Retirement: Achieving Financial, Physical and Psychological Well-being

A recent Society for Industrial and Organizational Psychology (SIOP) White Paper entitled "Achieving Well-being in Retirement: Recommendations from 20 Years' Research" by Mo Wang (University of Florida) and Beryl Hesketh (University of Western Sydney/Macquarie University) recommends the following for those contemplating retirement:

"...maintaining good health, actively engaging in financial planning for retirement, having realistic estimates of longevity, being clear on one's financial goals in retirement, and participating in paid employment after retirement are all realistic ways of achieving fiscal well being."

The authors also conclude that it is important for individuals to take the initiative to improve both their knowledge and understanding of financial matters, and of work-related skills and knowledge.

In terms of achieving physical well-being in retirement, the authors note that "having good health behaviours and habits in retirement is critical for their physical well-being." They recommend that individuals engage in certain daily levels of physical and/or cognitive activities. The latter could include leisure activities such as dancing, playing board games, reading, doing crossword puzzles and playing an instrument. All stimulate learning in the brain and may reduce the risk of dementia.

Retiring Early (or Simply Retiring)? Are You Ready For It?

Almost 15 years ago (time goes by quickly), I took early retirement from the public service when the federal government offered many of us a "golden handshake".

At the time — it sounded wonderful. I planned on returning to teaching and to paint in my spare time — a lot of spare time. Supply teaching turned out to be a lot different from what teaching had been when I was fresh out of university, and I could have starved as an artist — lots have — although it is still a great pastime.

Like me, early retirement is viewed by many (especially before the age of 60) as a career change or an opportunity to try different things, to take on part time or contract work, to learn new things, to share knowledge, and so on, instead of it being the end of your work life.

Still, perhaps the biggest complaint about retirement — either early or regularly-scheduled retirement — is boredom. Not having enough to keep you busy or enough meaningful things to do. Lunches with old friends and golf games every day may wear thin over time. That's why it's important to have outside interests — volunteer activities, hobbies and the like.

Not having any work stress may sound wonderful for someone who retires at 65 or older but for someone who retires early — say at 50 — and for someone who retires from a challenging work world — too little stress can create problems of their own. For example, stress researchers have underlined that a minimal level of stress is required to motivate people to perform tasks more efficiently. Not having this type of "minimal" stress can create a void which is hard to fill.

When I retired early my wife was still working. Having me around the house all the time created its own sorts of problems. There were also expectations that I should be doing more around the house. And often I found myself interrupting her routines. After six months of this, she asked me to find something meaningful to do outside of the house! Her exact words were — "go find another job!".

Looking for a New Job? Tips for Applicants

You are looking for a new job and, in turn, employers are looking for qualified candidates.

Many of these tips for job searchers are not new. However, following some or all of them could make a difference for you as a potential candidate.

CV/Resume:

While content is key, the format of your CV or resume can also be important. Keep it simple but attractive.

• Include objective statements only if requested by potential employers. Otherwise, they don't add anything of value to your resume.
• If you have not completed your university degree or diploma program, don't make it look like you might have. Simply indicate the current status of your studies or expected completion date.
• Don't just list your title, length of time in a position, and tasks, include your key accomplishments and results, as well.
• Include information about new skills learned or used in various positions.
• Indicate what you did in the job; not what the team or the unit did.
• List jobs you have held in chronological order, starting with the most recent. Include only the relevant, not necessarily all your job experiences.
• Avoid acronyms other than those in common use.
• Be positive.
• Use simple language. And proofread (or have someone do it for you, or both).
• Research other sources on CV/resume writing.

Job loss from the manager's perspective...

Laying off an employee is often a difficult experience for managers. It is a painful task which can put them through a whole range of emotions (e.g., sadness, relief, disappointment, uncertainty, powerlessness, anger, fear, etc.). To deal with this experience the best way possible, it is important to prepare properly before announcing the news, gather information and understand the hardship that may be caused, both to you the manager and to the employees losing their job.

Here are a few strategies that can help you announce a job loss to the person who will be leaving and to the rest of the team.

Announcing the news to departing employees

It is important to always show empathy and compassion when informing employees that they will be losing their job. Garderet (2005) has developed a model to guide physicians who have to tell patients that they have cancer. We have adapted that model to a job-loss situation:

Announcing a job loss

• Prepare for the meeting: allow sufficient time, find a quiet, discreet location, announce the news in person, etc.
• Understand what the person already knows about the situation.
• Provide information in a brief, concise and encouraging way.
• Respond with empathy to the person's emotional reactions.
• Summarize what was said, and talk about the next stages.

Losing your job: dealing with loss and bouncing back

Over the course of their lifetime, many people will deal with the loss of a job. We have started a series of short blogs about this experience. The first addresses the difficulties that people who lose their jobs may experience and the mourning period that follows. The second covers things that can be learned from the experience. The third short text looks at the experience of the managers who are doing the lay-offs. Job loss is often a difficult experience. It can affect people on different levels:

• It can undermine identity: For many people, their identity is linked, in part, to their work. For example, some will identify themselves with their workplace or their profession. This sense of identity can be shaken after losing a job.
• Self-esteem and self-confidence are also often tested, and it is very important to work at rebuilding them.
• Some people may be embarrassed by losing their job, regardless of the reasons for the job loss. This feeling is very difficult to deal with and to share; talking with people who have had a similar experience can help decrease its intensity.
• Losing a job can also bring back memories of other losses, like losing a job in the past, or losing a parent.
• Many will agonize about the uncertainty, their future, their financial situation, etc.
• It creates stress for many people; this stress can also affect other facets of their life.
• The experience can cause psychological distress that sometimes worsens and leads to depression or other mental health problems. In such cases, people should not hesitate to consult with a professional who will be able to help them overcome these problems.
• The loss of a job also gives rise to what we call secondary losses, like the loss of colleagues, routine, lifestyle, etc.

Mourning the loss

Losing a job often causes grief, which Kübler-Ross (1969) divides into the following stages:

Moving past loss: bouncing back after losing a job

Notwithstanding the hardship often experienced following a job loss, it can be beneficial to try looking at what can be learned from the experience. The loss of a job can be seen as a transition, an opportunity to take time to think about your career, revisit your needs, wants and priorities, think about your future, and sometimes, refocus your career.

Many people begin a process of introspective reflection after losing a job. It can often be beneficial to make it a time:

• To explore your environment and compile information about available jobs, various organizations and workplaces...
• For introspection: revisit your interests, values and experiences. Seeing how these values can be useful in a job situation can help guide your reflections on your career and your life.

Learning from the experience

Losing a job is also an opportunity to question yourself and try to understand:

10 Tips: When You Lose Your Job

1. Learn all you can about the work force adjustment process. It’s important to understand and to think about your options and your rights.
2. Establish a new daily routine. A new type of work day and new goals for yourself.
3. Look into your resources. Cut expenses if necessary. Check into your benefits (e.g. health insurance). Investigate alternatives.
4. Seek the emotional support you need — from family, friends, counsellors, psychologists, and other professionals.
5. Look after your health. Find out how to deal with stress. Continue exercising and socializing. Try not to overeat or under eat. Limit alcohol and caffeine consumption.
6. Continue or start networking. Start talking to people. Let your contacts know that you are looking for work.
7. Don’t be ashamed you are out of work. Don’t blame yourself (often these things are outside our control).
8. Learn to deal with change. If you can’t find a job similar to the one you had, look for new ones for which you are qualified. If necessary, seek some training, go back to school, consider relocating...
9. Be good to yourself. Once you have taken a bit of time to get over the shock of loosing you job, pick yourself up and dust yourself off. Don’t isolate yourself.
10. Keep your sense of humour. It’s tough but try to remain positive in the face of adversity.

Leaman Long, B.A., B.Ed.
HRM Consultant
Y2 Consulting Psychologists Y2

If you have any questions and/or comments, don't hesitate. Thank you!