Topic key points
- Embarking on retirement is a significant transition and for it to be successful, considerations need to extend beyond financial and encompass emotional, social and psychological aspects.
- As a coach you are in a great position to help people prepare for and navigate this life transition in a happy, healthy and successful way.
- You may help with retirement planning, late-career navigation or facilitating organisational knowledge transfer.
- From understanding the emotional landscape to crafting purpose-driven retirements, these resources provide helpful supports when assisting clients to navigate the complexities of retirement.
Introduction to Topic
Retirement is not solely a financial event; it encompasses a range of psychological factors, including identity, purpose, and social connections. Understanding and addressing these aspects are crucial for facilitating a smooth transition and helping individuals embrace the opportunities that retirement presents.
Too often retirement can be like falling off a cliff—we work hard right up to our last day, then slam on the breaks and feel disoriented as the reality of retirement hits. Instead, we want to help clients build a bridge into retirement. There are many aspects you may help with as a coach including:
Helping clients navigate retirement transitions
- Assisting clients to understand and consider the multifaceted nature of retirement and its impact on individuals
- Providing support during the retirement transitions can enhanced employee well-being and successful organisational knowledge transfer.
- This may include helping people recognise the idea of ‘late career’ and get creative with how they want to design their late career and retirement
Emphasise the psychological and emotional aspects of retirement
- Many people consider the financial aspects of retirement but fail to consider the important emotional and psychological transitions that take place. As a coach you can help clients explore and address the emotional challenges of retirement and psychological impact of identity shift, loss of routine, and adjustment to a new lifestyle.
Assist with planning for a fulfilling retirement
- Helping clients recognise the importance of pre-retirement planning and goal setting
- Too often retirement can be like falling off a cliff—we work hard right up to our last day, then slam on the breaks and feel disoriented as the reality of retirement hits. Instead we want to help clients build a bridge into retirement.
Highlight the importance of maintaining social connections and community engagement
- For example, you may explore ways to help individuals maintain and cultivate social relationships, as well as engage in community activities for a sense of purpose. This is especially important if people received a large amount of social connection through work.
- Exploring the potential and impact of alumni communities is one way to encourage this ongoing social connection
Support clients to have proactive retirement conversations
- Many individuals avoid having proactive retirement conversations at work for fear of being discriminated against or ‘pushed out’. However, research shows that proactive retirement conversations help both individuals and companies plan for a successful transition. There are some resources on this page to help facilitate this discussion.
Process Considerations
- Financial considerations are an important aspect of retirement planning. Although offering financial advice is outside of our role/competency, we can refer clients onto other supports/resources
- Retirement can be a challenging topic for people to discuss for many reasons. As a coach, you may need to be considered and gradual when approaching this conversation.
Included resources
- Ageing Workforce Ready Project resource hub
- Late career navigation whitepaper
- NMHC Late Career and Retirement transition guide
- Late career worksheet
- Retirement worksheet
- A series of individual factsheets and worksheets to help people consider and plan for retirement regarding values, work, home, wealth and health.
- Home worksheet
- Health fact sheet
- Values lighthouse
- Wealth factsheet
- Work worksheet
- Tips about retirement finances
Copy for Clients
As we discussed in our last session, retirement is [insert relevant key point from session]. I have attached some resources that many people approaching retirement find useful. I encourage you to have a look at them and reach out if you have any questions. We can also discuss them further in our next call.