Month: July 2022

A few weeks ago, I read a recent study “Longevity and the New Journey of Retirement” by Ken Dychwald and Ken Cella (https://www.agewave.com/what-we-do/landmark-research-and-consulting/research-studies/longevity-and-the-new-journey-of-retirement.)

In this 2019 study, more than 11,000 North American adults were analyzed. This research was looking for patterns in people’s retirement experience. The overall focus was on those key ways to thrive. 

The study found that retirement has four stages:

Stage 1: Anticipation (approx. 10 years or less before retirement)

Stage 2: Liberation/Disorientation (0-2 years after retirement)

Stage 3: Reinvention (3-14 years into retirement)

Stage 4: Reflection/Resolution (15+ years after retirement)

Knowing these stages in retirement has been a helpful start in my own retirement journey. I am recognizing emotions and beginning to deal with issues.

I apparently immediately jumped into retirement at stage 2- the disorientation stage.  My initial disorientation was a combination of the unexpected covid lockdown environment plus my sudden change to a retiree. Feelings of liberation seeped in gradually.

It was my own fault that my stage 1- anticipation for retirement- never really happened.  I truly expected to work my job much longer. So actual retirement came unexpectedly upon me like the biblical “thief in the night.” My lack of anticipation was due to my lack of planning. Other than putting a 401k in place, I had not been proactive about my retirement. Because retirement planning made me feel overwhelmed and unsure, I avoided doing much. A little proactivity would have made my retirement a much easier transition now. 

Now I am in the reinvention stage of retirement life.  I have been learning how to order my schedule, enjoy my social life, make some new plans, and pursue writing.  I have recently begun job-hunting for a part-time job to offset rising costs. 

Some of these actions that I have now taken happily reflect this article’s tips for thriving. In order to thrive, successful retirees deliberately choose and cultivate 5 habits. So therefore I am:

1. Attending to my health

2. Staying socially engaged

3. Having a clear sense of purpose

4. Mindfully managing my money

5. Constantly reevaluating/correcting my actions to meet my goals and dreams.

Retired me has some time before I get to the reflection/resolution phase of retirement. Hopefully, writing this blog will chronicle my retirement process in all its good, bad, and ugly phases. I may be able to better reflect on it all as time goes on.

There was an obvious but key finding revealed in this study. Retirees who had planned beforehand, emotionally and financially, were able to enjoy retirement more fully. So any readers that are on the cusp of retirement- take note.  The more planning ahead you do now, the more relaxation and fun you will have later in your retirement. 

But keep reading, there is hope. The study does reveal positive ways for the not-so-proactive retirees among us to cope too.

The article first listed four types of planning retirees.  There were purposeful pathfinders, who were the most active and engaged- they had prepared and saved well, starting early in their lives, on average at age 34. (Really? I find that degree of planning ahead incredible…!)

There were the relaxed traditionalists, who had also planned and were focused on resting, relaxing and enjoying life.

Then there are the challenged yet hopefuls– they got a late start with saving and planning, and though mostly satisfied in retirement, are facing challenges. (I think I fall into the challenged yet hopeful group…)

The final group were the regretful strugglers.  These are the retirees that may have planned little. These retirees struggle with financial and health issues. Some people unfortunately struggle financially or health-wise throughout their lives. Their “survival cycle” results in not much proactive planning ahead for retirement years. 

However, the main hopeful point of this study is that whatever planning group that a retiree falls into, it is never too late to improve. This study has made me take some clear-eyed looks at my retired life and plans. I am making steps to improve and thrive. 

“The bottom line is that older workers have gone back to work.” (Alicia Munnell, director of the Center for Retirement Research at Boston College, to the NY Times).  

This statement summarizes what is now trending in 2022.  It has been dubbed the Great Unretirement. According to Labor Department data, 1.5 million would-be retirees have already recently returned to jobs. Another 68% of the newly retired are actively considering returning to work. (Https//:www.fortune.com/2022/06/07/great-unretirement-recently-retired-workers-consider-returning-to-jobs/)

I am not totally shocked by the so-called Great Unretirement trend. I was among those 8 million workers that the covid pandemic sidelined out of the workplace. In 2019, the covid pandemic’s impact on businesses changed everything.  My entire industry was at risk for an extended period, with no positive end result guaranteed.  It seemed a good time to cut my losses and leave. Back then, what was happening was described as the Great Resignation.  Millions of us left our jobs. 

A Great Resignation Becomes A Great Unretirement

But life has gone on, and pandemic impacts are easing.  The cost of living is very much higher now- a fixed income is quite a hardship. Inflation is at its highest level since 1981. There are rising prices of gas, food, and everyday expenses. The stock market has been very volatile.  I, along with many retirees, have watched in horror as 401(k) balances plummet. (https://www.cnbc.com/2022/05/05/unretirement-is-becoming-a-hot-new-trend-in-the-sizzling-us-labor-market.html).

Also changing work environments are making a return to work more attractive. Companies are embracing remote workforces, for instance. That technology offers a chance to earn without time spent in a daily grueling commute. In addition, employers are offering other incentives to entice people to work for them.

Finally who could forget about those wonderful health insurance costs that employment brings? Health insurance coverage is usually crucial the older a person gets. Those younger retirees that are not yet eligible for Medicare are returning to those jobs that provided them with health care. 

Retired, Not Expired?

A final factor making a return to work attractive is senior loneliness/isolation.  This factor was likely aggravated by the covid lockdowns. But retirees returning to work are sometimes driven by the need for social interactions and significance.  Maybe a retirement luxury of not needing an alarm clock anymore loses its luster when too much loneliness sets in. I have to say that I do not miss the work so much as I miss my fellow co-workers and our “water-cooler” interactions. Missing those relationships is not surprising.  A person works with co-workers for 40 hours a week, often for years- and likely spends more time with them than with spouse or family. Losing those social interactions can be isolating.

So will the Great Resignation become the Great Unretirement for me? I am actually starting to job-hunt for something part-time to supplement my income. They do say that in retirement, there’s no more rat race, but less cheese. But sometimes there’s a trade-off when a little extra cheese is needful. 

I can’t find my phone…again… And I think I left it on silent. If I had a penny for every time I have misplaced my phone or my keys, I would be a wealthy woman. 

I can amusingly share with my friends our commonality of losing things as we age. But I think the laughter masks a niggling fear. What would I do if I started getting senile, or if my daily functioning became drastically impaired? It’s horrific to consider. And it is made all the more menacing when I exhibit forgetfulness or other troubling declines.  Could it mean I have dementia?

Dementia is a blanket term used for various diseases, injuries, and neurochemical imbalances affecting memory and care abilities. Alzheimer’s is the most common cause of dementia, making up to 60-80% of all dementia cases.

Alzheimer’s is a condition that particularly affects millions of older people- some 5.8 million people in the US aged 65 and up have Alzheimer’s and related dementias.

(https://www.cdc.gov/aging/publications/features/Alz-Greater-Risk.html#:~:text=Current%20estimates%20are%20that%20about,65%20with20%younger-onset%20%Alzheimer’s. 

Symptoms range from forgetfulness and declining social skills, to thinking so impaired it interferes with daily functioning (and necessitates long-term care).  Women get Alzheimer’s more than men. There is increased risk for Alzheimer’s as one ages. Family history/health issues such as high blood pressure or head injuries raise your likelihood for it too. 

All hope is not lost- I found some ways a person can battle the Big D.  There is a Jan 15, 2021 article by Novos that spells out proactive steps: (https://novolabs.com/14-tips-to-reduce-your-risk-of-dementia-and-alzheimers.

1. Diet can improve brain health. (Why is it always diet?!?) Blue and red fruits, herbs, green leafy veggies, omega-3 fatty acids, olive oil, some tea/coffee, reduced sugar and starch are all dietary steps that can combat dementia.

2. Exercise is crucial. (Why is it always exercise too?!?) Exercise releases all kinds of healthy substances to the brain.

3. Medical check-ups can reduce or prevent high-blood pressure, diabetes, or hypertension for instance. All these conditions impact brain health. 

4. Managing drugs such as antihistamines or antidepressants can decrease the risk for dementia. 

5. Be social– it is healthy for your brain. 

6. Relax or meditate to combat stress. 

7. Do not hit your head.  Be careful- injuries can increase dementia risk.  

8. Sufficient sleep is vital to brain health. 

9. Take nutrients for your brain. B vitamin complex, zinc, and vitamin D are all good for the brain. There are supplements you can take to slow down the actual aging process as well (e.g. glycine and fisetin).

10. Improve your gut. Surprisingly gut health is closely connected to your brain. Ditch the unhealthy foods- you know which ones they are. (Again I ask, why is it always diet?)

11. Challenge your brain. Read, do puzzles or games, learn a new language, tackle hobbies, take up an instrument, volunteer… There are endless options.

12. Stop smoking. 

13. Be happy/avoid stress.  Release those endorphins! Be grateful and forgiving. Let go and do not control. Don’t compare yourself to others. Be giving. All of these and many more are “happy” choices that are brain-healthy too. 

Most of these tips are common sense and positive things people of all ages can do. But especially for us retirees, using these tips can help in battling the Big D! 

Now by the way, where did I put my keys?