October 18, 2022 Julie Hyslop

A Retirement Upheaval

Among baby-boomers who retired between 2013 and 2019, one third did so involuntarily.
COTA, Council on the Ageing
Submission to Senate Subcommittee, April 2021

We usually plan for our retirement over our working lives and depending on our goals and chosen lifestyle, set an age that we would like to retire at, and if we are lucky get to say goodbye to our work mates and exit from the workplace according to our plans. For some of us this is a reality and for others this scenario may look a little different, in fact many of us are presented with a Retirement Upheaval.

Everything is in place for your retirement at your chosen age of 65 years, you have meet with a financial planner over the years and know you are on financial track. However, a Health, Redundancy or Business closure may present you with a Retirement Upheaval that you will need to respond to.

Firstly, work with your financial planner to immediately review your financial position, calculate your living expenses, know when you can access your super and explore ways in which your super can become a regular income. Armed with the facts, figures, and financial information you are now ready to embark upon a process of change and potential growth.

Once you have worked through the immediate financial issues with the right expertise and advice, it could be the time to ask yourself do you want to retire? Just because you are made redundant in your late fifties or sixties does not automatically follow that you must retire, in fact it can be seen as an opportunity for career or personal reinvention.

Life Isn’t About Finding Yourself ~ Life is about Creating Yourself
Quote: George Bernard Shaw

Retirement can release us from onerous work, provide us with opportunities for leisure and travel and free up our time, however it can also present us with a severe loss of income, loss of status, loss of meaning and in cases of layoff and redundancy a feeling of rejection.

Like a financial plan, a plan to reinvent who we want to be and how we want our lives to look going forward can be the first step in moving on from a Retirement Upheaval. Some strategies for your reinvention plan could include:

– Developing Survival Skills that allow you to reframe you situation. It may now be a great disappointment that you no longer have the opportunity of socializing with work friends, but rather than spending too much time thinking about what you are missing, develop a new community or link into a social opportunity which will be different but just as fun.

– Shaking up your passions, and really give thought to how you want to spend your time in the future. Having a broader goal of travelling is great but also think about what it is you want to do on an everyday level too.

– Remembering that habits and everyday choices are important, and mindfully choosing to adopt new habits that reflect how you want to spend your time and day will assist you to reach your reinvention goals. If you want another job, set aside a block of time each day to research opportunities and apply, or if you want to travel spend time planning where you will be going and better understanding the places and people you plan to visit.

Change can be scary, especially change that arrives unexpectedly, but there can be real opportunities in overcoming initial fears. Just as seeking the right financial support is important so too is seeking professional emotional support should it be required.

Working with our clients at Income Solutions we know that there are great advantages in planning and preparing for what we can control, as this provides a framework and foundation in which to fall back on when the situations that are out of our control arrive.

Referenced for this article:

https://www.cota.org.au/wp-content/uploads/2021/05/COTA-A-Submission-to-Senate-Select-Committee-on-Job-Security-30-04-21.pdf

https://journals.sagepub.com/doi/abs/10.2190/AG.2.4.d?journalCode=ahda

https://www.scienceofpeople.com/reinvent-yourself/

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