Have You Had Enough Of Work?

Going on retirement is a massive life event and the earlier you consider all that this big step involves, the earlier you can start the preparations for a successful retirement.

At Veritas, we have had the pleasure of helping many people retire over the years. Some people retire from companies because they hit a certain age, typically from 62 to 65 years and are forced to retire, whilst many entrepreneurs are thrust into retirement because they are offered a good price for their business.

We have heard in a few cases that before the final contract is signed, the entrepreneur calls the deal off. Why? Because,  they are simply not ready to sell their business, head home and retire.

Business sale deals are called off so often that in the United States, private equity firms now demand that the business sellers assess their readiness to retire before they proceed with any expensive due diligence process.

Elsewhere, even large companies are realising that so much more needs to be done to assist retiring staff, that they have started sending their senior executives and spouses for retirement courses two to three years before their retirement date, in order to help them prepare.

Veritas encourage all our clients to walk into retirement with purpose and not just fall into it by accident.

Your Mental State

The current mental and emotional state of prospective retirees often falls into the following categories:

1. Stressed, anxious and tired

These emotions are probably affecting the mental or physical health of the person. They know they need to move onto something else, but a quick change to retirement may be too much for them.

2. Bored 

Typically this group of people have been doing the same job for many years and are bored. Nothing new comes across their desks. They long to pursue other interests outside of work.

3. My work defines me

For others, their identity and self worth is tied up in their job role. If you were suddenly  no longer a business owner or you no longer have a  big corporate title, do you feel it could affect your self worth and the way in which other people see you in your community? This can potentially have a detrimental effect on many retired people and many are not prepared to give up their jobs for this reason.

Other Paths to Retirement

Before packing up your work space, review your current situation and seek solutions within your job and/or company. It may NOT be time to hit the road!

According to Mitch Anthony, author of The New Retire-mentality, to retire successfully we need to consider the concept of gradually retiring rather than going cold turkey. Here is how …

Chances are nobody knows you better than your spouse or partner and it is critical to involve him/her in this process. For one thing your partner may be thinking of retiring at a similar time and the two of you will be spending more time in each other’s company than you have for decades.

If your partner is not planning to retire, this must also be factored into your joint retirement plans.

Another reason to involve your partner is that he/she is able to identify your blindspots and can provide valuable insights and tips on your next steps.

Some questions to consider when assessing your job and current situation include:

• Are there any changes you could make that could make your career more enjoyable and sustainable as a result?
• Could you change roles within the company?
• Do you need more support so you feel less stressed and can cope with the demands of your job?
• Is it possible to do it by spending less time at work by, for example, relinquishing some of your responsibilities?
• Do you have any outside interests that can help you gain back your enthusiasm for life and take your focus off your job and its frustrations?

Are You REALLY Ready to Retire?

Armed with the answers that emerge in the discussion with your partner, you will be able to assess whether you have had enough and want to retire fully from your job.

In many cases, our identities are intertwined with our careers and on a specific day can be too much to handle when it happens.

Are you ready to move from the king of your work domain to just another retiree?

If you retired today and woke up tomorrow morning not knowing what the day, week or even year holds. Will that make you jump for joy or feel anxious?

The response will be different for individuals. Some will relish the thought of long, lazy days indulging in sport, hobbies or other interests. For others, it can be scary.

Give it careful thought.

You will then be ready to move onto the next step, which we will cover in next month’s article on: Do You Have Enough?