Latest / Talking FACS / Don't Fail Retirement: Plan for Purpose, Health & Social Connections

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Don't Fail Retirement: Plan for Purpose, Health & Social Connections · Talking FACS

• 0:01
  Welcome to Talking FACS, what you need to know about family,
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  food, finance, and fitness.
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  This nationally recognized, award-winning podcast is hosted by the University
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  of Kentucky Family and Consumer Sciences Extension Program.
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  Our educators share research knowledge with individuals, families,
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  and communities to improve quality of life.
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  Most of us who are working are probably working for that magical time of retirement.
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  Hello and welcome to Talking Facts. We share information you can use to strengthen
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  your family, your community, and our state.
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  I'm your host, Mindy McCulley, Extension Specialist for Instructional Support
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  with Family and Consumer Sciences Extension.
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  We are part of the Martin-Gatton College of Agriculture, Food, and Environment.
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  My guest today, Caroline Francis, is the director of the University of Kentucky
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  Alumni Career Services Program,
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  is here to talk to us about how we can avoid failing at retirement. Welcome, Caroline.
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  Thank you so much for having me, Mindy. I want to know more about this because
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  I see the retirement on the horizon. It might be 10 or 15 years away, but it's coming.
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  And so I want to do this well, and I want to not fail at retirement.
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  So tell me, what is the first thing I need to think about?
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  We don't want anyone failing retirement. That's right. That's the one thing we've got to succeed at.
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  Right? But it requires planning. Just like any other important phase of life,
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  the sooner we start planning for it, the better.
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  And there's many things to plan for beyond the financial side of retirement.
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  And that's what I focus on in working with clients, helping them into that semi-retirement
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  phase and encore careering. First of all, the word retirement itself means to no longer work.
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  But in reality, baby boomers and Gen Xers are totally redefining retirement,
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  and it will likely include work.
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  So by choice or not, retirement is probably going to include work.
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  It may be totally different. It might be less work. It may be volunteer work.
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  It could be seasonal, contract gig work.
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  But we are living longer, and it's going to include some work, most likely.
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  What we're seeing is that 65 is typically the magical age people want to try to retire.
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  But a 65-year-old today is not a 65-year-old of 1935 when Social Security was set up.
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  First of all, people on average only live to 58. So it really was not set up
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  for people to actually get much use out of it.
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  We're gaining about 20 years of extra life.
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  And through advancements in health care, we're living healthier longer.
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  So it's a great opportunity for people to really get to focus on finding themselves
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  and enjoying life in that phase.
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  Caroline, what are some of the areas where we see people struggling in retirement?
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  First of all, is they lose their identity.
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  When they leave their position or change positions that they've been in for
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  years, they struggle with the loss of identity.
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  And that's huge because, sadly, in this country, our work has become our self-esteem.
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  It's our recognition, our approval. So when people leave that behind,
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  even though they think, oh, I'll never miss that job and those people,
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  they do, and it can have negative impact on our health and our well-being.
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  I always encourage clients to look at what they're leaving and what they're gaining.
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  By scaling back at work, leaving work, or changing positions for retirement.
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  So, Carolyn, do we see people who are more successful at retirement?
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  Are they the people who have reinvented themselves throughout their career,
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  so they're used to reinventing themselves?
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  I do believe that plays into it, yes. People that plan for this phase three
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  to five years in advance, ideally,
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  Figuring out what they want to do next, maybe that bucket list,
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  where maybe you take a little time off to clean the attic, paint the house,
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  downsize, but then consider what do you want to do next.
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  Social connection is another area where we see people failing retirement.
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  When they leave work, a huge percentage of their social connections are lost.
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  We think we'll keep up with these people, but we really don't.
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  And the research shows that isolation and loneliness is not good for us.
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  COVID was very clear on that.
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  So people that do not have a built-in social network outside of their workplace
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  tend to flounder in retirement and don't do as well.
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  So that would be an area to build up.
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  Also, declining health. When we've not taken care of ourselves through the years,
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  when we come to retirement, sadly, we can't do many of the things we want to do.
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  So I really encourage clients to start focusing on taking care of themselves
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  before they retire so that they can enjoy that phase of life.
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  If we help people find ways to enhance their social connections and to enhance their,
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  mental and their physical well-being, then they won't miss work.
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  I agree. They certainly won't miss it as much.
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  Another area where people tend to fail retirement is they lack a purpose.
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  Why do people get up in the morning if you don't have to get up for work?
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  What is your purpose? and people that have a purpose,
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  something they want to leave a legacy or that they're contributing to the greater
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  good, they're going to be much more successful in those encore years than folks
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  that don't. Oh, definitely.
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  So, Caroline, as we see people approaching,
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  their retirement years and we know that they're looking at it with great anticipation,
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  but we don't recognize that they have a plan, what can we do to help them start
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  thinking about the plan?
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  Some of the things that I do with clients would be to encourage them to start
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  that bucket list and or have a curious journal where they jot down things that
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  they still want to learn or do.
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  If you could take a course in anything at all, what would it be?
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  In Kentucky, We're very fortunate to have the Donovan program where people 65
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  and older can go to school for free We also have the OLLI program at some of
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  our universities in this area
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  And Extension has incredible opportunities for people to learn and grow,
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  So what are things that you still want to do, that you still want to accomplish or learn?
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  That is one of the big pieces of homework that I have clients start intentionally
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  building well before they're in that retirement state.
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  I remember, I don't know, it's probably been three or four years ago,
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  you and I were just having a random conversation. And you said,
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  what is it you want to do when you quit working?
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  And I have thought about that conversation so hard for so long because I hadn't
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  thought about that before.
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  And it was probably 20 years down the road at that point, but I still am always
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  thinking, now, what is it that I want to do when I quit working?
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  It's always in the back of my mind.
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  And the research shows that the more we learn and grow, the sharper our minds are going to remain.
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  So we want to keep learning and growing in new and different areas.
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  And it's so exciting to help people figure out some encore career ideas or things
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  that they might want to do volunteer-wise in their community.
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  I had one client a few years ago who was well into her 60s and not necessarily athletic.
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  She said, I want to become a holy yoga instructor.
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  So while she was still working, she went through that long journey to get certified
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  so that when she was able to step back from her full-time job she was able to
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  pick that up we have people that are working in the bourbon industry in the
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  state as part of an encore career.
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  Ideally, if you can work for less money, then maybe you are able to find a job that will be a fun job.
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  So maybe working at a bookstore or coffee shop, volunteering or working for
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  a nonprofit. There are so many places that the world needs our folks that are midlife and beyond.
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  Lots of places need your gifts and talents and your wisdom. So,
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  Caroline, as we wrap up, what are some last thoughts that we might want to share
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  with listeners about ways that they can avoid failing at retirement?
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  Before you want to scale back, start planning. Build that bucket list.
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  What are things you want to do?
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  Where do you want to travel? Where do you want to live? What would you like
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  to learn? What would be some fun jobs?
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  These are things that I would prioritize as well as improving your health.
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  If you do these things, you're going to be much more likely not to fail retirement.
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  Also, get a role model. Find a role model who's retiring quickly. Hang out with them.
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  What are they doing that you would like to emulate?
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  I think those are fabulous ideas.
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  And when we reach that magic age where we get to shut the door on the office
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  and never have to open it again, then I think we're going to be really well
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  prepared to make that transition.
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  Me too. Thank you so much for your time. Thank you for the opportunity to be
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  here. And if you're just tuning in, you're listening to Talking FACS,
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  and you can find us wherever you listen to your favorite podcasts.
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  Thank you for listening to Talking FACs. We deliver programs focusing on nutrition,
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  agent for Family and Consumer Sciences.
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