REQ: The emotional side of retirement. Dr Joanne Earl Associate Professor, Flinders University and Faculty, Portfolio Construction Forum

Transcription

1 REQ: The emotional side of retirement Dr Joanne Earl Associate Professor, Flinders University and Faculty, Portfolio Construction Forum

2 For some retirement represents blissful relaxation

3 But for others it looks more like this...

4 When we think about retirement.

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6 What does being happy in retirement mean? Less of this.. I have real concerns about my financial situation I miss the stimulation that work gave me I wish I had started to plan for retirement earlier I miss the discipline that working gave me People don t respect me as much now that I am retired I have had to adjust to a big drop in my income I miss being part of the action Retirement has not lived up to my expectations 6

7 What does being happy in retirement mean? More of this.. I am well adjusted to the changes I enjoy being retired I am busy Retirement has been better than I expected (If married or partnered) I enjoy being able to spend more time with my spouse/partner 7

8 What predicts retirement adjustment? DEMOGRAPHIC FACTORS Income $$$$ Support being married Length longer the better adjusted Age better psychological well-being over time Gender mixed but generally women less adjusted 8

9 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality Mastery Pre and post retirement planning Resource Accumulation 9

10 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality Mastery Pre and post retirement planning Resource Accumulation 10

11 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality; Directly + Indirectly Mastery Pre and post retirement planning Resource Accumulation 11

12 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality Mastery Pre and post retirement planning Resource Accumulation 12

13 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality Mastery Pre and post retirement planning Resource Accumulation 13

14 What predicts adjustment in retirement? ORGANIZATIONAL FACTORS Conditions of Exit PSYCHOLOGICAL FACTORS Work Centrality Mastery Pre and post retirement planning Resource Accumulation 14

15 Dynamic Resources Model of Retirement 15

16 Dynamic Resources Model of Retirement FINANCES AND HEALTH (RT3) SOCIAL (RT2) COGNITION, EMOTIONAL, MOTIVATIONAL (RT1) 16

17 Why it matters Focusing energies on the 6 domains will enable people to realize their plans and promote better adjustment Help people to understand how fluctuations in the resource levels might affect their adjustment and why. A way of normalizing behavior letting them know they are not alone and that other people feel similarly when resources fluctuate.

18 Meet Ben & Nancy Ben Retired Engineer of a Large Corporation and Nancy Carer Ben 65yo. Reasonable wealth in preparation for retirement. Married to Nancy, 65, who cares for Ben s elderly parents at home. Nancy has noticed some issues remembering things, solving problems and getting appointments confused. It s making her feel anxious. Puts it down to too much to do and competing pressures. Last year Ben retired after more than 42 years. He s over it. In his words, I have spent my life at work, and missed seeing my kids grow up and spending time with my elderly parents. Now I want to use this part of my life giving them more time and supporting charities that I am passionate about. I m just not sure what yet or how to go about it. Ben is physically healthy and exercises regularly with My Longevity results 90yo + Nancy has a history of blood pressure problems and arthritis. They have a wide circle of friends and are renovating their home to accommodate everyone. Ben takes care of all financial decisions and Nancy has little involvement with money Can you predict their scores on the Resource Model?

19 SUMMARY BEN & NANCY Domain Low Medium High Finances Health Social Cognitive Emotional Motivational

20 SUMMARY BEN & NANCY Domain Low Medium High Finances Ben Nancy Health Nancy Ben Social Nancy Ben Cognitive Nancy? Ben Emotional Nancy Ben Motivational Ben Nancy

21 Expanding your own network in order to help others Have you thought who else in the community could help your clients? Have you thought about contacting them to better understand what they do and how you might work together? Two great examples: Career Advisers Psychologists

22 Careers Advisers

23 Psychologists

24 The Bigger Questions Is the plan realistic and does it cover the top of the pyramid (finances, AND health AND social)? Does the person own the plan AND do they feel that they have everything they need within themselves to achieve it? What is driving their exit from the workforce? Do they have a plan and who else is involved? Is it a joint decision? What local allied professionals can provide support?

25 How do you help? Help to plan more comprehensively. Where will people live? Who will people live with? Will their health enable them to work as long as they want? Build mastery. Help people to make a link between changes they have tackled in the past and new challenges in the future. Provide feedback when they engage in the planning process and are trying to learn. Understanding who the significant others are and their role in planning. Do they need to be involved more directly? Connect with a broader community who can help you to help others

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