THE NEW RETIREMENT

George (55) chose the attractive early retirement package his financial services company offered him.  He was looking forward to finally having the time to improve his golf game, work on his farm, and spend more time with his wife.  However, after a few years, his life became increasingly boring: it was hard to find golf partners during the week, farm work became tedious, and his wife was involved with her horses.  Now, at age 75, he spends most of his time watching t.v. and his life feels boring, lonely, and meaningless.  He and his wife have little in common and rarely spend time together.

Alex retired early (60) so that he could finally focus on writing the book he had always wanted to write.  He traveled all over the world, gathering material for his book.  His new life was rich and meaningful. He joined a writing group, learned a new language, volunteered in an organization that provided services to the community.

George lived the old retirement model: he only prepared financially. He gave no thought to how he would spend his time beyond golfing nor did he communicate with his wife on how they would spend time together.  Alex followed the new retirement model: he planned his time carefully and specifically, focusing on finding meaning and purpose while he created a whole new life.

• In the last century longevity in western culture has increased 30 years; retirees can expect to live their new lifestyle for 30-40 years
• The average life span in 1900 was 47; in 2004 it is 75.
• The average age of retirement was 65;  now it is 57.
• Approximately 10,000 people in the U.S. retire every day

The average 20-year-old can expect to spend 1/3 of his/her life in retirement. Thus, the key to happy retirement is preparation and planning! And planning needs to be focused on much more than financial preparation and leisure interests (the old retirement method of preparation); new retirement planning needs to focus on ways to find meaning and purpose in one’s life.

The old retirement model generates images of  purposelessness, meaninglessness, powerlessness, idle busyness, and endless days of boredom;  the new retirement model is a time of purposefulness and life meaning… a chance for fulfillment of one’s life dreams… a time for exploration, life enrichment, creative change, personal growth, and greater connection to one’s family and friends and community. 

Baby Boomers (1946-1964) are just beginning to retire.  Called the Gray Wave, the Gray Dawn, Genism, or the Third Age, the Boomers are causing a demographic revolution transforming America into a place where, for the first time ever, there will be more older adults than children or youth.   In 2010, 30% of Americans will be over 50! Seniors are the fastest growing minority group in America; they are a new human potential movement and have created a new stage of adult development …Renewal.

According to psychologist Erik Erikson, people pass through eight developmental stages in their lifetime; each stage must be resolved before they can fully engage the next stage.  Completing each stage determines whether people become an adjusted, complete adult; not completing each stage will create struggles with that issue later in life.  To Erikson, the sequence of the stages are set by nature.   The new retirement requires us to reinterpret Erikson’s model and add a new stage, Renewal, thus creating 9 stages. Then Erikson’s wife, in her 90’s, determined that there must be another stage: Gero-Transcendence..

Eric Erikson’s Developmental Life Stages…

Older adults are healthier, more vigorous, more financially secure, better educated, more personally aware, and more demanding of services.  Financial institutions and insurance agencies are already targeting older adults because they recognize the vast potential investing in their services.  We need to recognize that this Gray Wave will require new policies, new institutions, and new ideas in order to provide for the demand for new services.  And they could use some help.

Retirement is a time of transition that requires people to give up their old definition of self (usually derived from professional work) and create a new identity with a new career/life orientation.  Since there are no role models for the new retirement, (pre)retirees will need support and guidance.  There has never been a better time for Life Coaches to use their skills and tools to help older adults create the life they want…one filled with passion and purpose! 

People over 50 need to understand that preparing for retirement goes way beyond financial planning.  Retirement planning should start early and focus on many more factors:  identifying what gave you meaning and purpose in your work and how you can replace those functions in your new life; finding stimulating and fulfilling leisure interests; connecting meaningfully with your significant other, friends, family, and community; staying healthy and fit; finding greater balance and fulfillment; and much more.

 It is possible to live your dream in the final stage (the Third Age) of your life, but it takes thoughtfulness, planning, and preparation.  If you are over 50, it’s time to get started!

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