RAPIDLY ageing populations, skyrocketing inflation, and increasing life expectancy are shifting how we think about our old age.
Asian populations are no longer as youthful as they once were.
In China, for example, over the next decade, around 300 million will reach retirement age. For the Japanese and South Koreans, retirement is increasingly delayed as workers toil well into their 70s.
Meanwhile, Singapore has the third-highest employment rate for workers aged 65 to 69.
The Retirement Dilemma
The retirement scenario we were planning on when we were growing up has changed in ways inconceivable back then. Higher life expectancy and technological advances have significantly changed the landscape of retirement.
As people live longer, leading healthier lives, the traditional notion of retiring at 65 has become increasingly outdated and there is a growing discussion about the need to rethink retirement ages to better align with contemporary life expectancies and the realities of modern ageing.
The traditional ‘Confucian ethic’ of expecting their families to provide for them as they grow older, is no longer a practical option. Contemporary realities of social-economic transformations, changing family structures, greater mobility, and heightened pressures on the younger generation are shaping new mindsets about life in the later years.
Planning For A Longer Future
There is a growing realisation — or perhaps resignation — that retirement must be self-managed. Whether you are parents who do not want to burden your children or part of the growing population of childless couples and individuals, the responsibility lies in taking ownership of your retirement readiness.
And, perhaps schools should include a ‘life beyond a career’ planning as part of the syllabus, to get students thinking about the full journey, not just the highlights.
While financial concerns naturally take center stage in retirement planning, there is a growing awareness that living well is key to ageing well — and it’s about much more than just the money. Stepping away from a lifetime of familiar schedules, routines, and steady incomes requires adapting to an entirely new way of living.
What will that look like, feel like, and truly be like? Are we mentally, emotionally, and socially ready to embrace life beyond the realm of work?
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Steps To Handle The Change
In retirement, embracing your Ikigai — the Japanese concept of ‘a reason for being’ — means finding purpose and fulfillment by aligning your passions, values, and talents with the opportunities that this new chapter offers, creating a life that’s both meaningful and enriching.
The biggest post-retirement challenge is the profound crisis of purpose. A complete rethink of the life pattern we’ve followed for decades can be quite disorientating.
The psychological shift of losing what gave us consistent engagement, camaraderie and a clear sense of identity and accomplishment, is almost akin to grief.
A void, where the days, no longer directed by a fixed routine and purpose, can lead to feelings of aimlessness and in some cases depression. In truth, retirement when approached with the right mindset and preparation, is a chance to stay active and engaged, to keep doing what you love, and to live life to the fullest, with Ikigai.
Acknowledging the gaps that stepping out of the work routine creates is the first step towards confronting ‘The Change’. This valuable foresight allows us to plan ahead and prepare ourselves for this new next stage in our lives as we open ourselves to embracing change and re-discovering our new reason for being.
1. Build A New Rhythm
Relish the freedom of no longer dealing with the rigours of a 9-5 work schedule by creating a new daily routine of preferences and interests. Being structured does not mean being scheduled in a way to mirror the intensity of your working life. Embracing a flexible approach creates a balance of ‘doing’ and ‘being’. This also means letting go of the mental pressure, often self-inflicted, of needing to prove your self-worth by justifying your retired existence to others.
Enjoy the well-earned right of finally being able to live this phase of your life with freedom of spontaneity.
2. Value Your Experience
Stepping into retirement doesn’t diminish your value or mark the end of your productive years. Leveraging on the skills that you have built up, this is a chance to redefine your purpose and continue to contribute meaningfully. Whether it is consulting, starting a freelance gig, working part-time, volunteering in community projects, or mentoring young people with aspirations.
Choosing to stay engaged can give you a profound sense of purpose and accomplishment during this new phase of your life.
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3. Be Excited About Being Socially Engaged
Make connecting with others and nurturing relationships an exciting and enriching aspect of this new routine, be it with family members or friends.
Schedule regular meetups with family or friends for coffee, over meals, through Zoom chats. Be open to making new contacts by joining social activities that align with personal interests. Volunteering is another fantastic way to stay socially active while giving back to the community.
Explore opportunities to attend local events, such as festivals, workshops, or community gatherings to expand the social circle.
Being socially engaged not only enriches life but also provides support and a sense of belonging.
4. Find your Passion Point
Dedicate time to trying new things without the pressure of commitment.
Whether it is art, cooking, dancing, music, photography or creative writing, embracing journeys of self-discovery can add an interesting aspect to the daily life. Rediscovering past interests and dreams that were put aside due to a busy work schedule can bring a new sense of purpose and satisfaction. But sometimes, things you left behind may not excite you anymore, so be on the lookout for new opportunities as well.
Make it a point to pay attention to what excites you, gives you flow and makes you lose track of time, as these are the clues to identifying your true passions.
5. Love Learning Something New
Embrace opportunities for mental stimulation by challenging yourself to acquire new skills, knowledge and experiences. Enrol in online courses or workshops on subjects you’re curious about, such as a new language, an artistic or musical pursuit, mastering a new technology.
Retirement is also the ideal time to travel to new places to learn about people, places, food and culture. Making it a point to keep up to date with the news and what is current, will also add to that.
The consistent accumulation of new life experiences also makes for more interesting interactions and conversations.
It’s time to change our perspective on how we look at, prepare for, and live out retirement.
Ultimately it’s not what we are retiring from, it’s what we are retiring to.
After all the years of working so hard, we’ve earned ourselves the luxury of time and freedom of choice, to embrace change, design our next chapter and live out our Ikigai.
Jennifer Dunbar is an ICF credentialled (PCC), Executive/Personal Development/Mindset coach. She is accredited by the Retirement Coaches Association for her specialisation in retirement coaching.
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