Situation
‘Andrew’ was working in a senior position in the corporate sector and had been a long-term employee with his company. He was very invested in his career but knew he’d be approaching retirement in the next year or so and was curious to learn more about how to make this transition as smooth as possible.
Since People Solutions had a long-standing relationship with Andrew’s employer and had been delivering outplacement services for them for a number of years, the company contacted us about supporting him with retirement coaching.
Challenge
There are a number of common challenges that people encounter when approaching and dealing with retirement that we needed to keep in mind when working with Andrew.
- There is a tendency to have preconceived notions of retirement
- People often have underlying anxieties and concerns about their retirement
- Relatedly, some people have seen family members go through poor experiences in retirement or in the transition and are concerned that they will experience the same
- Frequently, there is a focus on financial concerns, neglecting other aspects of their life that will be impacted
Solution/Approach
About a year before his intended retirement, Andrew was partnered up with one of People Solutions’ senior Career and Retirement Coaches, who identified that he would be a prime candidate for our Work Life Horizon program. This program was developed by People Solutions in 2011 to specifically address the transition to retirement career phase. It takes a holistic approach to retirement, helping people explore their options across six life arenas:
- Work and career
- Health and wellbeing
- Finance
- Family and relationships
- Hobbies and leisure
- Personal meaning
The first meeting was more of an exploratory session, where the coach discussed the flexible structure of the program, introduced the idea that retirement is more than just financial concerns, addressed preconceived notions and fears and gained an understanding of Andrew’s needs and desires for his retirement. Afterwards, Andrew completed an online assessment which addressed each of the six life arenas. The results of this assessment were discussed during the second session and used to create some goals and a plan for the rest of the program. Andrew was also given a workbook with activities to complete in his own time.
Andrew continued to meet with the coach intermittently over the next 12 months. Their conversations examined what it is that work provided for him and how he’d replace that as he transitioned to retirement. How would he structure his day? Where would he derive his sense of purpose?
Result
At the end of the program, Andrew came away with a loose structure for creating the future he wanted for himself and felt more empowered going into retirement. He increased his knowledge and could better navigate and direct the retirement process.
In the first 12 months of his retirement, Andrew focused on personal projects, family, and activities he had neglected during his working life. More recently, Andrew has accepted a contract role two days a week, enrolled in a short course to improve his hobby skills, and is considering joining the local golf club. Overall, life is so busy he is wondering how he ever had time to hold down a full-time job!