Making the Retirement Decision

Lately, Mindset Monday has been exploring the concept of Money Worries in The Third Age  For those who are still making the retirement decision, reflective questions are provided here to encourage careful consideration.

This piece was posted ten years ago to help workers deal with the fact that retirement no longer occurs because of arbitrary government rules but on their own life circumstances.  Today, many Third Agers are still struggling with making this important decision; so here is a repeat. I have added a couple of questions since then, based on feedback received.

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The report of the BC Premier’s Council on Aging and Senior’s Issues states “Our vision is of a province that welcomes Lots of Questionsolder workers, benefiting from their skills, experience and dependability and enabling those who wish to work to do so.”

As of January 1, 2008, the rules around retirement have changed in BC. The Human Rights Code has been amended so that mandatory retirement has been eliminated. Workers will now be able to choose when they want to retire.

This is a decision some workers have not had to make in the past generations and so they may need some help to get the decision process going. They will need to take some personal reflection time to consider what they think and feel about the concept of retirement, and they will want to consider both options, staying on or retiring.

Questions To Guide Making The Retirement Decision:

  • How would I describe the importance of the interpersonal connections at work?
  • Does my work give me stimulation, meaning and satisfaction?
  • Is there more that I want to accomplish?
  • Is my work valued and appreciated?
  • Do I have an unfulfilled dream?
  • What learning and growth opportunities are important to me?
  • Where and how can I access them?
  • How do my current energy level and health impact my life and work?
  • What family obligations will impact this decision?
  • How would I describe my comfort level with my current and future financial picture?
  • Do I see other financial alternatives?
  • Am I living and working in my location of choice?
  • What contribution do I want to make before I pass on?
  • How long do I expect to live based on family statistics?

What question is the most important to you?  Will it always be based solely on financial factors?  Please add your thoughts in the comments below.

Mindset Monday Blog

 

This Mindset Monday post is presented by LowellAnn Fuglsang, Business and Career Coach, especially for solopreneurs.

In my workstyle-lifestyle coaching work I love helping solopreneurs find direction, stay motivated and build systems that both support and promote their business. One support that I like to emphasize for them is the Google experience.  Two great places to begin are my Weekly Being Your Own CEO Success Circle and The Portable Business Coach (a tool that will tell you where you need to put more time and energy)

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6 thoughts on “Making the Retirement Decision”

  1. Hillary Clinton is 60 and (with any luck) running for president, so I should think arbitrary age points for retirement are no longer appropriate.

    My wish? That the women who caught the vision and participated in the grand hopes of the 60s will reclaim their boisterous voices, carve out the ground, rediscover the ‘making the world a better place’ and ‘we can do better than this’ ethos, and recreate a groundswell … we need it!

    As a woman one generation younger, I increasingly wonder (as I face increasing numbers of homeless on my street, the appalling abuse of pharmaceutical companies, the destruction of our planet): what HAPPENED to all that energy of four decades ago? and could it sweep us again? Please, yes.

    Reply
  2. I hope you would not mind if I posted a part of Making the Retirement Decision on my univeristy blog?

    Reply
  3. I wish I was given the chance to retire instead of being laid off and calling it retirement as was IBM’s practice at the time. In reviewing your list I think they are super things to think about. At least having started my own business I do have the chance to think about it on the future.

    Reply
    • It’s a great improvement to the employment system when workers have the ability to make their own decisions isn’t it? Agree that one of the great values in being in business for yourself is that you get to make ALL the decisions.

      Reply

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Are you thinking about retirement?

There are lots of things to consider.  Let’s make sure you have a plan that you gives you joy just thinking about it!

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