5 Benefits of Work You’ll Need in Retirement

5 Benefits of Work You’ll Need in Retirement

Think retirement is a life of leisure?  Think again. There are key attributes from your working life that you will need in retirement.  When we don’t plan to replace these 5 benefits, we can experience a gradual wearing-away of ourselves in retirement.  What are they and how can you satisfy them to keep your vitality in retirement?

According to the research on retirement success factors by Dr. Peter Johnson, founder of Retirement Options, the five benefits of work that have evolved to needs in retirement are:

 

  1. Income 

After decades of building wealth, you will begin to draw from your nest egg to meet your material needs when you retire .  It’s an adjustment and it can be nerve-wracking. An Angus Reid study reports that 48% of Canadians surveyed are worried about their money lasting their lifetime.

Having a financial plan and a qualified financial advisor will help you understand how you can best replace this benefit of work.  Need a financial advisor? Here are 6 questions you need to ask a prospective financial advisor from Jennifer Vachon’s blog.

Typically, income in retirement includes OAS (Old Age Security), your pension and savings.  A new source of retirement income is beginning to take hold.

Over 60% of new retirees are considering some form of employment after their first retirement.

But money is not the only benefit of work.

 

  1. Time Management 

Being free of your calendar, meetings, and conference calls may be your dream for retirement.  Yet, having a lot to do, actually does help us manage our time well.

Keeping some sort of schedule in retirement allows you to prioritize the people and activities important to you and keeps you engaged and involved.

Retirement is a time to create new habits and routines and explore new undertakings. Perhaps it’s a tennis game every Tuesday morning, art class on Wednesdays or a monthly community meeting.  Mondays are my planning and writing days. What you want to avoid, is idle busyness, killing time, or worse, letting your life schedule be dictated by TV programing.

 

  1. Sense of Utility

We all want to feel useful and have our work valued.  This doesn’t stop when our career does.  “Having purpose injects a sense of meaning in our lives.” Dr. Johnson reminds us.

This benefit of work was the hardest one for me to replace after selling our business.  I was feeling lost initially after having a clear sense of business purpose and direction for decades. I needed to take stalk of what mattered to me, of what strengths I could apply, and of what problems I could help solve to build a new sense of utility.

Retirement gives us freedom to re-engage in things that we love and care about.  Perhaps its family, your community or a world issue.  Maybe it’s learning something and sharing your new wisdom.

Find a way to be helpful, to contribute in a manner true to you and you will find vitality in retirement.

 

  1. Status 

It’s not about a title, but more about having a place in our community, having a role in society.

“Status is the combined sense of personal worth and identity we derive from knowing who and what we are.”

At work, you knew your role and how you fit in to the scheme of work activities.  You will still need to find your place in society during retirement.  Your new ‘status’ may be tied to your life’s purpose, or in your new usefulness or the ‘new you’ discussed in my previous post.

I’m the “Pathways Champion” of my community, a volunteer role that came about as I developed my new sense of utility and purpose.  “The number one reason first retirees work again is not for financial gain but to feel involved.”

 

 Socialization 

At work, we are required to interact with others.  Collaborating on projects, meeting deadlines, responding to queries, presenting ideas, resolving conflict, or welcoming new team members are all forms of socialization.  Through our interactions with others, we develop ourselves, build relationships and form friendships.

We still need social interactions when we retire and for some, this is the biggest loss after retirement.  You may be forgotten by the former work crew.

  Retirement is an opportune time to join or build new social circles. Circles that embrace your new purpose, interests and role in society.

 

Now you know!  Replace these five benefits of work and you are on your way to a retirement full of purpose and vitality.

 

Care to share?

Leave a Reply