Retirement is lasting longer and longer, and that means there’s a lot to think about
By Annie St-Amour
Throughout your working life, you’ve been putting money aside for the future, but as retirement approaches, you need to review your plans for this next phase of life so that you can thrive in it.
Mary Morency and Jeannette Lalonde are certified retirement coaches with an approach that encourages thinking about retirement differently. Co-authors of Rethinking Retirement: A Guide for Making Choices (LLH, 2021), they help their clients do what they call “structured reflections.”
The idea, the coaches write, is to allow you to “shift your thinking so that you make the choices that are right for you.”
A Time of Transitions
According to the World Health Organization, Canadians live on average to age 82-80 for men and 84 for women. Morency points out that within this statistic is another to consider: health expectancy, which is age 71.
“We have to plan for those years when we may be in poorer health and for the possible impact on our finances,” she says. “It paints a different picture of retirement.”
Given that retirement can last for 20 or 30 years, this stage of life is also characterized by change, whether that means relocating, moving into a smaller home, or the deaths of those close to us.
“Rethinking retirement as a time of transitions defined by four key areas is essential if you are to continue to flourish,” Morency explains.
Four Key Areas to Consider
1. CONTRIBUTION
Work is a driver for personal fulfillment. It makes us feel useful. For many, their work is part of their identity. That’s why it’s important to think about how to transition from a mindset focused on work performance to one focused on con- tributing—to yourself, your family, your community, and society as a whole.
2 WELL-BEING
How can you flourish despite changes and adversity? In their approach, Morency and Lalonde help people to develop mental, physical, and emotional resilience. The goal is to be able to navigate emotions—both positive and negative—and to cultivate a serene mindset in the face of retirement and aging.
3. CONNECTION
This area takes into account broadening your social network and deepening relationships. We often imagine that we’ll have more time and more people around us in retirement. However, studies show that older adults are especially affected by isolation. It’s therefore essential to look at your social circle. How focused is it on the workplace? How wide is your circle? Above all, how can you nurture the relationships that really count?
4. PURPOSE
What gives your life meaning? To answer this, the two retirement coaches look to your character traits. You need to explore your values and your passions. Morency says that putting this all together “allows you to create a ‘raison d’être’ statement and decide how you want to live this stage of life.”
The Right Questions
“What people like about our ‘space for reflection’ approach is that its simple structure leads them to reflect on things they haven’t taken the time to think about before,” Morency says. “Our job is not to give them advice but to ask the right questions, because the answers are to be found within themselves.”
After many years spent in “corporate mission” mode, people should view retirement as a time to realize their own vision of things so they can make the most of what comes next.
