Holidays in Retirement: A New Experience

What are the first memories that come to mind when you think of the holiday season? Do they bring up warm fuzzy feelings, or feelings of malaise, grumpiness, or stress? 

Whether your holiday experience has been one of joy and connection, or the holiday blues, retirement may bring about some changes in your holiday experience. It may also present an opportunity to create new traditions and experiences for this new chapter.

Here are some ways you might experience change with the holidays after retirement, along with tips for making the most out of this time:

Holidays are no longer a break from work.

During our busy working lives, the holiday experience is about family traditions and community gatherings…and also a much-needed break from the routine and stress of work (though not always restful!). Without the regular work routine, the holiday experience in retirement may feel quite different, as it is no longer this break from daily stresses of work. This shift may feel liberating for some but disorienting for others, as the holidays no longer feel much different from other times.

Tip: Rather than the holidays being marked by your time off from work, you might consider creating your own new traditions to mark the holiday season. Reflect on what you have found most enjoyable during the holidays, and how you might incorporate this into your holiday season in new ways. Perhaps you pick a time to put up decorations–even if only for yourself to enjoy. Maybe you have a charity or a cause that you care about, where you can find new ways to contribute during the holiday season. 

More time to focus on the holidays.

Whether the holidays are merry and bright, or down and dull, retirement typically means you will have more time to focus on them. For some this may result in a hyper-focus on holiday plans and festivities, and even attempting to pull others along for the ride of holiday perfection. Others find the holiday blues are even more blue without the distraction that work used to provide. 

Tip: Keep up a routine through the holidays that helps you decompress and focus on your own wellbeing. Think about some of your favorite things–morning walks, yoga, or making time for a book you can’t put down. Make sure to incorporate these into your days and weeks during the holiday season.

Shifting family dynamics and social circles.

The holidays tend to be about time with family and friends. With retirement, these relationships usually undergo some change. How you engage with your family, and the social circles you are involved in, may look quite different from pre-retirement. Perhaps you are used to attending holiday functions for work. Your family might assume that you will be available to host large gatherings and travel long distances now that you are retired. They may expect you to continue generous gift-giving. Or, your family circumstances might mean it’s time to adjust old traditions.

Tip: Explore new traditions that take into account changes with you or your relationships, and that help you celebrate the holidays in meaningful ways. Reflect on your vision for retirement, and how your holiday celebrations may align with this. Explore and discuss ideas for new traditions you can create for yourself, or with family and social connections you treasure most. 

Retirement is an opportunity to create new holiday traditions that reflect your current values and lifestyle. Your friend’s and family’s circumstances may also mean old traditions will need to be modified. Involve others in brainstorming fresh ways to celebrate together, that honor where each of you are in life: “How might we celebrate Christmas differently?” And if circumstances mean you are spending the holidays alone, consider for yourself–how might you like to celebrate Christmas differently?

The holidays are a time of transformation, much like retirement itself. By approaching this season with intention and flexibility, you can build meaningful connections and create a joyful new chapter in your holiday traditions.

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Fighting holiday blues?

You’re not alone if you struggle during the holiday season. There may be past experiences or loss that cloud the season. Perhaps expectations surrounding the holidays are overwhelming. Or perhaps difficult family dynamics make this a tricky and even dreadful time to navigate. The challenges that often come with the holidays make it even more important to care for yourself. Retirement may also present that opportunity to transform the holiday experience.

Explore and find your own little ways to enjoy small moments throughout the season. Consider those things you enjoy most, and how you might incorporate them into each week, and especially after those situations that are most taxing for you. 

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​​Tips for Coaches

For retirement coaches, the holiday season offers a prime opportunity to help clients explore these changes. Use reflective exercises to guide clients in identifying what’s most meaningful about the holidays and how to honor those priorities. For instance, you might ask clients about their favorite past holiday memories and identify what elements made those moments special. Then, help them brainstorm ways to incorporate similar themes or activities into their current celebrations. Encouraging clients to manage expectations, embrace change, and focus on connection can help them approach the season with confidence and joy.

Photo by Alisa Anton on Unsplash

Sleep Improvements in Retirement

Research Highlight

One of the most commonly anticipated benefits of retirement is no longer having to set an alarm. Most people look forward to waking up when they want, and generally doing what they want, when they want. We also know that sleep plays a critical role in our physical and cognitive health, such as functioning of the immune system, cardiovascular health, mood, and memory.

So how do changes in sleeping patterns actually play out in retirement? Do retirees see improvements in sleep that may benefit their health?

Researchers are indeed finding signs of improvements in sleep soon after retirement, and continuing several years into retirement. Generally speaking, studies observing sleep changes both before and after retirement find that retirees are getting an average of about 20 to 30 more minutes of sleep per night [a,b]. Retirees are going to sleep later, but they are also waking up significantly later, resulting in a net increase in their sleep duration. Furthermore, and perhaps more importantly, sleep disturbances such as premature awakening, restless sleep, and non-restorative sleep improved after retirement [c]. 

Retirees are going to sleep later, but they are also waking up significantly later, resulting in an average of about 20 to 30 more minutes of sleep per night.

As many retirees expect, no longer being tied to work schedules and reduced stress appear to contribute to improvements in sleep duration and quality. This is evident in studies showing improvements in duration of sleep on weeknights rather than weekends [1, 2]. Also, those with an evening circadian preference (preferring to stay up later) show a more significant change in their wake-up time. These findings suggest that work schedules do require many people to wake up earlier than may be optimal with their circadian rhythms. 

In terms of reduced stress, researchers found that those who retired from high-demanding jobs were most likely to experience sleep difficulties before retirement, and also see significant improvements after. These retirees will not only experience benefits of reduced stress in general, but also from more restorative sleep and its impact on health.

So how can you also experience the benefits of better sleep in retirement? Improvements in sleep may not always come about so easily in retirement. So we outlined a few tips to keep in mind to support improvements with your sleep with retirement:

1. Don’t ditch the alarm yet...Your circadian rhythm loves predictability. So while sleeping longer certainly has its benefits, waking up at the same time each morning will help your body achieve a stable cycle of sleep with more restorative sleep. Whether or not you use an alarm clock, consider strategies that will help you wake up around the same time each day.

2. Take advantage of the early morning sunlight. Another factor that has an impact on your circadian rhythm is exposure to sunlight within 15-30 minutes of waking. So while it may be enticing to lounge around, getting out of bed and outside shortly after waking can also be an important factor in improving the quality of your nighttime sleep.

3. Keep up daytime physical activity. At Retirement Life Plan, we talk about the importance of quality over quantity when it comes to your retirement pursuits. At the same time, maintaining adequate activity levels does play a role in retirement wellbeing; it also plays a role in the quality of your sleep. Among other benefits, daytime physical activity is going to support your circadian rhythm.

4. Watch your stress levels. Although we tend to think of retirement as an extended holiday, it is not uncommon to experience some struggles in leaving work behind and adjusting to a new way of living. Be sure to reach out to friends who can provide a supportive presence if you are finding retirement to be more challenging than you expected. Also, have a look at the resources available on our website around non-financial retirement preparation. Taking steps to navigate this significant life transition is one way to help ease any stress that might be experienced in the early part of retirement.

5. Talk with your doctor about ongoing sleep disturbances. Although the research here indicates that sleep improves with retirement, some sleep conditions can significantly interfere with the quality of your sleep (e.g., sleep apnea). If you are experiencing daytime sleepiness or disturbances in nighttime sleep, make sure to check in with your doctor.

Other than that, go on to embrace the opportunity that retirement offers, and enjoy your sleep!

For more information on sleep, see:

https://www.sleepfoundation.org/circadian-rhythm

https://www.sleepfoundation.org/sleep-disorders

[1]Garefelt, J., Gershagen, S., Kecklund, G., Westerlund, H., & Platts, L. G. (2021). How does cessation of work affect sleep? Prospective analyses of sleep duration, timing and efficiency from the Swedish Retirement Study. Journal of Sleep Research, 30(e) 13157. https://onlinelibrary.wiley.com/doi/pdf/10.1111/jsr.13157

[2]Hagen, E. W., Barnet, J. H., Hale, L. & Peppard, P.E. (2016). Changes in Sleep Duration and Sleep Timing Associated with Retirement Transitions. Sleep, 39(3): 665–673. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4763359/

[3]Peristera, P., Nyberg, A., Magnusson Hanson, L. L., Westerlund, H., & Platts, L. G. (2022). How consistently does sleep quality improve at retirement? Prospective analyses with group-based trajectory models. Journal of Sleep Research, 31 (e13474). https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jsr.13474

Planning for Retirement as a Couple

Retirement is often framed as an individual decision. But for couples, there is another layer of complexity, and preparing well together can make all the difference in how things turn out. Unfortunately, couples often fail to communicate their plans for retirement because they assume they are already on the same page.

So the number one piece of advice for couples planning for retirement is the same as for couples at any other point: communicate.

But with drastic changes in day-to-day life after retirement, couples often face entirely new changes and challenges. Relationships that worked well in pre-retirement years sometimes need a bit of work during retirement. The rise in divorce rates among those around the average retirement age reinforces the new challenges that may arise in this phase of life. 

While divorce rates have gone down among younger age groups between 1990 and 2021, divorce rates among 65+ age group have tripled [1]. That being said, divorce rates among younger groups are still much higher than for those 65+—so it seems there is still something to be said for experience when it comes to marriage.

But what can couples do to better prepare for relationship changes in retirement? 

We have outlined six topics that are sometimes overlooked or even dismissed, and which can result in some struggles down the road. Taking time to discuss each of these points will go a long way to helping you prepare for retirement as a couple.

1. Get specific about your vision. 

Before you (and/or your partner) retire, take time to understand one another's hopes, expectations, and concerns for this next chapter. Also make sure to go beyond the big ideas and explore your vision for day-to-day life, between the travel, projects, etc. What will it look like for you, as individuals and as a couple?

What are the things you feel you must do in retirement? Where do you want to live? Who will you want to spend time with? Which pursuits will you enjoy? 

2. Get clear on your financial plan together.

Each partner’s involvement in financial planning is crucial for the plan to work. Furthermore, in the event of a health challenge or even the loss of your spouse, you will be so much better off if you already have a clear understanding of your financial situation. If you are not already meeting with a financial planner as a couple, now is the time to start.

3. Reflect on how retirement timing will impact your relationship.

Retiring at the same time can be difficult to actually execute, given the factors that come into play with the timing of retirement. But whether you retire at the same time, or different times, this will mean a unique set of changes and adjustments. 

Retiring at the same time will mean navigating retirement together, as a couple, while also navigating your own personal adjustments to retirement. Retiring at different times, on the other hand, will mean that one partner may be at home while the other is working. With either of these scenarios, there will be different expectations and hopes.

4. Consider time together versus time apart.

Retirement is an opportunity to spend more time with your partner. It also means you will probably have more time together than ever before. Spending time apart, on your own individual interests and with your own social circles can be just as beneficial for your relationship as having more time together. What pursuits will you enjoy together, and what will you enjoy doing separately?

5. Renegotiate household chores.

When one or both partners in a relationship retire, there are often shifting expectations around household responsibilities. Openly discussing these expectations and changes ahead of time helps to support a smooth transition for both partners.

6. Talk about how retirement is going.

Check in with one another about how you’re feeling about retirement. Everyone experiences retirement differently. For those who found a great deal of enjoyment with work, retirement might mean having to discover new avenues for fulfilment. For others, retirement may be exactly what they needed. More importantly, your feelings about retirement may change and fluctuate over time. Having a partner who will listen to your experiences is an invaluable form of support when things are challenging.

The same practices that have kept your relationship strong up to the point of retirement will also help to support your relationship in retirement. Nevertheless, there are bound to be some changes and adjustments that you will face as a couple after retirement. Communication around these changes will be crucial. 

For relationships that are struggling before retirement, extra care and attention may be required to successfully navigate this new terrain. For couples, satisfaction with retirement is not only about individual experiences, but the quality of their relationship.

[1] https://www.bgsu.edu/ncfmr/resources/data/family-profiles/westrick-payne-lin-age-variation-divorce-rate-1990-2021-fp-23-16.html

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For more information on retirement life planning, you can book a complimentary consultation with a retirement coach, or have a look at our training programs for professionals working with retiring clients.

Four Tips for Creating a Retirement Life Plan

A robust financial plan provides a crucial foundation for retirement, but preparing for a successful and satisfying retirement does not end there. To enjoy the years that you have worked so hard for, a retirement life plan is imperative. Think of this as scaffolding for a gratifying next chapter, which includes both financial and non-financial considerations. More importantly, it means focusing on factors that really contribute to a sense of fulfillment and engagement.

Why is a retirement life plan important?

While many people make the change and adjust well to retirement life, it is also not uncommon to really struggle with lifestyle changes. Contrary to expectations, retirement is not all about travel, sleeping in, and doing what you want, when you want. Retirees often find that they need to make adjustments in their day-to-day routines, long for more engaging and meaningful pursuits, and sometimes face more significant adjustment challenges, such as feeling like they are no longer the same person.

After so many years spent working, work usually becomes an integral part of who we are, even when we are not really thinking about it this way. Aside from a paycheck, work usually provides various other benefits for our general wellbeing (more so for some than for others): It provides a built-in network of social connections, structure and routine in our days and weeks (albeit usually too much), and for those fortunate enough, work can be incredibly engaging, meaningful, and rewarding.

So how do you prepare for the non-financial side of retirement, and create a retirement life plan that will carry you through to a fulfilling new chapter? Below are a few tips to get you started in more fully developing your plans for retirement.

1. Enjoy the honeymoon phase.

Relaxation, travel, and projects around the house are some of the things that tend to come to mind for most people when they think of retirement. These ideas reflect what we call the honeymoon phase—the early phase of retirement that includes all of the things you look forward to doing without work being in the way.

A retirement life plan helps you look beyond the honeymoon phase, to consider what you will do when you have had enough relaxation, or have finished your projects around the house. This is because many people will experience a period of letdown after an initial bout of enjoyment while embracing their newfound freedom. But a retirement life plan includes plans for the honeymoon phase, as well as a longer-term vision. So, take retirement life planning seriously AND also embrace the freedom that retirement offers.

2. Brainstorm meaningful pursuits.

People often worry about keeping busy and having enough to do in retirement. Rather than worrying about finding things to do—so that you do not end up sitting around the house—you might focus instead on finding a few meaningful and engaging pursuits.

It is not necessary to fill every hour of every day. But what we do thrive on are pursuits and involvements that are positive, inspiring, meaningful, or rewarding. With retirement life planning, this means starting with YOU—your personal preferences, values, and personal stories.

3. Consider the retiree you want to become.

With retirement, there can be a shift in how we see ourselves, and how others see us. This is because, without even thinking about it, our sense of self is tied to our day-to-day experiences, and how we spend our time. As you prepare for retirement and consider how you will spend your time in retirement, it may be useful to step back and reflect on the type of retiree you would like to become. What does retirement mean for you, and who you are as an individual? How will retirement life reflect core aspects of who you are? 

4. Make note of your support network.

As with any transition, a support network can be crucial to navigating retirement well. This may include formal or informal connections, friends and family, or professionals. Who will support you with key decisions you need to make around retirement? Who will be a positive and supportive person to discuss retirement challenges with? Who will be there to help you out with any practical needs (e.g., who will help you move the couch)?

While financial planning provides a foundation for your retirement, more and more pre-retirees and financial planners are recognising the importance of looking beyond finances for a fulfilling retirement. These four considerations are just a start to more fully considering your retirement life plan.

For more information on retirement life planning, you might also want to have a look at our resources and programmes for both those in the retirement transition, and professionals who are working with them.

Retirement and Your Legacy

Conversations about leaving a legacy often intersect with retirement planning. With financial planning for retirement, discussions often revolve around leaving behind tangible assets or financial resources. But there are other facets of legacy that can hold equal or even greater personal significance as you approach retirement.

Considering the legacy you hope to leave as you near retirement can influence the choices you make concerning your lifestyle. Moreover, the transition to retirement, itself, can provide a unique opportunity to pause, reflect, and contemplate your legacy—what you wish to leave behind and the essence of legacy in your eyes.

Legacy in your career

With retirement, you may consider both the legacy you're leaving at work and in life as a whole. Work is often a significant avenue for leaving our mark on the world; and so, for many, retirement signifies this point at which we have finished leaving our mark in this way. This may bring up feelings of satisfaction and reward, or it may also bring up feelings of doubt and reluctance to retire.

As you contemplate retirement, or begin the transition, it is worth reflecting on the legacy you aim to leave behind in your career. Perhaps there are personal career goals, projects, or commitments you want to see through before transitioning to retirement. You might also consider any unfinished work that remains, and opportunities that exist to complete it or to pass it on to others to take over and build upon. How would you like to be remembered in your career? How will you know when your work is done, or ready to be left to others?

What does legacy mean to you, outside of work?

Retirement also presents an opportunity to think about leaving a legacy outside of work. It can be the ideal time to focus on the legacy you want to leave, beyond your professional sphere. What other ways do you wish to make a lasting impact on the world? How would you like to create something meaningful that can be passed on to others?

Legacy can be viewed from many different angles–from material to intellectual, emotional, creative, social, or environmental. Below are some ideas about different facets of legacy, but the key is to identify what resonates most for you. Your legacy is about the way in which you would like to leave your mark, or leave something behind. 

1. Material legacy-tangible assets, possessions, or financial resources (e.g., real estate, heirlooms, or charitable donations)

2. Emotional legacy-connections with, and emotional impact on others (e.g., memories, feelings, and bonds with others)

3. Social legacy-impact on society as a whole (e.g., tackling social justice issues, creating positive change in society, and improving the lives of others on a small or large scale)

4. Environmental legacy-impact on the environment and the planet

5. Intellectual legacy-knowledge and wisdom that you leave behind (e.g., through mentoring, research, teaching, or writing)

6. Creative legacy- artistic and creative works that you leave behind (e.g., writing, music, woodwork, photography, paintings)

Which of these facets of legacy resonates most with you? What other facets of legacy come up for you, that were not included here? What is most important for you to focus on, as you consider your retirement? 

At Retirement Life Plan, we focus on preparation for the non-financial side of retirement. Whether you are retiring yourself, or working with others in the retirement transition, our research-based programmes provide you with specialised insights and tools for retirement life planning.

Retirement Planning with the PERMA Model of Wellbeing

Martin Seligman, the founder of positive psychology, developed the PERMA model to outline key areas of life that impact our psychological wellbeing, throughout the lifespan. This model is useful to reference at any point in our lives, especially when we are considering ways to improve our wellbeing. It can also be particularly useful in planning for retirement, to ensure that we are considering these very important elements of life that support and enhance our wellbeing. 

So what does PERMA stand for, and how might you integrate this into your retirement planning? We take a look at each of these elements below and highlight some questions you might consider on your retirement journey.

P - Positive Emotion. This is probably the area that most people are thinking about when they start planning for retirement–more time for all of those hobbies and interests that bring us joy. Any activities or pursuits that evoke happiness, joy, or any other positive emotion are certainly an important part of our wellbeing. 

Of course, this is not to say that we need to strive to be happy all the time. There is a lot of work now highlighting the importance and value of negative emotions as well. But we all need a dose of positive feelings on a regular basis.

Consider those things that bring you the most joy and happiness—and be prepared to try new things as well. How will you integrate these things into your daily life in retirement? 

E - Engagement. At Retirement Life Plan, we emphasize the importance of quality over quantity when it comes to retirement activities. You might fill your calendar and keep busy all day long; but do those things feel engaging, inspiring, or rewarding? These are the pursuits that really support and enhance our wellbeing.  

Consider pursuits that you lose yourself in (e.g., you lose track of time), or challenges that you can really sink your teeth into. How will you incorporate these into your retirement on a regular and ongoing basis?

R - Positive Relationships. Positive, supportive relationships are crucial for our psychological wellbeing and our physical health. Not all relationships are healthy; in fact, some are quite toxic. So it is critical to focus on positive relationships, and consider your social network to be a part of your health regime. Also, retirement usually means significant changes in our social networks and relationships, so this is an area that many retirees find they need to actively work on. 

Consider the people and groups that will form a part of your social network in retirement. What positive relationships would you like to build on in retirement? Which relationships are you ready to step back from? Which ‘work’ relationships might you need to replace?

M - Meaning. Having a sense of meaning and purpose in retirement is a common concern among pre-retirees, and for good reason. A sense of meaning has been linked to higher levels of wellbeing, and again, better physical health. 

But the meaning (or definition) of meaning can vary quite a bit. In Seligman’s PERMA model, meaning is about involvement in something greater than ourselves. This tends to evoke big ideas about finding your meaning in life. 

At Retirement Life Plan, we think that these big ideas about meaning in life can sometimes distract us from noticing the small meaningful moments in our day-to-day life, which contribute to a broader sense of meaning. It also leads some to start looking around for something meaningful, rather than reflecting on their own personal ideas and experiences of meaningfulness.

Consider those things, larger than yourself, that you feel connected to. Recognise your values and the things that are important to you (e.g., helping others, creativity, lifelong learning). How will you incorporate these things into your retirement? Also, consider those little moments in your daily life that you find meaningful or worthwhile. How might these be incorporated into your retirement?

A - Achievement/Accomplishment. This represents pursuits that leave us with that sense of reward from something we have completed or accomplished. Of course, many of us gain this through work, and it can be difficult to think of leaving behind that feeling of satisfaction from a job well done. 

In our research on retirement adjustment and experiences, we have found that many people begin to shift away from their focus on achievement and accomplishment around the time of retirement. In fact, for many people, this shift is what leads them to begin considering retirement–sometimes when they previously felt they would never retire.

At Retirement Life Plan, we believe this can be one of the more challenging elements to replicate in retirement, particularly if you are transitioning to full-retirement (without any paid work). For some people, achievement may look quite different from, or be less important than it was in earlier years while they were working.

Consider how much accomplishment is important to you and how you will measure success. Which potential retirement pursuits involve a challenge, or require some skills, knowledge or abilities? Which pursuits will leave you feeling a sense of productivity, usefulness and accomplishment?

Considering these five elements of wellbeing will take you a long way in planning well for the non-financial side of retirement. Again these are areas that impact our wellbeing throughout life. In retirement, you take the reigns and responsibility in designing your lifestyle–deciding what sort of activities to include in your day-to-day life–and models such as this can be useful in making these decisions.

At Retirement Life Plan, we also focus on more retirement-specific adjustments and experiences. While the same elements that support wellbeing in earlier years will continue to support us in retirement, leaving work behind after so many years also comes with some unique adjustments. For more information, have a look at our research-based programmes for pre-retirees, as well as coaches/ professionals who are working with pre-retirees:

Photo by Mockup Graphics on Unsplash

What is retirement life coaching?

Many people will be familiar with financial planning before retirement. Working with an independent financial advisor or wealth manager can help you ensure you are saving and investing effectively to provide for retirement. 

And for many, that’s job done. But we know from research that there is much more than finances to a successful and fulfilling retirement. And that’s where retirement coaching comes in.

The transition from working to retiring brings many more challenges than having enough to live on. Some can’t wait for the free time to begin; for others the question is ‘What will I do?’ You may have some projects lined up – travel, moving house, a new skill to learn – but what comes after that? Will it give you the sense of purpose and structure that working does?  Many are surprised at how their concept of self – and how others perceive them – changes too; work is a big part of our identity. And then there are the impacts on family and relationships, as well as the loss of the social network work often provides.

This is where retirement coaching comes in. We focus on non-financial factors known to impact psychological wellbeing in retirement. Retirement coaching helps those approaching retirement to reflect on their working lives, actively design how they want their retirement to be, and put plans in place to achieve this. It could be about exploring a new part-time role, having conversations with partners or family about expectations and boundaries, becoming aware of what really motivates you, or even re-imagining a whole new lifestyle. Usually it’s a combination of these.

How is it different from Executive Coaching?

Executive coaching tends to focus on fulfilling the requirements of a current or future role. It is about performance, getting the best out of people, devising strategy and building confidence.

Retirement coaching is about a very different sort of transition, moving from the certainty of work to the uncertainty of a new phase of life. Retirement coaching deals with the psychological and emotional transition, such as feeling a loss of identity and creation of a new identity. It is also about looking to pursuits outside of work to provide the sense of satisfaction and fulfilment that we all long for–feelings that are often fulfilled through work. 

How is it different from Life Coaching?

Retirement coaching is also similar to more general life coaching. The goal is to enable individuals to forge their own path in life, a path that is aligned with their core values and sense of self. What sets retirement coaching apart from life coaching is the focus on retirement-specific changes and adjustments. Retirement involves the separation from something that has formed a large part of one’s life, and sense of self. So while retirement coaching is about the broader picture of life in general, it also focuses more specifically on this shift, what it tends to involve, and what it means for each client, individually. 

A Personalised and Evidence-Based Approach

Every coach, or planning professional, will have their own style and method for working with clients. Because our approach, at Retirement Life Plan, is informed by evidence and research, combined with real life experience, Certified Retirement Life Coaches may guide the coaching conversation more than is usual in life coaching. 

In our programmes for pre-retirees, and professionals who are working with them, we aim to go beyond surface level planning by focusing on elements that are shown to support wellbeing in retirement. Understanding who you are as an individual is key to discovering a fulfilling retirement, and so our approach involves first looking at personal circumstances, characteristics, and preferences. We want to support you in designing a lifestyle that aligns with you, as opposed to following advice that has worked for others.

By Anne Cannings, Retirement Life Plan Affiliate Coach

Our coaches are highly experienced, with corporate backgrounds and qualifications in coaching, as well as retirement life coaching specifically.

Our Retirement Life Coach Certification equips you with tools and knowledge to support retiring clients through a successful transition.

Research Highlight: Expectations for Gradual Retirement

A recent report by Fidelity highlights some trends around how Australians are thinking about and planning for retirement—both financially and non-financially. The survey of over 1,500 Australians (already retired and nearing retirement) reveals that most people are looking to make a more gradual transition to retirement. Nearly 9 in 10 respondents found the idea of transitioning into retirement over time appealing. Respondents are looking to retirement mostly for non-financial reasons…

“[The] top three reasons respondents give for continuing to work are: they enjoy working, it helps them maintain a sense of purpose and it allays boredom”

This statistic is a bit higher than those that have come out of other surveys exploring interest in gradual retirement; but this may also be a difference between what pre-retirees find appealing and what they are planning or expecting for their own retirement.

According to a 2017 report by the U.S. Government Accountability Office, roughly 29 percent of Americans ages 61 to 66, said they had planned to reduce their work hours as they transitioned to retirement. This report also points to differences in expectations for gradual retirement and reality, with only 11 percent reporting being partially retired.

The Fidelity report also highlights the role that circumstances often play in the timing of one’s retirement (and the ability to gradually retire). Common reasons for unexpected early retirement included redundancy, health issues, or caregiving demands. But perhaps most notable is the impact that such unexpected early retirement had on wellbeing.

Consistent with other research, those who felt retirement was out of their control experienced noticeably lower levels of wellbeing compared to those who felt retirement was within their control. As over half of the experienced retirees in the Fidelity survey suggested, it is critical to always have a Plan B. Developing an alternative vision can make the difference between really struggling with an unexpected retirement and adapting in order to thrive in it.

Unexpected Challenges with Retirement

Interestingly, the survey also revealed that while pre-retirees worry about money, the most common unexpected challenges reported by experienced retirees include the emotional impact of retirement and the loss of purpose and personal identity. These directly reflect some of the issues that have come out of our own research on retirement adjustment, highlighting the more personal side of the transition that is a critical part of retirement wellbeing.

Nonetheless, the benefits of retirement may still outweigh the potential challenges. With reduced stress, greater control over time, and more time for sleep, exercise, and healthy eating, many people would benefit from making this move to retirement. The key is to prepare for those common, yet often unexpected challenges.

At Retirement Life Plan, our coaching programmes and courses for coaches/professionals are based on research insights such as these, so that we can better support the wellbeing of retirees. Whether you are preparing for retirement yourself, or working with pre-retirees, we have solutions to support you.

Holidays as a Time to Reflect on Retirement Plans

It's tempting to think about retirement life as one long holiday, with endless rest and relaxation, time with family or friends, and plenty of new experiences. While retirement does include some of the same things we enjoy on holidays, there is also so much more to consider. And actually, holidays can be an opportunity for thinking about your future life outside of work.

As you relax into your next holiday, take a moment and just imagine that this is part of a permanent transition: You will never go back to your workplace.

For some, this brings about joy and relief; for others, it brings up fears and uncertainties. Notice your own reaction. What are you happy to leave behind? What might you miss about work? And what aspects of your holidays would you like to bring into your retirement lifestyle?

What does your holiday lifestyle offer that your working life does not?

You may also consider what your holiday lifestyle offers that your working life does not. What appeals to you the most about your holidays? What do you enjoy most on holidays, and why? And what does this tell you about how you might like your future retirement to be?

For instance, holidays may offer opportunities for new experiences, to learn new things, or to rest and enjoy better sleep. They may also allow time for simple pleasures, such as reading a book or time over breakfast with a partner. Which of these things are important for you to include more permanently, in your way of life after full-time work?

What are you happy to leave behind?

Even the most rewarding work will have its downsides. It may be the commute, the difficult coworker, bureaucracy, the inflexible schedule, or the stress. These aspects of work highlight some of the obvious benefits of retirement, in that you no longer have to deal with them. For those who have been working in unhealthy work environments, and have really experienced low levels of job satisfaction, leaving this behind with retirement is likely to lead to improvements in health and wellbeing. For everyone else, it’s perhaps more of a ‘nice to have.’

What might you miss about work?

Work usually provides many personal benefits, in addition to the obvious financial benefits. For some, work is a source of positive and supportive social connections. It may also provide opportunities for learning, growth, and achievement. For most of us, work also contributes to our sense of self–just given the sheer number of hours we spend doing work, it is almost bound to become a part of how we think of ourselves, and how others think of us.

So is retirement really like one long holiday? Probably not, when we give it a bit more consideration. Having time to slow down and relax would be good for most of us, but a lifestyle centered on this is unlikely to provide lasting fulfilment. If you spent your retirement the same way as you did your holiday, how long before you might need more variety, more challenge, or a deeper sense of purpose? 

For more information on retirement life planning, you can book a complimentary consultation with a retirement coach, or have a look at our training programs for professionals working with retiring clients.

Retirement Celebrations and Farewells

With so many years spent working, the last days of work and the first days of retirement will sometimes come with a sudden realization of the significance of this change. Celebrations and farewells can be filled with mixed emotions, from eager anticipation to sadness, or questioning the decision to retire.

Retirement tends to involve a process of adjusting to a new way of living, with many personal changes. Planning and preparation in the run-up to retirement supports a smooth transition. But even if you are very near retirement, there are simple steps you can take to help you successfully navigate the transition—closing one chapter before embarking on a new way of life.

Goodbyes and farewells

The last days of work will sometimes bring up unexpected emotions with goodbyes and questions about what lies ahead. 

As you near retirement, consider what you would like your last days of work to look like. What will you be doing? How will you say goodbye to colleagues? Will you write an email, a note, or visit them in-person? Will you exchange contact details to stay in touch? And how will you answer questions about what you will do with your free time?

Marking the occasion

Rituals and rites of passage help to mark transitions from one stage of life to the next. Retirement parties and ceremonies may help to serve this purpose. However, it’s worth considering how you, personally, would like to mark this occasion and celebrate your retirement. 

Will you celebrate with coworkers or family? Will someone be helping you organize this celebration? Or do you prefer a quieter celebration, perhaps with a favorite meal? 

Early days

The early days of retirement can be a time to enjoy the relaxation and opportunity to do all of the things you did not have time for while working. For others, however, it can involve mixed emotions about what lies ahead. 

How would you like to spend the first few days and weeks of retirement? What will retirement allow you to do more of?

Looking ahead

What works in the short-term does not always provide lasting fulfillment in retirement. Ideally, visions for retirement will include both short-term ideas, and long-term visions for a new lifestyle. 

What will become your top priorities for this chapter in life? What personal pursuits might provide lasting fulfillment?

Whether you are approaching retirement yourself, or you are working with others who are in the transition, we have programmes and resources to support you.

Research Highlight: Does retirement increase risk of depression, or protect from it?

Retirement is a major life transition, which usually involves both opportunities and challenges for mental and physical health. Researchers have attempted to understand the impact retirement has on both physical and mental health, with mixed findings. Partly, it is often difficult to untangle whether retirement led to poor health, or poor health led to retirement. So there has not been real consensus on the impact of retirement on health and wellbeing. 

A recent publication in Epidemiology and Psychiatric Science reported findings from a meta-analytic review of 41 studies, examining the relationship between retirement and depressive symptoms. Meta-analysis is a statistical process that allows researchers to compile and analyze data from multiple studies, and is useful for exploring findings and identifying trends across multiple studies. So while there were mixed findings among the studies that were included in this review, pooling them together revealed a generally protective effect of retirement on the risk of depression.

“Pooled data suggested that retirement reduces by nearly 20% the risk of depression; such estimates got stronger when limiting the analysis to longitudinal and high-quality studies…”

Furthermore, while it is often assumed that men have a more difficult time with retirement than women, the authors did not find significant differences between genders in their risk of depression in retirement. This supports our own findings in reviewing research on experiences with retirement adjustment.

Other individual characteristics and circumstances, however, may play a role in the relationship between retirement and risk of depression. For instance, being pushed to retire involuntarily is consistently linked to more difficulty with retirement, and the authors in this meta-analysis also report retirement having greater impact on depressive symptoms with involuntary retirement. Additional characteristics of the retirement transition, job characteristics (e.g., time pressure, workload and physical demand), and access to resources are also likely to play a role in this association. So while the results of this meta-analysis paint a generally positive picture for retirees, there is of course a great deal of variation between people and their retirement experiences.

How might retirement protect against depression?

Retirement usually leads to increased free time, reduced stress, and opportunities for better sleep and exercise. So of course these factors may clearly contribute to improvements in mental health. It may also be that, at least in some studies, retirees are compared against those who need to continue to work for financial reasons, and perhaps financial stress is putting them at greater risk of depression.

While many people plan to continue working because they enjoy it, a significant portion of workers nearing retirement age will have to continue working for financial reasons. A 2017 survey by the Transamerica Center for Retirement Studies found that among workers who plan to work in retirement or past age 65, larger proportions do so because of financial reasons (83%). Only 62% of workers were confident that they would be able to fully retire with a comfortable lifestyle, and 52% reported fearing that they would outlive their savings.

Looking across time: Different trajectories for wellbeing in retirement

While it is encouraging to see research findings that point to the benefits of retirement, more work needs to be done to untangle the different trajectories for retirement—i.e., different patterns of change in wellbeing over time—and the factors that are associated with them. Mo Wang began looking at such trajectories, and identified three distinct patterns of change in wellbeing in large samples of retirees. The majority of retirees experienced little change in wellbeing, some experienced a temporary decline in wellbeing, and a smaller number of retirees experienced an increase in wellbeing. Viewing retirement experiences as diverse and evolving, rather than positioning it as purely good or bad, allows us to focus on individual circumstances and characteristics that shape this chapter in life after work.

At Retirement Life Plan, our coaching programmes and courses for coaches/professionals are based on research insights such as these, so that we can better support the wellbeing of retirees. Whether you are preparing for retirement yourself, or working with pre-retirees, we have solutions to support you.

What is retirement life planning?

When we think of retirement planning, we usually think of finances. Of course, finances do form a foundation for retirement, and they will have an impact on what your retirement looks like. But financial plans are just the start. 

A recent survey by Edward Jones found that 77% of those planning to retire are looking for resources that go beyond finances. 

Another survey by Standard Life found that only 54% of pre-retirees feel mentally prepared, and 48% feel socially prepared for retirement. So roughly half of retirees are feeling like they need to do more to prepare for the social-psychological side of retirement.

One of the most common questions in the run-up to retirement is, “how will you spend your time?” Some of us will have very clear answers to this, while others may have no idea. Actually, this question can cause a lot of uncertainty and concern about retirement: What will I do? More importantly, will I really enjoy it? 

The latter question is really the one we want to be focusing on. And this is what retirement life planning is about. It is not necessarily about generating a bucket list, looking for volunteer roles, or finding other ways to fill time and keep busy—although it can include these things. It is more about understanding what this next chapter in your life means to you. It is about designing a lifestyle plan that aligns with your own vision for what this phase of life will bring. For some, it may be a busy time. For others, it may be mellow—a time to slow down. The important point is that you find it engaging and fulfilling. 

—Keep in mind, retirement can be engaging without being overly busy.

What does retirement life planning entail?

Every coach, or planning professional, will have their own style and method for working with clients. At Retirement Life Plan, we aim to go beyond surface level planning, to help you design a lifestyle with elements that are shown to support wellbeing. We aim to help people prepare by first looking at personal circumstances, characteristics, and preferences. Understanding who you are as an individual is key to discovering a fulfilling retirement. We want to design a lifestyle that aligns with you, as opposed to following advice that has worked for others.

We also base our approach on an in-depth understanding of research on retirement adjustment and wellbeing. With this, we are able to help pre-retirees (as well as recent retirees) to avoid common pitfalls and prepare in ways that will support and enhance their wellbeing in retirement. Our goal is for the focus on meaningful work and job satisfaction to be expanded, to include a fulfilling retirement. 

What else should you be thinking about?

• How ready are you for retirement?

• What type of retiree will you become?

• What is your ideal vision for your retirement? Is it realistic?

• What do you need to do?

Of course you want to be thinking about your ideal vision for retirement, and how ready you are for retirement. For some, this is tricky and a bit mysterious—how can you really know what retirement will be like until you get there? It is quite normal to experience some anxiety and stress with uncertainties in the approach to retirement. Reflecting within, on your own personal values, interests, and passions is a great place to start. You can also start that process with one of our introductory sessions with a Certified Retirement Life Coach.

If you are a coach or professional who is working with pre-retirees, we provide retirement-specific training that helps you to get at the heart of the issues that retirees face.

Photo by Bookblock on Unsplash

Research Highlight: Social Involvement and Physical Health

Retirement can be an opportunity to improve health, with more time for (better) sleep, eating healthier, and exercise. In fact, maintaining health is a top priority for retirees, next to finances. But studies are starting to suggest that we need to look beyond diet and exercise for living a long and healthy life in retirement.

A 2016 study by researchers at the University of Queensland in Australia found that retirees’ social involvement was comparable to physical exercise in terms of its association with physical health and mortality.* These researchers compared the number of social groups both before and after retirement: “In showing that it is group memberships following (rather than prior to) retirement that determine long-term life and health quality, findings also indicate that group memberships play a unique role in the transition to retirement by affecting people's health and quality of life once they cease formal employment.”

We know that social involvement is a critical part of general wellbeing, and now we are seeing more and more evidence of the impact it has on physical health (including brain health). With so much of our time spent at work, our social lives tend to also revolve around work. This means that, with retirement, we need to seriously consider changes to social networks and the quality of social interactions, in order to maintain or improve wellbeing following retirement. For some, retirement will mean leaving behind toxic relationships and having more time for healthy and supportive relationships. For others, it will mean leaving behind relationships that have very much been a part of one’s sense of community, belonging, and sense of identity.

At Retirement Life Plan, our research-based programmes take a deep dive into issues such as this, to ensure that the transition to retirement is about supporting enjoyment and wellbeing. Whether you are preparing for retirement yourself, or working with pre-retirees, we have solutions to support you.

*Steffens, N. K., Cruwys, T., Haslam, C., Jetten, J., & Haslam, S. A. (2016). Social group memberships in retirement are associated with reduced risk of premature death: Evidence from a longitudinal cohort study. BMJ Open, 6 (2). https://doi.org/10.1136/bmjopen-2015-010164

Coaching Clients Through the Retirement Transition

Are you working with clients who are in, or nearing retirement? Are you wondering about unique changes, challenges, and adjustments they could prepare for?

When we take a closer look at retirement, beyond ideas of travel or relaxation, and seriously consider what it means in terms of personal adjustments and wellbeing, it becomes clear that this is indeed a major transition. Yes, many people manage the transition well; but probably not without some period of adjustment to a new way of life. In a recent blog post for the International Coaching Federation (ICF), Pauline Johnson-Zielonka, PhD, highlighted four points to keep in mind when coaching clients around retirement. You can read the full post here.

In our Retirement Life Coach Certification, we take an in-depth look at both elements of work that contribute to wellbeing, and also common adjustment experiences in retirement. This evidence-based course uncovers retirement-specific experiences, so that you can help your clients become better prepared. You can learn more about the course here.

The Last Day of Work Before Retirement

Ah, you’ve almost made it to retirement! It’s a time to celebrate - celebrate no longer having to set the alarm, fight traffic, and respond to emails. Colleagues and family may be arranging a party to celebrate this big event with ideas of travel, sleeping in, and just doing what you want, when you want.

But when the time comes to pack up your desk, and say goodbye to colleagues, the significance of this departure can start to really hit home…dredging up emotions that hadn’t surfaced before. Suddenly, realizations that this is it - perhaps there is no going back - start to overcome you.

Actually, there are many things you do still enjoy about work. You notice the people around you, and the bonds you have formed with so many of them. Will those continue, or will they fade? Memories of your career, challenges you overcame, and accomplishments bubble up as you pack up your things.

Even seemingly small privileges begin to feel much more significant. One day, you walk right into the office as if you own the place; and the next, you need permission and a visitor’s badge. No more access to email. You become an outsider on projects you once managed.

Meanwhile, colleagues innocently inquire about what you will do next: What will you do with all of your free time? Perhaps you have had ideas about fixing up the house, some travel, or time with grandkids. Doubt starts to creep in. What am I going to do with myself? Was this the right choice? Will I really enjoy retirement?

Uncertainty, fear, and anxiety are a natural part of the retirement transition. When we actually stop to think about it, this really is a massive life change—whether or not we look forward to it. It means leaving something behind that has consumed most of our time, and our lives. Of course there will be big emotions arising with this change.

For some, these thoughts, questions, and emotions come up well before the retirement event, itself. But for many, reality hits hard on that last day of work, and first days of retirement. Some have described waking up drenched in sweat, fearing they have made the wrong decision about retiring. Then, others may go through a period of denial, spending the first few weeks of retirement feeling as though they are on leave. Whatever the situation is, there are things you can do now, on your own, to help prepare for this big event and reduce difficult feelings of shock:

1. Reflect on the story of your career. If you’re someone who likes to write, then you might do some journaling to reflect on your career experiences. Talking to a friend or colleague, however, is a great way to reflect on your career - the highs, the lows, the accomplishments, the setbacks, and the challenges you overcame.

2. Acknowledge what you are leaving behind. For many people, retirement is an opportunity to get away from the aspects of work they no longer enjoy. This becomes the focus for retirement. This can also cause blind spots with regard to the positive and enjoyable aspects of work that will be let go of with retirement. As you reflect on your career and current work situation, consider both the things you are happy to leave behind and the things that still provide fulfillment.

3. Get realistic about retirement life. Retirement offers many great benefits. In order to really reap these benefits, and experience satisfaction and fulfillment in retirement, it’s important to give serious consideration to the pursuits that will become a central part of your life. Do they challenge you, or push you to develop in some way? Do you have pursuits that you become completely immersed in? Are there pursuits that leave you feeling as though you have had an impact on someone or something?

Bridging the gap between a rewarding career and a fulfilling retirement is exactly where a retirement life coach can help with the transition to retirement. Retirement life coaching aims to address and explore these questions in order to reduce feelings of uncertainty in the run-up to retirement, increase confidence in plans for retirement, and support long-term wellbeing after retirement. It is not about creating a bucket list of things to do, or directing you to volunteer opportunities - it is about digging deep into who you are as an individual, and helping you identify the type of lifestyle that will fit you best for a happy retirement.

© 2021 Retirement Life Plan

Workers over age 50 facing forced retirement

A new report released by the Institute for Fiscal Studies reveals people over the age of 60, are in a precarious position now that the furlough scheme has ended in the UK.*[i]

Recent statistics regarding the furlough scheme showed that close to 1 in 10 workers still on the scheme in July were over the age of 60. This was the highest of any age group, showing these workers are particularly vulnerable to not being retained by employers. Alongside this, data shows that it may be harder for age 50+ workers to find employment, especially compared to younger workers; six months after losing a job

·        64% of those aged 18-49 had found employment

·        but only 35% of workers 50+ had found employment

and it appears the pandemic is set to worsen this trend.

Ultimately, more experienced workers may be being forced into an early retirement due to the circumstances that the pandemic has created.

Responsible employers planning redundancies will most likely be offering some form of outplacement support, yet this may be insufficient for those planning to downshift their work or even fully retire, whether by choice or circumstance.

In a recent report by the FCS[ii], 24% said retiring was the third biggest emotional impact on them, after children and marriage. The preparation needed to navigate this major life transition goes well beyond the obvious financial and pensions planning. There is much an employer can do to support someone’s wellbeing in this situation:

 ·        Signpost resources (see the list below!)

 ·        Offer workshops face to face or online to help those contemplating retirement or downshifting explore the actions and decisions needed, as well as the psychological impacts

  ·        Provide one-to-one coaching to help people navigate the discussions, decisions and implications

If you want to provide more than just financial support and outplacement, consider some conversations around the following:

·        What is your relationship with work?

·        What/who will you miss most about work?

·        What aspects of work are you looking forward to leaving behind?

·        What concerns do you have about retiring?

·        How might you celebrate this significant event?

·        How will you involve your partner in the planning? What is the impact on them?

·        How will this affect your social network and family relationships?

·        How prepared do you feel for the change/transition?

·        What adjustments have you already made?

·        What challenges might retirement present to you?

For more information about how you can support employees as they transition to retirement, have a look at our course or schedule a complimentary discussion:

[i] For the report in HR Review, see

Older staff at high risk now furlough has ended, IFS warns - HRreview

[ii] https://www.fscs.org.uk/media/press/2021/mar/retirement-milestones/

Retirement for Introverts

Positive social interactions are a critical part of general wellbeing, and even physical health. They are also particularly important in the retirement transition, as many of our social connections are formed through work. Spending more time at work than we do at home, retirement leads to a significant change in daily social involvements. Because of this, replacing our social interactions from work can require much more effort than most retirees anticipate.

For introverts, who thrive with alone time, reaching out to get involved in social pursuits may go against natural tendencies. Retirement simply seems like a great opportunity to get away from the daily interactions that can be so draining. So how can introverts prepare for social adjustments in retirement, without becoming drained by new involvements?

1. Embrace the increase in alone time. For introverts, work involves a bit more social interaction than they would prefer….leading to feelings of exhaustion. Retirement is a great opportunity for introverts to scale back on their daily social involvement and benefit from a bit more alone time.

2. Find an optimal balance for social involvement. Scaling back social involvement in retirement should not mean spending all of your time alone. Even introverts are still social creatures. Positive social connections are a critical part of our general wellbeing, physical health, and even longevity. This means we need to regularly evaluate how we are feeling with our social interactions: Does the interaction leave you feeling drained or energized? If it leaves you feeling drained, consider shifting gears to other types of interactions (e.g., with different people or smaller groups), or scaling back social involvements.

3. Commit to regular social activities. Committing to regular social activities is a great way to protect against natural inclinations to simply keep to oneself. This might mean joining a group that meets regularly (and aligns with your personal interests), or scheduling regular get-togethers with close friends and family. Ideally, as psychologist Marisa G. Franco suggests, you’ll want to commit to meeting regularly with a group for at least three months. This allows enough time for you to become familiar with other members of the group, and then decide whether the group is right for you.

4. Focus on quality over quantity. As introverts, the quality of interactions naturally tend to take priority over quantity. This is important for introverts to be conscious of as they are considering how to maintain social involvement in retirement. Rather than jumping into a large volunteer effort, they might start with some of their biggest goals and interests for retirement, and look for groups based on those interests. They might also prefer to focus on small groups and a few close personal connections, rather than large gatherings.

The social element of retirement is critical for all retirees, of all personality types. However, the social pursuits that provide fulfilment will look quite different depending on personality, values and preferences, and other personal characteristics.

For more on elements of retirement wellbeing and adjustment, please see our resources below:

© 2021 Retirement Life Plan LLC