You need to plan what you are retiring to, and not focus on what you are retiring from

For many business leaders, work is the founding principle upon which their sense of self is derived. Work represents a symbol of achievement and a source of power and prestige. Specifically, work provides a sense of purpose, a place of belonging and an identity.

For some of us setting and achieving goals outside of work can be unfamiliar, uncomfortable and quite overwhelming. If most of your time is spent building, establishing and growing your company, there is little time left for to pursue other goals. Thus, the thought of retirement may be associated with anxiety and apprehension.

In order to ensure a smoother transition into retirement, there are a two strategies I want you to consider:

1. Expand your definition of who you are

One way to alleviate some of the anxiety surrounding the loss of your working Identity is to expand your vision of yourself. And yes it is a loss that must be grieved. That is why you may feel sad or depressed. Once you move beyond the loss, start to place your energies in developing yourself in ways other than that of a business owner, manager, or entrepreneur.

For some, it may be nurturing an identity as mentor, for others it may mean pursuing new hobbies and growing your personal identity repertoire to include golfer, skier, gardener. For others, it may mean placing greater emphasis on your role as friend, parent, or grandparent. Of course perfecting your golf game does not preclude being more present in your grandchildren’s lives. In fact, the research indicates that those of us who wear several hats, be it entrepreneur, accountant, father, friend, son, or golfer have better physical and mental health.

Think of it this way. You wouldn’t invest all of your money in one asset. Your financial portfolio should be diversified in order to mitigate risk. The same holds true for your identity. Expand your definition of who you are and it will ease the transition from work to retirement.

2. Develop new goals and pursue old dreams

A second strategy that will help you better prepare for retirement is to develop new goals and reflect on old dreams that may have cast way while working.

This exercise can feel quite overwhelming as you may be unsure of where to start, or perhaps you cannot remember ever having dreams that did not include work.

So pick up a university catalogue and leaf through the course offerings. There may be something that will spark your interest. This will help you reflect upon what subjects, issues, or hobbies peak your curiosity outside of work.

An alternative approach to this exercise is to look through old pictures. What did you love doing as a kid? Perhaps you were a great baseball player or you loved dancing. Although it may be too late to aspire to major league sports, you can still watch the sport, attend games or coach your grandson’s hockey team.

You can inspire the development of sportsmanship!

If you are transitioning from work to retirement and you are anxious about what’s next, you are in good company, and you do not have to go at it alone.

For more resources check out www.rewiretoretire.com and sign up for our monthly newsletter. Or better yet, join us for a groundbreaking workshop on this very subject February 28, 2015.
Best,

Soon to be Dr. Gill