Done With Work

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...

Larry Gard, Ph.D. There are some interesting findings in the past two Retirement Surveys conducted by the nonprofit Transamerica Center for Retirement Studies®.  The respondents included over 1800 employers and roughly 6000 workers.  Here is a noteworthy selection from the report:    Three quarters of employers consider themselves to be “aging friendly” yet only 54% of workers share that sentiment, and only about a quarter of firms have adopted a formal Diversity & Inclusion policy that specifically includes age.      The data suggests some disconnects between employees and older workers.  What’s going on here?  Even when companies try to be “aging friendly” it seems that some may be missing the mark.  Like most workplace topics, this one is complicated and there are no simple answers, but I wonder if it has something to do with our cultural attitudes toward aging.    One of my former professor...

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. Most of us have beliefs and assumptions about retirement, often based on what we’ve witnessed among friends and relatives.  Yet the  reality  of retirement may not always coincide with our  expectations , which makes it that much more important for you to give serious thought to this next chapter in life.   The Pew Research Center conducted a survey comparing what younger Americans expected later life to look like, versus the reality experienced by those 65 and up.  They found some significant differences between the two groups.  For example, on the chart above we see that 39% of respondents expected that they would have a second career, but that was actually the case for only 14% of those over 65.   And it’s not just a matter of being realistic with your plan.  You have to take an active role in making it happen. Consider the finding that 80% of the younger Pew survey respondents expected they would be engaged in volun...