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When is The Right Time to Retire – The Mindset of Retirement

by delucaw1 in Tips

I recently had a friend ask me, “how do you know when to retire?”  Of course, I asked a bunch of clarifying questions. It turns out this person was ‘over’ their industry and was wanting a change.  At the same time, ‘retirement’ was a viable option.  But, retirement does mean different things to different people. Let’s discuss.

What is retirement?

According to a recent Gallup poll, non-retired Americans report they will retire at the age of 66.  This is up 6 years from the previous survey, which stated 60 as retirement age. What is retirement, exactly? Webster defines retirement as, the action or fact of leaving one’s job and ceasing to work.  Another perspective from Paul Sutherland, Author of 12 Steps to a Carefree Retirement, is working when you want, how you want, if you want and where you want. Which leads me to ask, what is work?

What is work?

The first definition is “activity involving mental or physical effort done in order to achieve a purpose or result.”  The second definition is “mental or physical activity as a means of earning income; employment.”

Mindset A.

I’ve seen some people ‘retire’ and struggle.  I’ve seen some people ‘retire’ and thrive. What is the difference?  Those that tend to struggle, in my experience, have a strong sense of self associated with what they ‘do’.  “I am a CEO”. “I am a mother.” “ I am a professional baseball player.” And, when they ‘retire’, they struggle with ‘who’ they are.  The emotional and psychological preparations for retirement have not been addressed or are incomplete. While, the financials indicate that retirement should be easy,  you often hear of people saying they need to re-invent themselves. They can report feeling like they have no purpose. Or, they struggle with irritability, anxiety and feelings of displacement.  Two of the biggest culprits why people struggle is boredom and loneliness.

Mindset B.

The people that I have seen thrive, tend to embrace the first definition of ‘work’.  They have taken the proper time to grieve the transition and honor the past. It doesn’t happen with a single retirement party.  Their sense of self is not as tightly bound to what they ‘do’. Thriving retirees take the time to explore or discover their interests.  For some, they have been so consumed by work and family, they honestly don’t know what they like to do. So, they choose to have fun in the discovery process.

When should I retire?

This is a highly personal question.  I’ve had some ask me, and through our conversation, the answer was clearly, ‘yes’.  While others, the answer was clearly, ‘no’. In both examples, the people where financially able to retire.  The difference was the ‘yes’ person talked about the business they wanted to start after they traveled some and spent time with the grandkids.  The ‘no’ person was addled with doubt about ‘being ready’. They viewed retirement as endless gardening and golf, and not in a good way.  So, only you can answer the question!  In summary, it helps to have a trusted personal board of advisors.

Beyond finances, how to prepare the mindset around retirement?

• Recognize there is a grieving process.  Give yourself time and grace to grieve. Don’t feel you have to everything figured out on day one and your day(s) fully scheduled. You will run the gamut of emotions, expect it, express it and honor how you are feeling.  
• Have a support system.  If all your friends and family are still working, how will you connect with people? Who will be your new circle of trust?  If you are struggling, do you have people to talk to, like a therapist or counselor?
• Before you retire, cultivate your interests.  What do you like to do?  What have you wanted to try that you haven’t had the time to?  Where do you want to live?
• Do an honest self-check.  What does retirement mean to you?  You are excited about? What are you worried about?  Does your job give you a sense of purpose? Are you just ‘over’ your current role and ready for a change or is it truly retirement you are after?
• Embrace the first definition of work; “activity involving mental or physical effort done in order to achieve a purpose or result.”  Set some goals for your ‘retirement’ and an action plan to achieve them.
• Give back, serve others.  Mentoring or volunteering your knowledge, experience and wisdom can be highly rewarding.  Many cities offer organizations where retired executives can help aspiring leaders, entrepreneurs and businesses.
• Keep informed and relevant.  Technology, Politics, Environment, etc.  Keep up with what is happening, and stay engaged.  Learn to Snapchat with the kids.

We only have a finite amount of time on this planet, and you can choose how to spend that time.

Are you ready?:  Press HERE for Success

I wish you much success on your career (and retirement) quest.  Yours in balance, learning, growth and harmony. – Melissa DeLuca, CEO