Planning a Fulfilling Retirement

Copyright 2009LifeScape-Alan Spector

Bob Miller•Journeying through the retirement adventure after 31 years at P&G

•Business/Retirement Coach

•Lifelong Learner

•Volunteer

•Competitive Rower

•Grandfather

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Objectives

•AWARENESS of what is important for a fulfilling retirement.

•LAUNCH your planning

What is Retirement?

Old Definition

Because You’ve Given So Much of Yourself to the Company that You Don’t Have Anything Left We Can Use

OLD Definition of Retirement•As an ENDING

•WITHDRAWING/WINDING DOWN

•RELIEF FROM WORK

•NO SCHEDULES to keep

•RELIANCE ON OTHERS

•PASSIVE LIFESTYLE

•FINAL YEARS

•NO NEED TO PLAN – LEISURE IS GOAL

“The Idea of a ‘Leisure Society’ with whole blocks of people with nothing to do except enjoy themselves, is to

me a vision of hell, not heaven.” -Charles Handy, Author

• Recent survey of 3,000 boomers reported that 71% intend to keep working. (Merrill Lynch Retirement Survey)

• In the last 90 years, longevity has increased by nearly 30 years

• Average Baby Boomers can expect to live to be 83. (Hudson Institute)

The New Retirement is Different WHY?

• Retirees can expect to live 30-40 years in their “new retirement” lifestyle.

• 65 and over will increase from 14% to 20% of total population.

• Baby Boomers (70-80 million) are transforming “retirement.”

The New Retirement is Different WHY?

• Semi-retired – working part time. More common with more education and income.

• Full retirement – carefree and minimal responsibility. Hardest transition.

• Restricted full retirement – Most difficult. Health, age or financial limitations. Adversity can come in waves.

The New Retirement is Different The extra years allow “phases” and we cycle through them…

EndingsNew Beginnings

En

ergy

Neutral Zone

Time

ShockDisorientation

ExcitementFrustration

Apathy

Confusion

Exploration

Engagement

Focus

High Energy

Retirement is a Transition

Control

Experimentation

No two are perfectly alike!

Retirements are like fingerprints

Fulfillment

Reorientation

Disenchantment

Honeymoon

Anticipation

Five Stages of Retirement:

Dreaming/assessment/planning phase before you actually retire. This is the time when your plans and perceptions regarding retirement are formed.

Time Frame: 5 years (or more) before retirement

Feelings: Excitement, hopefulness, anxiety, discomfort

Actions: Assess and Plan

Stage One - Anticipation

Otherwise known as ‘the big day’!

This is the day you retireand your employment (in its

current form, at least)ceases.

The Retirement Event

Work Replacement

“The five benefits of work do not go away simply because we retire; they have become a part of us to such a

degree that we cannot simply discard them without some emotional,

psychological and even spiritual consequences.”

-Dr. Richard Johnson

Work Replacement Needs

•Financial

•Social

•Usefulness/Value to others

•Time Management

•Status

Stage Two - HoneymoonThis is what you imagined retirement would be like during all those working years – freedom to do what you want to do when you want to do it, and to just be you!

Time Frame: Up to two years post-retirement

Feelings: great excitement, elation, enthusiasm, freedom, relief

Actions: Implement, redefine your daily routine, re-assess, enJOY!

Stage Three - DisenchantmentA fulfilling retirement life is more challenging to achieve than it seems. You may begin to realize that there is more to life than pursuing leisure activities and pleasure. But what?  Or, maybe you’ve achieved all the goals that you set for your retirement and you’re left feeling ‘What’s next?’

Time Frame: anytime post-retirement

Feelings: Letdown, disappointment, boredom, loneliness, depression (up to 30%)

Actions: Renew, review, define your unmet needs, seek help

Stage Four - ReorientationThe process of adjustment and adaptation to the reality of retirement. Taking stock. Discovering what makes you happy, what doesn’t, and how to improve the quality of your life.

Time Frame: Ongoing

Feelings: Engagement, re-energized, growth

Actions: Explore, experiment; live fully

The ultimate goal of retirement!

This stage – for those who reach it - is most likely to lead to wellness, connectedness, growth, fun and worthwhile activities

Time Frame: Continuous

Feelings: Contentment, passion, acceptance, peace

Actions: Continual growth and renewal, reflection, enJOY

Stage Five - Fulfillment

Stage Five - FulfillmentThe Joy of Retirement includes:

•A fulfilling and rewarding lifestyle •Being open to new sources of engagement, learning, and exploration

•A sense of purpose, accomplishment, and

balance

•Rich, rewarding relationships

•Being prepared to reorient….

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Sometimes….

…stuff happens

Resilience!

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Resilience!

Fulfillment

Reorientation

Disenchantment

Honeymoon

Anticipation

Five Stages of Retirement:

What: A holistic approach to achieving your dreams for retirement.

Why: Having a plan is critical to realizing your future and reducing the chances of being disenchanted in retirement.

You: I have a plan for my retirement. If so, it is written down and up to date.

LifeScape Plan

“Most people spend more time planning a 2 week vacation than they

do their retirement that will last a lifetime.”

-Dr. Richard Johnson

What: The degree to which you have found a life direction for retirement which offers you a driving purpose, and a deep sense of personal fulfillment

Why: All successful people and organizations have a clear compelling reason for being.

You: I am clear on my purpose and values.

Purpose and Values

Purpose and Values

Nothing is more dishonorable than an old man who has not other evidence of having lived long except his age.

-SenecaRoman Philosopher

Life Purpose

“The most powerful pharmacological plant is working inside us. The thing that

stimulates this plant and creates wellness is connected to purpose and meaning. A

life without meaning is not a life that gives us life, it is a life that is draining.”

-Dr. Norman Cousins“Anatomy of an Illness”

Personal Purpose Examples•To live life completely, honestly and compassionately with a healthy dose of realism mixed with the imagination and dreams that all things are possible if I set my mind on finding the answer.

•To be a good husband, father and citizen known for unselfish assistance to people and causes.

•Make a difference by giving back to my community and the people who need a hand; never stop learning and experiencing new things; help my family, particularly grandchildren, be all they can be; do the work I love that keeps me sharp and having fun.

What: The lens/filter on how you look at life.

Why: A positive attitude (optimistic, flexible, grateful, etc) has a significant effect on your longevity and happiness in retirement.

You: Those closest to me would describe me as having a positive attitude.

Attitude

Attitude Toward Retirement/Aging•Our views on aging are internalized at a very young age and reinforced constantly.

• Our society sanctions denigration of aging – it’s all about cognitive and physical decline on the path to death.

• Inverse proportion between age and the value of life.

•Yale Study (2002) – Those with positive self-perceptions of aging, measured up to 23 yrs. earlier, lived 7.5 years longer than those with less positive attitudes.

Limiting BeliefsSomething we believe to be true that will limit us moving forward in our life: a self-fulfilling prophecy.

•I’m too old to….

•I can’t change….

•It’s too late for me to….

What beliefs are holding you back?

Financial Security

“Money is better than poverty, if only for financial

reasons.”- Woody Allen

What: The means to live the life you want and a sense of comfort with your situation.

Why: Not having sufficient funds can be a significant source of worry. However, ‘the best things in retirement are free.’

You: I am comfortable with my finances to be able to live the life I want (now and in the future).

Financial Security

Work In Retirement?

Work Trends•71% of boomers anticipate working during their retirement years.

•38% plan to cycle between work and leisure

•17% plan to work part-time

•11% plan to start own business

•5% plan to work full time

•Of those planning on working during retirement, 66% want to work in a different type of job.

•45% never plan to stop working

Source: Merrill Lynch New Retirement Survey

Work Trends- Why work?

•Enjoyed work – 79%

•Stay active and involved – 76%

•Money to make ends meet – 60%

•Money for extras – 52%

Remember the work replacement needs!

Source: EBRI Study

What: Being fit to live life fully as well as your perception of your current health.

Why: With aging begin to lose 2% per year of your capacity, unless you adopt the habits to maintain your fitness (physical, emotional, mental, and spiritual).

You: I am well enough to fully do what I want to do in my life. I will be able to sustain this well into my retirement.

Wellness

Health Perception

Your subjective assessment and appraisal of the current condition of your overall wellness…

Or

“How healthy and/or well do you feel?”

Health Perception

Myth: People retire because they are no longer physically able to work. (industrial revolution baggage).

Sickness and illness are not the same:•Sickness - something in the body is malfunctioning•Illness – Our emotional, psychological or spiritual reaction to sickness.

Health Perception

Wellness: The conscious and deliberate process by which people are actively involved in their own well-being.

We are:

•Well – Our physical well being; the body

•Wise – Mentally and emotionally solid

•Whole – Personal and spiritual meaning

What: The social connections that create your sense of belonging.

Why: Having meaningful relationships is proven to add years to your life as well as improve its quality.

You: I am missed by others if I don’t show up. I have others who I can lean on.

Connectedness

Married Couples

•42% don’t agree on the kind of lifestyle they will share in retirement.

•60% could not agree on the husband’s or the wife’s expected retirement age

•Only 38% reported making decisions together about their retirement investments

2009 AARP Study

Research has shown benefits of a strong support network

•Longer life.

•Better mental and physical health.

•Stronger immune system.

•Need for fewer medications.

•Fewer doctor visits.

•Less smoking and alcohol use.

•A connection to the community and world.

•Quicker recovery from illness and surgery.

The Retirement Rx

Connectedness

What: Making a valuable contribution to others (friends, family, community, world)

Why: Retirees have incredible experience and resources (like time) that can help make the world a better place. Also you feel better by aiding others.

You: I am engaged in activities that make a meaningful difference to others.

Giving Back

Giving Back

Clinical Studies have shown:

•We feel good volunteering and when recalling it.

•Heightened zest for living; healthier, happier and longer life.

•The closer you get to the actual person being helped, the more beneficial.

Make a difference…meet new people…learn new skills!

“When you ignore your soul’s destiny, when you get caught up in your own self-interests and forget to care

for others, you will not feel “right.” Instead, you will feel empty and unfulfilled. During these times, you are

neglecting your soul—you are depriving it of nourishment. When I talk to people who feel this

emptiness and lack of fulfillment, I recommend they find a source of balance in their lives. I suggest they

find a way to “give back” to the world in order to feel a sense of completeness.”

-Rabbi Harold Kushner

What: Things that give you energy-that provide you a sense of achievement-that play to your strengths.

Why: You need ways to meet your fundamental needs as a human being.

You: I jump out of bed in the morning excited about my day.

Passions

• Ideal passions engage the body, the brain and the soul.

• The best are not easily attainable they are a journey that evolves over time as we do.

• Your identity no longer comes from your job, what will define you now?

Passions

What: The development of your capabilities through new learning, stretching yourself, experiencing all that life has to offer.

Why: All living things need to grow or they will die (never achieve their full potential).

You: My week is filled with new and challenging activities.

Growth

Growth

Much more care is due the mind and soul; For they too, like lamps, grow dim with time unless we keep them supplied with oil. Moreover, exercise causes the body to become heavy with fatigue, but intellectual activity gives buoyancy to the mind.

-Cicero – 44 B.C.

Use it or Lose it!

Growth

Truth vs. Myths

•The 80 yr old brain is not inferior to younger brains – it is organized differently.

•Our brains retain many normal capacities into the 90’s.

•Aging does not lead to a large loss of cells

•Brain processing does not follow a downward curve after 60.

•As we age, we retain a significant control over brain function

Growth

•Normal brain aging includes some losses of memory, attention, speed of response and visual-spatial skills

•Encoding and speed of retrieval are slower

Multi-tasking????

•Decline comes from age/disease/disuse, but is not inevitable

•Skills not used decline – just like an athlete or musician. Practice!

Growth•Unlike other organs, the brain gets better the more we use it.

•The best way to stimulate the mind is to feed it a steady supply of new information.

•The more synaptic connections the longer it takes to lose them.

•Deliberate cultivation of curiosity protects against brain deterioration.

•If you aren’t engaged in taking risks and challenging yourself, then you are going to atrophy.

Growth

Continuing education:

•Establishes new brain circuits and enhances existing ones.

•Memorization, problem solving and focused attention reshape and rejuvenate the brain.

•Creates sense of empowerment and confidence.

•Never needs to stop.

Pillars for a Healthy Brain

•Aerobic Exercise – creates new neurons

•Nutrition – Mediterranean diet

•Mental Stimulation – stretch our minds; variety

•Stress Management – recognize; emotional self regulation

•Socialization – loneliness triggers dementia

The Sparpbrains Guide- Dr. Alvaro Fernandez (NIH Study)

Save Your Brain – Dr. Paul Nussbaum (.com)

What: Things that provide you excitement, pleasure, recreation, satisfaction in your life.

Why: Life is too short not to enjoy it-every day!

You: I have many activities in my life that are just plain fun to do.

Fun

“There is nothing more remarkable in the life of Socrates than that he found

time in his old age to learn to dance and play on instruments and thought it was

time well spent.”-Montaign

Renaissance Scholar

Fun – a balance

“ We are called to live a leisurely life but not a life of leisure.”

For anything to be leisure, it must be a diversion. If leisure is the main thrust of life, it does not rejuvenate and is not really leisure. Leisure must remain secondary!

“Most people spend more time planning a 2 week vacation than they

do their retirement that will last a lifetime.”

-Dr. Richard Johnson

Complete your Personal Retirement Assessment

Personal Reflection

•Your personal learning

•Your next steps

“Twenty years from now you will be more disappointed by the things you didn’t do

than by the ones you did do. So throw off the bowlines. Sail away from the safe

harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” 

-Mark Twain