Retirement is often eagerly anticipated, with many of us spending much of our working lives dreaming of the moment we can finally quit the 9-5 and long commute. It is supposed to be a time to relax and reflect on a life well-lived, whilst enjoying the exciting new life ahead of us. The reality is often very different, with more than half of retirees facing retirement regrets, according to a 2018 study by Global Atlantic Financial Group.
Whether you are facing retirement or are still making your retirement plan, the good news is there are lessons that can be learnt from those who have experienced retirement regrets.
“It is better to look ahead and prepare than to look back and regret.” – Retired track and field athlete, Jackie Joyner-Kersee
A recent study by SunLife Insurance revealed that 85% of the retirees they quizzed felt that they had retired too early, with the majority believing they had quit their jobs two and a half years too soon. With people feeling younger both mentally and physically, people reach retirement in great shape, often with potentially many active years ahead of them.
Sam Dogen, a former investment banker and founder of Financial Samurai, took early retirement at 34. Despite amassing net worth in the region of $3 million, and undertaking careful planning, he still had a few regrets. His suggestions of waiting longer, investing harder and consider exploring another industry, are valid tips for those considering an early exit from their working lives. Taking a sabbatical or extended break will give you the chance to recharge and assess if it is a break you need or retirement. It will also give you the opportunity to plan what to do with the newfound time you will have on your hands in retirement.
Pete Buckman, an author and literary agent, is still working into his late 70’s. He believes that giving up your active working life just because you have reached the accepted retirement age, is ridiculous. Instead, if you take pride and pleasure in what you do, you should be encouraged to continue.
On the flip side, others regret retiring too late and wish they had capitalised on the energy they had before they retired. Some feel that they wasted the best years of their retirement working – time they wish they had spent enjoying the plans they had made and instead wish they had retired earlier. Flexibility during those earliest potential retirement years is invaluable, for some bringing forward their retirement improves their experience.
“Half of older workers want to avoid a ‘cliff edge’ retirement.…”People Management
A good compromise and a way to avoid regret over the timing of your retirement is by winding down to the end of your working life.
Offering a gradual retirement not only gives retirees a prolonged income and increased leisure time but also eases them into the new chapter of their lives.
“People don’t retire now, they just do something different. Complete retirement in my opinion is not a good idea. People often lose their sense of purpose and their social network and that has been proven to affect their health & wellbeing.” Financial Planner, Louise Oliver of Piercefield
Pamela Major, a mindfulness trainer and HR consultant, embarked on a new career after 28 years in the Diplomatic Service. After three years of agonising over her decision, she made the decision to take early retirement and build a second career. Rather than jumping straight from the security of a secure, established job and the social connections it provides, making a gradual transition allows you to let go of a diminishing career and build up to the retirement phase.
Retirement regrets are not just for the general working population.
Celebrities are well documented for their retirement regrets, with many of them returning to the careers they had previously left, or in a different capacity. The average retirement age for celebrities is often fairly young, though they frequently take a break and then head back to work.
Ozzy Osbourne, a British singer, songwriter and television personality, retired early at 43 after stating he wanted to spend some “much needed time at home” after spending 25 years on the road. Three years later, he was back on stage.
American singer, songwriter and actress Barbara Streisand performed four farewell concerts to mark her retirement from music in 2000. Sixteen years later she was back on the stage, performing a world tour and grossing $53 million over 16 performances.
Arguably the retirement process is a little different for celebrities, with many of them earning larger than life salaries and finding themselves in a position to take early retirement. They won’t be faced with the same challenges that the rest of the working population face – with debt or lack of savings being an important consideration for many.
Having a well thought out retirement plan, learning from others experiences and starting the process early, can help you avoid the pitfalls that other retirees have experienced.
You can also plan and prepare for retirement using my bespoke coaching programme. I can help you address the issues you need to think about when planning your retirement, improving your emotional flexibility and increasing your joy in life, ahead of and during retirement.
To find out more, contact me on:
T: 020 8133 9495
E: info@janeparslow.co.uk