My friend, Emily, was in her early 60s. She had worked her way up the corporate ladder and loved her position in the company, knowing she was making a difference.
Guess what kept her up at night? The decision to continue working or retire.
Her employees told her she was a rock star and to “not even think about retiring.” However, many of her peers had already retired, and she felt like the grandma at work.
Her main goal was to be financially secure so she could retire by age 65 — and she’d reached it! Isn’t that enough for a fulfilling retirement?
One main reason we work is financial: to make and save money. However, there are many benefits and factors that fulfill us during our career that have nothing to do with money.
For Emily, this meant feeling energized by setting and meeting goals, being part of a robust social network through work, benefiting from ongoing learning and personal development, and, most importantly, feeling that she was not only making a difference, but also knew her purpose.
The absence of these non-financial factors became apparent not long after she’d retired. Her energy level dropped. She wasn’t sure what to do with herself. And she felt like she had lost her purpose.
This is not an uncommon phase for new retirees. So, now what? A friend suggested Emily meet with a Retirement Transition Coach (RTC). The RTC assessed and helped Emily focus on a number of non-financial factors that come into play during retirement. She received a personalized report that showed her areas of preparedness, and identified gaps providing a functional blueprint for retirement planning and transition.
Emily and her coach put together a strategy that brought her back to feeling energized, and excited about this new phase in her life. Her only regret was waiting until after she retired to go through this process, and now recommends it to anyone preparing to retire.
Guidance will help retirees prepare for the non-financial side of retirement, alleviating the anxiety and better prepared for this new phase in their life and avoid the setback Emily experienced.