Navigating Retirement: Busting the Five Myths – Part 3

So far in this series we have looked at 3 of the 5 of myths about retirement:

Myth #1: Retirement is easy

Myth #2: Retirement is about stopping work.

Myth #3: Retirement planning is mostly about financial planning.

In this final part of the series, we look at the final 2 myths and a helpful process to navigate retirement well.

Myth #4: Retirement is a stress-free existence.

This is unfortunately another myth. Changes, even positive changes, create stress. Retirement can actually rapidly decrease your life-expectancy if not navigated well. Retirement is not necessarily a lower stress life. While some stressors may change, such as the stressors you face at work every day, new stressors can emerge.

Just over 20 years ago, Daimler Benz were shocked to learn that many of their top engineers died as quickly as 3 years after retirement. These highly skilled professionals were not well prepared to cope with the biggest change that retirement would bring viz. that they would no longer be using these skills. This not only speaks to the earlier point about the need to find new creative outlets for your intrinsic skills but also of the need to live a life filled with meaning and purpose. If all of your life’s meaning and purpose is wrapped up in your paid work or your formal career, then the stress of no longer having that can create all kinds of problems including the loss of a desire to live which will be detrimental to your physical health and mental well-being.

HR practitioners and organizational leaders would do well to learn from the Daimler-Benz case study. They will experience more joy, fulfilment and meaning if they play their part in preparing staff for the big retirement transition.

Myth #5: Your partner and/or family will be delighted to have you around more.

Unfortunately, this is not a reality for many people. Retirement can be lonely and filled with conflict because a lot of things change. But the good news is that physical, mental and social well-being are possible if you can learn to navigate it well. Navigating retirement well means reflecting on and processing the impact on others as well as yourself. Figuring out ways to process this together with those you love the most is vital. Understanding and investing in your support team and being a support to them in this new season are keys to a happy and meaningful season in the retired years.

At Xpand we have developed a wonderful tool and process to help individuals and organisations navigate retirement well. It consists of the “Navigating Retirement Scan” that a person uses to assess themselves through a series of diagnostic questions in eight areas that they need to address in order to navigate retirement well.

Following the scan, there is a helpful four phase process that supports people to work through the things and create a meaningful plan to live out in preparation for and during the season change that retirement brings.

In phase 1 (Looking Back), we help you map and reflect upon past transitions which give you clues how you will handle the big retirement transition. In phase 2 (Looking In), we help you assess your “retirement readiness” and take a closer look at your skills, your possibilities going forward, your plan for mental sharpness, as well as the fountains of purpose and your plan for a healthy lifestyle. In phase 3 (Letting Go) we walk you through a helpful framework created by William Bridges for managing transitions well and begin to explore new beginnings for your season ahead. Finally in phase 4 (Living Out), we help you to evaluate and choose a scenario that is best suited to you for the next 5 years of your life and live it out in with a clear “travel plan.” We also help you to think longer-term and explore what a meaningful life looks like for you. The process comes complete with your own 44 page workbook that becomes your journal and roadmap through the process. It is also supported by good literature and book recommendations.

At Xpand we have the experience and expertise to assist and support HR Practitioners and their staff prepare well for the big retirement transition. If you are interested to find out more about how the Navigating Retirement Scan and Workbook can be used to assist you or your organization, please be sure to reach out to one of our consultants today.

This blog series is written by Gareth Stead.