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.   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 The other evening, I ran into a friend Peter who I hadn’t seen in some time.  He appeared relaxed and contented, and he informed me that he retired last year.  We chatted about his various pursuits and initiatives.  Peter related a story about a colleague at his old company who was apprehensive about his own retirement, fearing he would feel aimless and bored. Seeking reassurance he phoned frequently during Peter’s first few months of retirement to ask, “what are you doing?”    Many late career professionals I speak with describe the same uneasiness that Peter’s colleague had. They’re not confident that they’ll find truly meaningful, satisfying things to occupy their time.  Many of them claim few if any hobbies or interests other than work.  On further examination, this isn’t always true.  Their work is particularly compelling because that’s where their focus is. They actually do have o...

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...