Done With Work

Larry Gard, Ph.D. Some people struggle when contemplating retirement because so much of who they are is wrapped up in their job.    Reverend William James Byron wrote about this dilemma succinctly, noting “if you are what you do, when you don’t, you aren’t”.     Is your identity as diversified as your portfolio? Our personal identity can be threatened by the loss of our work role, particularly if we have not developed other facets of ourselves outside of work.  It’s analogous to diversification in the financial world.  You’re better able to handle a downturn in the market if your holdings are diversified.  Similarly, you’ll be better positioned to deal with the loss of your work identity if you have fostered other sides of your identity. Many individuals have been fully immersed in their business or career, either by choice or necessity, leaving little opportunity to cultivate other interests that reflect their identity.    But...

  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.   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. 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...

Larry Gard, Ph.D. I had coffee last week with an esteemed colleague who offers pre-retirement coaching like me. We were discussing how notions of retirement have changed over the past few decades, so much so that many people have tried to coin new terms to replace the word “retirement” itself. “Reengagement” and “Life 2.5” are two such contenders.  While it may be the case that baby boomers have reinvented retirement, I’m a bit wary about giving retirement a new name. True, we have access to a greater range of active, compelling paths in retirement than our parents and grandparents did. Yet by giving retirement a new name, one that highlights the meaningful and rewarding activities that lie ahead, we run the risk of overlooking what makes retirement such a profoundly moving transition.   Jack Beauregard, founder of the Successful Transition Planning Institute, points out that unlike most life events, which flow from beginning to end, retirement starts with an ending. As much a...

  Larry Gard, Ph.D. We’ve all seen the ads on television telling us to plan for retirement and save more money. They’re absolutely correct and the earlier you start the better. But whether or not you build the nest egg you want, you still need to be psychologically prepared. In fact, I’ve encountered many financially comfortable people who were surprised by how strongly their emotions impacted their transition to retirement. You can’t go from the present to an active and meaningful retirement without giving it some thought. It simply doesn’t emerge on its own. What Has Been Satisfying? Long term, you need a strategy to figure out what is going to be interesting, meaningful, compelling, and rewarding. As a starting point, one exercise I do with clients involves determining key satisfactions derived from work and then identifying alternatives that can provide similar benefits. For example, perhaps one satisfying thing about work is that it allows you to tackle problems. You don’t nee...