Transitioning into Retirement,

Rediscovering Your True Identity

Some Retirement Statistics

• In several studies, retirement is listed in the top 10 of major life transitions

• In a poll cited by American Demographics, 41% of respondents rated retirement as one of their top 5 major life events

• Both men and women are under saved for their retirements, with a median retirement savings of $20,000 for women surveyed versus $25,000 for men

• 60% of women are employed outside of the home, retirement is becoming more relevant to women than in previous years

• In a 2014 Transamerica survey, only 14% of women are "very confident" that they will be able to fully retire with a comfortable lifestyle 2013 US Department of Labor Statistics

Transamerica Center for Retirement Studies

Retirement Realities for Women

• Women are more likely than men to:

– Work flexibly and to experience breaks in employment

– Experience diverse work histories

– Be influenced by family responsibilities

– Women earn less than men

– Live in retirement for a longer period of time

– Recognize the importance of reaching out to others to establish and maintain contact with others in retirement

– More likely to “guess” about how much to save for retirement

Christine A. Price, Assistant Professor and ExtensionState Gerontology Specialist, Ohio State University

Transamerica Center for Retirement StudiesAARP Fact Sheet 2014

My Therapist Must be Nuts!

• Why was I so anxious about retirement?

– Done all the financial planning

– Was planning for my own business

– My friends and family told me to “relax”

• I knew I needed to talk to an objective person

– He validated my anxiety

– Suggested I slow down and be “present” and “patient” with myself

– Needed to rediscover my identity without it being wrapped up in work

The Emotional and Intellectual Journey

intellectual

emotionalSucc

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Downey, Diane: Assimilating New Leaders, New York, ANACOM, 2001

“The Void”

Your Meaning of Work

• What does work really mean to you?

• How much does work:

– Structure your life?

– Provide your social network of friends?

– Help you to feel like you are contributing to society?

– Define the way you feel about yourself?

– Shape your sense of your place in the community?

“The Healing Journey Through Retirement”, Phil Rich, EdD, MSW

As a Career Woman

• Work, more than likely provides you with:

– Structure

– Pride

– Status

– Challenge

– Social Contacts

– Accomplishment

– Goals

– Worth

Only 24 Hours in a Day

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Not As Easy As It Sounds

My last days and first six to twelve months…

• Countdown

• Like a long vacation

• “You Are NOT the BOSS of Me!”

• Much anxiety about nothing…continued

• Rediscovery of things I once did

• Feeding the beast

But what did I really want to do with the rest of my life?

6 Retirement Phases

• Pre-retirement - Planning Time

• The Big Day - Smiles, Handshakes, Farewells

• Honeymoon Phase - I'm Free!

• Disenchantment - So this is it?

• Reorientation - Building a New Identity

• Routine - Moving On “Journey Through The 6 Stages Of Retirement”

By Mark P. Cussen, CFP®, CMFC, AFC

6 Retirement Phases

1. Pre-retirement - Planning Time – This stage is coming, and we do everything we can to save for it, but often give little thought to what we will actually do once we reach the goal

2. The Big Day - Smiles, Handshakes, Farewells – The countdown, the actual cessation of employment itself

3. Honeymoon Phase - I'm Free! - You get to do all the things that they wanted to do once they stopped working, hobbies, visit relatives, travel. This phase has no set time frame, like a long vacation

6 Retirement Phases

4. Disenchantment - So this is it? – the “void”; the emotional high of the honeymoon has worn off and it’s time to get down to the business of being a retiree

5. Reorientation - Building a New Identity - the most difficult stage in the emotional retirement process and will take both time and conscious effort to accomplish. "Who am I, now?", "What is my purpose at this point?“

6. Routine - Moving On - Finally, a new identity has been created. Eventually, the new landscape becomes familiar territory, and you can enjoy the last phase of your life with a new sense of purpose.

Finding My New Identity

Fulfilling your passions

• Finding my way through the “Void”

• Taking stock of my desires

• Being patient with myself

• Making new contacts

• Evaluating my choices

• Creating my new identity

When The Day Comes

• Complete the following questions at your leisure:

– When I think of retirement, I think of…

– With each day that retirement draws closer, I get more…

– I very much want my retirement to be…

– What I’m doing now to make my retirement great is…

– Other actions I could be taking to further my dream include…

– Obstacles to my taking these actions include…

– Looking back five years from now, I think I’ll view my retirement years as…

“The Healing Journey Through Retirement”, Phil Rich, EdD, MSW

My New Identity

• Still a work in progress… building my routine

RetireeHomemakerGrandmotherVolunteerPart-time consultantHobbyist

Happier …Feeling peaceful…Evaluating success in a new way…The new me!

Resources For Your

Emotional Retirement Journey

Retirement coaching

Retirement readiness assessments Retirement Options - https://www.retirementoptions.com

Life Coach Hub – https://www.lifecoachhub.com

Good Life Coaching – https://www.goodlifecoaching.com

Find Your Coach – https://findyourcoach.com

Readings:“Journey Through The 6 Stages Of Retirement”By Mark P. Cussen, CFP®, CMFC, AFC

“Finding Yourself in Transition”, Brumet, Robert

“The Healing Journey Through Retirement”, Phil Rich, EdD, MSW

“The Psychology of Retirement”, The Everyday Psychologist

Questions and Further Discussion