When planning for retirement, financial matters tend to grab all the headlines. However, many other aspects of retirement planning are just as important and should be explored as part of the journey.
Like your retirement personality type.
Here at Consolidated Planning, our philosophy focuses on uncovering all that’s important to you to help you retire the way you want to.
While we certainly hope that preparing financially for your retirement is a priority for you and receives the attention it deserves, it’s important to consider how you feel about the prospect of retirement. In what follows we’ll help you start to consider those feelings that can help you determine what type of retiree you might like to be.
Will You Be Retiring To Something or From Something?
Before we go any further, take a moment to think of your ideal retirement, what does that look like?
Retiring TO something is exciting. The anticipation of finally being able to do all of the things you’ve been putting off. Or maybe it means relocating to a place you’ve always wanted to live – near family, the mountains, or a body of water can make those last few years of work feel like drudgery.
The feeling of freedom from a schedule and all the newfound time you’ll have to fill with meaningful or leisurely activities can be a powerful motivator as you prepare to leave the workforce.
On the other hand, retiring FROM something may be your way of trying to leave a work situation that has you feeling overworked, overstressed, and unsatisfied.
The thought of not working at all may not be appealing because, frankly, you’ve been too busy to give much thought to what you WANT to do during retirement, but you know you need a change from your current occupation.
Many who reach this point in their careers struggle to figure out what comes next, even if retirement is an option financially.
While working with retiring clients, we have seen cases on both ends of the spectrum. Some of our clients can’t wait to stop working to pursue other meaningful activities in their lives and see work as an obstacle or impediment to their objective.
For these folks, retirement cannot come soon enough.
Others enjoy their work and value the connections and status that their professional identities have afforded them. They often have trouble visualizing how they will transition into retirement and who they will be without their titles and duties to fulfill each day.
For this group, the prospect of retiring may not feel quite as exciting.
In a study of 100 retirees, counseling psychologist Nancy K. Schlossberg, EdD, found that “retirement is not one, but many transitions and that coping with these transitions depends on the following: the role of work and family in the life of the individual, the timing of retirement, the degree to which work has been satisfying, the degree to which retirement is planned for, the expectations one has about retirement, the degree to which a meaningful life is established and, of course one’s health and sense of financial security.”[1]
The degree to which retirement is planned for is where we come in. And, for more reasons than one, is why it’s crucial to have the right plan in place for you, your goals, and retirement personality.
Your Post-Retirement Life Is Based On Your Unique Perspective And Personality
Based on her study with retirees, Dr. Schlossberg identified the following ways in which people approach retirement, and from this, we can see six clear retirement personality types emerge:
#1 Continuers
The retirees use their existing skills and interests to find ways to stay connected. They often pursue work as consultants, trainers, coaches, or educators via a formal phased retirement program or other work continuation approach.
#2 Adventurers
This personality enters the world and uses their newfound time and freedom to pursue new endeavors. These could include returning to school, an encore career, traveling the world seeking thrills and excitement, or even relocating to a foreign country.
#3 Searchers
Searchers are ready to explore new options through trial and error. This group is apt to try many different things to make up for lost time and see what they might like to spend their time doing. They may take music or dance lessons, cooking classes, hire a personal trainer, take up a new hobby, or travel around the country in an RV searching for someplace new.
#4 Easy Gliders
Easy gliders do just that – enjoy unscheduled time by letting each day unfold without worrying about calendars or clocks. These retirees are content to let the day take them where it may without feeling the need to be scheduled after a lifetime of planning. Easy gliders are the free spirits of retirement. (Sounds nice right now, doesn’t it?)
#5 Involved Spectators
These retirees care deeply about the world but engage less actively, such as volunteering in their communities, caring for grandchildren, or caring for an aging parent.
#6 Retreaters
For the ones who may have had a hectic schedule or high-stress job, the retreaters take time out or disengage from life. They have the desire to unplug for the first few years of retirement to quietly pursue leisure activities close to home, like gardening or fishing.
So, why exactly does all of this matter?
Understand Why Your Personality Type Matters For Retirement
You may not be surprised to learn that people serious about meeting their retirement goals are likely consumed by the numbers. And rightfully so.
However, it’s important to give proper attention to the psychological aspects of retirement for yourself AND your spouse or partner. Regardless of the personality type you best relate to, start having those open and honest conversations before making any solid retirement decisions.
To ensure your retirement goals and post-retirement income align, talk with an experienced planning advisor at Consolidated Planning. Afterall, retirement should be fulfilling in more ways than one.
Exp. 3/2027
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Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. The information provided is based on our general understanding of the subject matter discussed and is for informational purposes only.
This material contains the current opinions of James M. Matthews and Consolidated Planning only. These are not the opinions of Park Avenue Securities, Guardian, or its subsidiaries.
