Wharton's Take on Retirement
02/08/2016
The prestigious Wharton School at the University of Pennsylvania recently published an insightful article about retirement. According to the article, "Research indicates that those who are happiest in retirement tend to answer that question by 'giving back' and discovering a sense of purpose." Stewart Friedman, founding director of the Wharton Work/Life Integration Project, adds, “It’s critical to reflect on what matters to you. People at this stage are focused on their legacy. You need to actively inquire of yourself: What do I want to leave behind?”
One of the challenges soon-to-be-retired professionals wrestle with is the close connection work has with their identities. Peter Cappelli, a Wharton management professor, says, “A lot of people get their identity from work and they get their social interaction from work, so the idea of stopping means they’re going to lose both. [You need to] respect that it’s going to be a huge loss.
“If you’re getting close to that part of your life and you don’t know what you’re going to do, treat it as a worrying sign,” he adds. “Don’t assume it’s going to be OK and that it’s all going to work out. Figure this out now. Get busy.”
San Asato, president of a Minnesota-based financial advisory group, says that "one of the biggest challenges is when there’s a gap between expectation and reality. You take a busy executive who has had a successful career. He is looking forward to retirement because he wants to pursue a hobby or some kind of pet project. But when he retires, he finds that he is not very good at it. It’s difficult. I encourage my clients to take classes, take lessons and brush up on their skills [while they’re still working].”
For some, a phased retirement (working part-time) may be the best option. For others, it may be an encore career. Wharton reports that "encore careers — also known as 'post careers' or 'second acts' — tend to provide more satisfaction than previous careers. People in encore careers express very high job satisfaction, and overwhelming majorities say they feel good about the work they are doing, see the positive results of their work, know that they are making a difference, feel appreciated and like that they are able to use their skills and experience..."
This article addresses many retirement issues and concerns without the sugar-coating. You can read the entire article here.
Can't we just go fishing, walking, or living a second childhood and be happy?
Posted by: Russ Casement | 02/10/2016 at 06:18 AM