Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 565

Finding joy in retirement

Retirement can be a wonderful phase of life; and it may last for more than 30 years. That does sound like a long time. This suggests a need for thought and planning to make your retirement great in all respects.

As I write this piece, I have in my mind that you are a person on the verge of, or recently entered into, retirement. Alternatively, you may know someone in that situation: a parent, a friend, or an acquaintance.

Many things happen in crossing the bridge from a traditional life of work into retirement.

Here is something obvious: your salary ceases (although you may continue to work part-time and earn some money). You will probably miss the salary.

But there is so much more that you can miss as you cross that bridge. I have compiled a long list of aspects of a work life that you might miss. Not all of them will apply to you, so I have made a small selection. I hope some of them ring true.

The items on the list have nothing to do with your finances or your health, rather they are connected to your feelings and emotions. Don’t be put off by those two words – feelings and emotions - because, in the end, the list is very practical in nature, as you will see.

For ease of reading, each item on the list will have a section called LOSS and one called GAIN. This will underscore how all of these ‘perceived problems’ can in fact be resolved.

Let’s look at some.

1. Friendship in the workplace

LOSS. You may miss the Monday morning banter around the coffee machine or water cooler. It’s amazing how many of my retirement coaching clients feel this so deeply. It seems to come down to a sense of communion, of sharing, both with the people and the environment at work. This leads more generally into how you can replace the friendships you made at work.

GAIN. You can make up for this loss. For example, what about renewing some old friendships? You could make an archaeological dig back to your schooldays or review your work life to find people you have fallen out of contact with. Additionally, you can join clubs, take courses, pick up a hobby, all of which can offer you the sociability of others.

2. Your identity or who you are

LOSS. What about your identity? This is a biggie, so let me explain. When you worked you could easily define what you did each day. Perhaps you had a business card, or a uniform or something else that defined you and made your job recognisable to others.

GAIN. In retirement you have the opportunity for a renewed definition of yourself. Will you be happy with what is called the 3G approach to retirement: golf, gardening and grandparenting? If so, then good for you. If not, then I doubt you’d be satisfied with the identity ‘retired person’. What then? Now we are getting to the essential help that a retirement coach can give. This concept of identity is central to my practice of retirement coaching.

3. Status and relevance

LOSS. Your work may have given you some status and relevance to others. Post-work loss of status can show up as ‘Relevance Deprivation Syndrome’ or RDS for short. You may feel that suddenly you’re not as important to others as you once were. That can hurt.

GAIN. If RDS looms as a problem, then you could think about getting involved in charitable works of some kind. By engaging in charitable work, you will be important to the people you serve as well as those people you work with. There are lots of those opportunities out there if you search for them.

4. Expertise and validation

LOSS. This is one of the more surprising aspects of what you might miss from work. Then again, it is obvious. You worked in your job because you were good at it, and because you were good at it, people sought your help, and because they sought your help (and you gave it) you felt a positive vibe of validation. Hence you felt valued.

GAIN. How can you carry this across the bridge into retirement? I would say reflect more deeply about why you were appreciated at work. It may be that fellow workers appreciated your patience or your generosity or some other emotional aspect of your personality. Once you identify this you can dream up an activity based on that emotion for your retired life.

5. Routine and structure

LOSS. Many retired people take joy in jettisoning the routine and structure that work imposed on them. I believe it’s more complex than that. Most of us crave some level of order in our lives. Would you really want to begin each of your 10,000 days of retirement in complete freedom to decide the order of the day? I don’t think so. The issue at stake here is more about how much say you have in that routine.

GAIN. Once you have established your meaning and purpose in retirement you will end up with a portfolio of activities. Certainly, that is the end point to which I lead my clients. Now you can impose a structure around those activities. Your structure, your routine. Remember you will be your own boss in retirement.

 

Dr Jon Glass is a Retirement Coach at 64PLUS.

 

6 Comments
Tony
June 22, 2024

Excellent article. Thanks.
Well, I was forced to give up work in my early fifties. There were so many interesting things to do that I just couldn't fit "work" in any more.
Actually my wife wanted to go back to earning an income and so I became the house husband. No problem: did courses, setup an SMSF and studied investing, sang in a choir, joined the local Men's Shed, cycled around Tasmania etc. Tons of interesting things out there: it just takes a bit of effort to search out ones that suit.
Social aspects: no problem. I've been on the committee of various non-profits since I was 26, so have mixed with many interesting people. The downside is finding time to keep up with them all.

Kymbal Dunne
June 21, 2024

Retirement has got to be a huge opportunity for individuals, especially as you say, it might be 30 years. Given we plan our lives so thoughtfully and when young, so haphazardly you'd think that when we mature that we'd be all over the next stage of life. Isn't that what we wanted or even aimed to achieve?
Sadly, most people are terrified and cling to work like a lifesaver. Most have no idea of how much money they actually need and convince themselves they don't have enough. Keep prodding, I'm amazed that most don't even know where to start until someone taps them on the shoulder and say we don't need you anymore. Thery hardly leave on their own terms when that happens.
You are a class act Jon. Great insights from a pro and an investment manager too. Keep up the great work.

Jeff
June 21, 2024

Lots of great insights
For Strategists - Begin with purpose with regular reviews including stress testing….avoid stress and create happiness

Action plans - across the whole portfolio of activities - (unpaid) work from volunteering to looking after your family, socialising/connecting with friends & partners, (mental & physical) health from doctor visits, gyms to nutrition, financial plans from investments, cash flows to wills and estates etc - short plans with risk mitigation strategies subject to review and if you are in a partnership with wife or family…you may not be the boss; since for resilience and happiness most lifestyles need their support …love

For some being their own boss in retirement can lead to many negative unhappy times

Then there are drifters , followers, isolationist, hallucinationalists, etc ….

john
June 21, 2024

Yep, I like that one
"dig back to your schooldays to find people you have fallen out of contact with"
I might do that cos I still hold a flame for my girlfriend who was in same school as myself (4th form).
It lasted about six months, until she suddenly broke it off.
She said “You know, boyfriends and girlfriends do more than just hold hands and cuddle”.
Apparently I wasn’t ‘forward enough’.

Graham W
June 20, 2024

Too many people make their life mostly around work including mainly work friends. It is very difficult if you are just retired or close to retirement to making life changes. Well before retirement join a few clubs , start or restart hobbies and you will not procrastinate doing something new. Friends and family move away, or you may have to move somewhere new.
No excuses, get off your butt and you will ease into the best years of your life.

David Williams
June 20, 2024

Very useful insights thanks Jon. "What will I do' is one of the longer terms steps in longevity planning. It's usefully approached with an insight into how long we may be planning for, why we may be different from the 'average' life expectancies, and identifying how we will respond. This process enables us to frame our longer term health, lifestyle, financial and estate planning goals and decisions, seeking professional advice as appropriate.

 

Leave a Comment:


RELATED ARTICLES

The challenges of retirement aren’t just financial

banner

Most viewed in recent weeks

An important Foxtel announcement...

News Corp's plans to sell Foxtel are surprising in that streaming assets Kayo, Binge and Hubbl look likely to go with it. This and recent events in the US show the bind that legacy TV businesses find themselves in.

Welcome to Firstlinks Edition 581 with weekend update

A recent industry event made me realise that a 30 year old investing trend could still have serious legs. Could it eventually pose a threat to two of Australia's biggest companies?

  • 10 October 2024

The nuts and bolts of family trusts

There are well over 800,000 family trusts in Australia, controlling more than $3 trillion of assets. Here's a guide on whether a family trust may have a place in your individual investment strategy.

Preserving wealth through generations is hard

How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.

The quirks of retirement planning with an age gap

A big age gap can make it harder to find a solution that works for both partners – financially and otherwise. Having a frank conversation about the future, and having it as early as possible, is essential.

Welcome to Firstlinks Edition 578 with weekend update

The number of high-net-worth individuals in Australia has increased by almost 9% over the past year, and they now own $3.3 trillion in investable assets. A new report reveals how the wealthy are investing their money.

  • 19 September 2024

Latest Updates

Investing

Preserving wealth through generations is hard

How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.

Planning

The nuts and bolts of family trusts

There are well over 800,000 family trusts in Australia, controlling more than $3 trillion of assets. Here's a guide on whether a family trust may have a place in your individual investment strategy.

Exchange traded products

How ETFs and indexes cope with company delistings

The complexion of a stock market is ever-changing, with companies coming and going. But what happens to indexes, and the ETFs that use them as benchmarks, when a company is removed because of a merger or acquisition?

Infrastructure

The quiet asset class delivering structural growth

Investors remain fixated on stocks exposed to megatrends like AI and digitisation. Another less appreciated asset class offers significant structural growth without the excessive valuations that usually come with it.

Investment strategies

Survive the next crash by learning from the Stoics

Ancient Stoic philosophers had an idea called 'premeditatio malorum', that involves considering some of the worst things that can happen to you as a way of immunising yourself against them. It can be a useful tool for investors too.

Fixed interest

Stars align for fixed income

It isn't too late for investors to own bonds and take advantage of this early stage of the rate-cutting cycle. What's more, bonds are regaining their ability to be a genuine diversifier within portfolios.

Investment strategies

The markets to gain most from US rate cuts

US rate cuts, low starting valuations and an uptick in global capex are just some of the tailwinds behind emerging markets. A value approach can help investors grasp growth opportunities without overstretching.

Sponsors

Alliances

© 2024 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.