A Question to Ask in Retirement - Why Do We Work?
Posted on November 14, 2014 by Leslie Koc, One of Thousands of Retirement Coaches on Noomii.
Work provides us with specific benefits that become part of our identity and value system. We must acknowledge and replace them to find fulfillment.
If you thought it took only financial security to retire, think again. While financial security is certainly important, it is only one aspect of retirement. But what does “retirement” mean today anyway? It certainly isn’t how your parents defined it. In fact “retirement” is quite a confusing and emotionally packed word. It’s loaded with dreams, plans, fears and anxiety all at the same time. The Department of Labor defines retirement simply as: working less than 40 hours and receiving some form of pension vehicle. With that definition it’s quite easy to see that retirement can take on many faces. We are just beginning to get comfortable with the reality that those currently entering traditional retirement years will probably experience several retirements in their lifetime.We are living longer; in the last 90 years longevity in developed countries has increased 30 years. That translates to living 30 to 40 years in this stage of life. Even with the economic downturn we are now experiencing, a recent Wall Street Journal survey found that the biggest reason surveyed adults planned to continue to work in retirement is not to get a paycheck, but rather to stay mentally fit.
Whether a first retirement comes at 55 or 66, this is the best time of life to be in touch with what brings meaning to our lives and how work can be a critical part of that. Remembering that volunteering is work too, why do we work? Richard Johnson notes in his book, The New Retirement, that work has provided us with five specific benefits which have become part of our lives and value systems to the point that they have become basic needs.
1) Time Management: Work gives our life structure; it manages our time. We may complain that we are over managed by our work schedule, but it does keep our lives orderly.
2) Utility: Work gives us a sense of utility or purpose. We have more meaning in our lives by assisting others in some way through our work. Our work gives us a “cause” or mission from which we derive a level of satisfaction.
3) Status: It’s from our work, our role, that we achieve a certain status. Through this status we define or measure our worth and identity. It gives us the answer to the question, “what do you do?”
4) Socialization: Our work brings us in constant personal contact with others. We are connected to others through our many workplace relationships.
5) Financial Remuneration: This is the most obvious function of work and the one that gets the most attention. Usually in the form of a paycheck, it provides a means to meet both material and emotional needs.
We must acknowledge and replace these five functions of work to find fulfillment in our retirement years. Ignore any one of them and the risk is similar to riding with a flat tire; we can move forward, but we are missing the smooth and pleasurable journey.
How does one start to design a fulfilling retirement? Realize first that work isn’t all that bad and retirement won’t be total bliss. There are many books, tools and assessments to enhance your preparation for your own unique retirement. The key point is to get started. Studies show that we put more time into planning our annual vacation than planning for our retirement. Just as the advice of the best time to look for another job is while you have one, planning for your retirement should begin years in advance. So, what’s next? How will you make the most of your 30 bonus years?
Leslie Koc, certified retirement coach, is the owner of Coaching What’s Next, LLC and can be reached at leslie@coachingwhatsnext.com or (541)633-0090.
