Dr. Blume's Article of the Month

RETIREMENT FAILURE
by Dr. Ginger E. Blume

Part I

We traverse numerous stages in our development as human beings. Each progressive stage of life requires us to negotiate changes that are associated with our newly defined “status.” For instance, when we move from a toddler into grade school, we must struggle with separating from our mother. As we become a teenager, we learn to cope with increased autonomy from our parents and defining who we are as an individual. Similar-ly, as we progress into early adulthood, we learn to deal with accepting full responsibility for our life and adjusting to work. Of all the life transitions that we have to handle in our lives, do you know which one causes some of the greatest difficulty? The answer might surprise you.

Seniors have a very high failure rate when it comes to coping with retirement. This major life transition seems to wreck havoc with its unsuspecting victims. Like any memorable life event (birth of a child, wedding, promotion), retirement creates stress. Considering that 76-million baby boomers are preparing to exit the workplace, how they negotiate this next stage will be critical to them, as well as to us all.

Perhaps, it is the glorified image our culture provides that is so misleading to those about to launch into retirement. After all, they think, “How bad could a ‘permanent vacation’ be.” Perhaps, after decades of striving for the prize at the end of one’s career, we have come to believe “retirement” will simply take care of itself. Other than doing some financial planning for when the paycheck ends, many people seem oblivious to other types of preparation they ought to be doing. Clearly, many pre-retirement workers are not actively preparing for the emotional upheaval that can be associated with a shift into retirement. Studies have shown that only about 20 percent of employees realistically address the fact that their work life is nearing an end. Others procrastinate.

The Human Resource (HR) departments of companies are in a unique position to help prepare employees for retirement. However, past studies have shown that these HR programs should take place about three months after retirement. If done before the big day, people don’t get much out of it because they can’t imagine how retirement will change their lives. They aren’t ready to face the serious question, “How will I live this next phase of my life?” Studies have also shown that most retirees are more likely to successfully adapt by staying in the community where they lived when they worked. This is in contrast to common practice of moving to a different area of the country soon after retiring. My advice is that soon-to-retire employees test their fantasies by taking an extended vacation to the Sun Belt (or their ideal place) before selling their home and totally uprooting. It is important to remember, that like any major life decision, this one also requires we invest time to plan wisely for this new phase of our life. They should also “test” their ability to handle free time as a way of paving a smooth transition into a later leisure life.

According to the National Center for Health Statistics, at age 65, the typical American woman can expect to live another 19.2 years; the corresponding figure for men is 16.3 years. Since these figures are averages, a lot of 65-year-olds will easily spend 20 or more years in retirement. This is a lot of time to manage if you’re not use to handling a more leisurely lifestyle.

What does retirement mean to most people? Our great great grandparents viewed retirement as no longer being able to physically and mentally maintain work and nearing the ending of their life. But since baby boomers are retiring a lot earlier and have a longer life expectancy, they can expect many new challenges associated with a significant phase of their life.

No longer going to work means many losses that the average person doesn’t anticipate. Without a daily job, individuals no longer have a built in social life with colleagues; there is no longer the constant recognition associated with good work; nor is there a ready make identity (i.e. “I’m the VP of Sales).

Since “retirement” has become elongated, many have predicted that this all will lead to retirement no longer being viewed as a permanent separation from work, but rather, as a bridge to partial retirement. An older worker will likely alternate between periods of disengaging from the workplace with periods of part-time, temporary, or project related work or with episodes of self-employment, consulting or mentoring.

Currently, according to the Bureau of Labor Statistics, one third of retired men go back to work within one year! Why? Many simply don’t know how to fill their time with something other than work. Others return to work due to financial problems. Executives in particular have major problems adjusting to this transition since they have invested so much in their careers and their identity is so intimately linked to what they do.

In general, the best preparation for retirement has to do with one’s ATTITUDE. People who have learned to adapt a positive, optimistic attitude toward life will weather the transition into retirement, best. They will have learned to view change as a challenge, know how to trust and seek out supportive relationships with others, and be open to new possibilities. Secondly, it is key to develop hobbies and interests prior to retirement. People who stay socially, physically, and otherwise busy after retirement live longer and feel better than people who choose to camp out on the sofa.

Part II

Baby boomers are launching into an extended period of retirement that has never been seen before by society. Due to early retirements and a longer life expectancy, the average length of retirement may well span a couple of decades for many people. This is a significant phase of life that needs to be managed, just like any other major life transition. Last month, I discussed why retirement is one of the most failed transitions in our human development. This month, I’ll elaborate on some differences between how professionals and nonprofessionals and how men and women seem to handle adjusting to retirement.

A FOCUS ON WOMEN

A study by Christine Price at Ohio State, taught us that a woman’s occupation significantly impacts how she eventually adjusts to retirement. Specifically, Dr. Price found that professional women (i.e. doctors, teachers, dentists, bankers, etc.) had a tougher time adjusting to retirement than woman who held nonprofessional jobs (i.e. clerical positions, cleaning positions, cafeteria work, hostess, etc.).

Professional women (PW) reported experiencing a sense of loss once they left their jobs, whereas the nonprofessional women (NPW) reported feeling relieved to retire. Professional women described their losses to include a loss of professional identity, a loss of social interactions and relationships, a reduction in social status, etc. In contrast, the NPW looked forward to exploring new interests and hobbies, volunteering in their community (something that actually increased their sense of importance and responsibility after retiring from a nonprofessional job). Women in both groups said they kept busy with volunteer and recreational activities. But, a key difference was that the Professional women tended to focus on community activities that drew upon their former professional expertise (i.e. a teacher mentored school-age children), whereas the nonprofessional women spent more time doing pleasurable community activities such as learning to quilt, paint, join a choir group, lean how to use a computer, etc.

“Why” these two categories of female workers retired also differed. The professional women tended to base their decision to retire on health concerns, pension eligibility, and other financial incentives. In contrast, the nonprofessional women based their retirement decision more on family related reasons, such as wanting to spend more time with grandchildren. This latter group didn’t report any feelings of loss once they left full-time work.

In general, regardless of occupation, women tend not to consider what they actually want to do in their retirement. As more and more women have come to view their employment as a lifetime commitment, similar to the male viewpoint, they need more assistance in exploring how to transition from work to retirement. It is not realistic to assume women will mimic men’s experiences and much research is needed in this area. Since men die earlier than women, many retired women must cope with the loss of a spouse or life partner early in their retirement years. By the time a woman reaches 85, there are approximately 100 women for every 39 men. Loneliness is a major factor that elderly women must attempt to compensate for by joining senior centers, clubs, volunteering, staying close with family, arranging cooperative living with other friends, etc.

MALE RETIREMENT

A group of ninety senior male executives convened in a conference in Canada to identify how to help other men successfully transition into retirement. They identified six key life lessons to positively impact this life phase and I quote from the Conference Board of Canada:

For many men, it appears that a vision of workplace immortality seemed to dominate their fantasies of adult life. While many men are not enthusiastic about working forever, they simply don’t have any other ideas about how to stay busy. Hence, many male retirees return or want to return to work shortly after leaving. They’re in a work rut. People must realize the need to find new missions and goals in later life. After all, retiring is about leaving work, not leaving your life.

RETIREMENT RECOMMENDATIONS

Lets consider some transition aids for making retirement a successful experience. Otherwise, a life of boredom, lack of purpose, discouragement and depression may result if you don’t take an active role in structuring a healthy retirement. In last month’s column, I mentioning that for many new retirees, retirement may not be an “all-or-nothing” event. Many people may find they no longer work a 40-hour workweek, but instead, they engage in consulting work, part-time work, mentoring, etc. In short, instead of replicating the daily grind, retirees can customize their work on their terms. This is a win-win solution for many individuals and for society, since we are faced with a low birth rate and an aging society that is exiting the workplace with a lot of collective wisdom under their belts.

Ask yourself if you picture retirement as a time to slow down, or as a time for increased activity, fun, and socialization. Your mental image of retirement will color how you begin to approach this phase of life. To succeed at retirement, I believe retirees should also return to hobbies they use to enjoy (i.e. playing chess, woodworking, playing a musical instrument), or develop new hobbies, especially ones that will keep their minds active and engage them in social contacts. Since it is much more difficult to learn a new hobby as we age, you’re advised to develop a hobby prior to retirement. It is also imperative you keep physically active in this stage of life, by playing golf, gardening, camping, etc. A sedentary lifestyle will ultimately result in more health concerns and related mood problems, not to mention a financial hardship with medical costs.