Done With Work

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. 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...