “hard” data.  Instead, we’re asked to consid...

Larry Gard, Ph.D. I’m not referring to the financial aspects of your plan, although that too may have changed.  I’m talking about the picture you have in your mind about what your next chapter will look like and feel like.  We’ve all heard about the Great Resignation/Great Reshuffling, as Americans seek work that is more flexible, rewarding, and meaningful.  I’m hearing from clients that because of the pandemic, they’re reassessing what they want out of retirement as well.   Perhaps you had planned to spend time taking classes, traveling, or tackling long-neglected projects around your home.  Do those things feel as important and motivating as they once did, or do you seek to augment those activities with something more compelling?   Noted personality theorist Erik Erikson described 8 stages of development throughout the lifespan.  According to Dr. Saul McLeod, during the seventh stage, called  Generativity vs. Stagnation ...

  Larry Gard, Ph.D.   The pandemic has upended the retirement trajectory of many business owners.    Dealing with more uncertainty than ever, scores have been faced with the decision to close down, sell, or try to keep their business afloat.      While Covid-19 has introduced additional variables into the exit planning equation, business owners shouldn’t lose sight of core considerations that have always existed:    Are you remaining in your business long after you should because of your attachment to your role?  Do you continue to work, by default and perhaps against your own interest, because you’re uncomfortable with the alternative?   By staying too long you may be putting your business at risk.    For example, even if you have been grooming a successor, that individual may eventually leave if they don’t believe a promotion is likely any time soon.    The same goes for other talented employees who will b...

Larry Gard, Ph.D. If you’re a late-career professional trying to figure out retirement, this pandemic poses a triple threat.  You’re contending with the potentially greater risk of medical complications, it can be hard to explore popular post-work activities right now (such as volunteer roles and travel), and it’s anybody’s guess what will happen with the stock market.    The decisions surrounding retirement may feel more fraught because the future is so uncertain.  There’s no telling what trajectory this pandemic may take.  Should you pull the pin and retire now or wait to see if the economy picks up?  Should you sell your business or try to keep it afloat?  If you do retire, what can you do to occupy your time that will feel meaningful?  These questions have always been part of the retirement decision, but they take on added complexity in light of Covid-19.     You may find it helpful to think back to...

Larry Gard, Ph.D. There’s an old joke about a couple who were celebrating their 50th anniversary.  When asked about the secret to their long marriage the husband replied, “when we got married, we made a pact that no matter what happens, we would always go out twice a week.”  His wife nodded in agreement.  He then added, “We never missed a week.  I went out on Mondays and Wednesdays, and she went out on Tuesdays and Thursdays.”     Perhaps you have your own secret to a long and happy life together, but the reality is that retiring as a couple can pose challenges, both with regard to doing the planning and to actually implementing your plan.  And plan you should, for there might be a lot of togetherness ahead.  Maybe you’ve spent two or three weeks on vacation with your other half in the past, but we’re talking about (potentially) decades here.     The Skipton Building Society is a financial services orga...

Larry Gard, Ph.D. One of the functions of work is that it provides structure to our lives.  Even if your work is quite varied, chances are you still follow a schedule of some sort.  Now, for just a moment, imagine having no place to go, no appointments, and no schedule.  Some people are reluctant to even  think about exit planning because they can’t conceive of a life without a work routine.  They’re convinced that such a life will feel aimless and unsettling.    So how will you spend your days?  Will you need to have a new routine in place immediately, or will you be comfortable allowing one to emerge gradually?  Either way, you should identify in advance a few practical and rewarding activities that can be introduced into your daily or weekly routine.  The last thing you want is an empty calendar on Day 1 of your retirement.   If you’re truly at a loss about how to occupy your...