Happiness and meaning in retirement

Finding a way to measure success is important, at work it can be done numerous ways, some may have measured success by their professional achievements, some by the number of friends gained at work. Once you leave the workplace, you may need to find meaning to measure your success.

Viktor Frankl knew a lot about looking for meaning in life. In his book Man’s Search for Meaning, Frankl wrote, “Happiness cannot be pursued, it must ensue. One must have a reason to be happy.”

Frankl believed that the very pursuit of happiness is what thwarts happiness, but once you have a reason to be happy – i.e., a meaning – happiness comes automatically.

Happiness is about looking inward. It’s about satisfying your needs and wants. Happiness without meaning results in a shallow, self-absorbed life. When things go well, when your needs and desires are satisfied, you’re happy. When things get difficult, watch out.

Meaning is different. It’s focused outwards, on others. It’s about taking care of others and contributing to your community or society as a whole. When we see our purpose as larger than ourselves, we no longer need to pursue happiness. It comes naturally, even in the face of temporary setbacks and discomforts.

The problem is that many people spend more time planning a vacation than they do planning their retirement. Chances are your career provided a lot of your life’s meaning over the last 40+ years.

So how do you find a replacement for that fulfillment once you’re no longer punching the proverbial time clock?

1.  Read

2.  Try a Mindfulness App

3.  Meet With a Life Coach

4.  Take Care of Your Finances

5.  Identify What Gives Your Life Meaning and Purpose AND Makes      You Happy

6.  Identify Your Ikigai

a.  The Japanese define purpose with the concept of “ikigai.”  Ikigai is the intersection of what you love, what you are good at, what the world needs and for what you can get paid.

In memory of

One of the people I call a friend, died of a stroke the other day. It was a shock, and so sad. He was about 10 years younger than me and was a gentle, considerate, caring, kind,  compassionate man with a wicked sense of humour. On our annual golf tour, it was mentioned by one of his closest friends that he had some medical problems, but we were sure they were minor. He stayed in shape, he exercised, he ate right and was mindful of stress but stroke is a silent killer. We were wrong, and he died before his time.

I met him in the mid-eighties and worked with him on extra-curricular activities. I also had the privilege of working with him for 10 years before I retired and for a few more years after I went back to work. He was a brilliant teacher, a caring and thoughtful man, who cared about his family, his friends, and his students. It is hard to put a person’s life in perspective, but one of the ways to measure a person is by the connections they make with others. In his life he made many strong connections as seen by some of the comments made after news of his passing was known are:

Probably the nicest person I have ever met. Very sad.

One of the best men I’ve worked with. A gentleman who always had time for advice for this newbie.

Oh no... how very sad. My heart and prayers are over his beautiful family!

He was a legend! You all were the greatest team of teachers. Condolences to his family

Oh…. This is so sad. Big love to everyone…. He was a loved teacher

He had quite an impact on me. Still remember many lessons he taught us. Extremely sad news

Such a huge loss. Thoughts are with his family during this difficult time. He had the best stories and always greeted you with a huge smile!

I had him in grade 12! Great teacher! Great person all around! RIP

A terrible loss. Gone too soon. Thinking of his family. Such a positive and kind man.

So sorry to hear this news. So sad that a great teacher person and friend left this world so early. He is a legend, and I had the pleasure to work for several years at the same school. He was always positive upbeat and very knowledgeable about business. My condolences go to his wife and his family.

 It’s never easy losing a friend

Retirement and the Pandemic

Some of those who left the workforce was forced into retirement and we are retiring earlier than ever, but many of those who left the workforce are not financially prepared.

There are a few lucky ones who left the workforce during the pandemic because soaring stocks boosted their retirement savings. However, this is a small group, many retired early because they lost their jobs and struggled to find new work. And as virus cases remain at elevated levels, some are just too worried about the pandemic to keep working.

Yet a recent study from Boston College suggests a large share of retirees can't really afford to retire. Thirty-six percent of Americans aged 65 to 69 aren't able to cover just one year of minimal care, according to the study from Boston College's Center for Retirement Research. Only 21% of Americans can cover a year of severe needs, such as dementia or physically debilitating health issues.

The team's calculations include the need for paid and unpaid care. It also uses the median hourly rate for a home health aide for paid-care calculations, which totalled $22 per hour in 2018.

College graduates are also much more prepared to cover care costs than less-educated Americans. Just 14% of people with college degrees can't afford a year of minimal care, according to the study. Conversely, 65% of those who never graduated high school don't have the means to pay for care.

And white Americans are generally much better equipped for retirement than racial minorities. Just 32% of white Americans can't cover minimal elderly care, according to the study. That jumps to 49% for Black Americans and doubles to 64% for Hispanic Americans.

The findings paint a bleaker picture of retirement at a time when millions of Americans - many unwillingly - have yet to return to the workforce. The labour force participation rate for Americans aged at least 55 years sits near 15-year lows after tumbling at the start of the pandemic, while the broader rate has staged a much more significant recovery. The data, along with booming retirement accounts, suggest many Americans were forced into early retirement due to the pandemic.

Many of those who haven't retired yet have done little to prepare. Twenty-six percent of non-retired Americans haven't saved a penny for their eventual exits from the workforce, according to a 2019 Fed study. That means a significant number of Americans didn't benefit from the stock market's boom through the pandemic recovery and are likely to have a little financial cushion if any by the time they retire.

With the pandemic now in its 19th month and the hiring recovery running on fumes, people who left the workforce are unlikely to come back. The country may still be rebounding, but the new study suggests millions of old Americans are entering a new phase of economic turmoil

Work and the Pandemic

It is interesting that with the pandemic now in its 19th month and the hiring recovery running on fumes, research is coming out that says, people who left the workforce are unlikely to come back. The country may still be rebounding, but the new study suggests millions are entering a new phase of economic turmoil. A shift is occurring about what people want from work. I see Facebook posts that imply that there is no labour shortage, but there is a shortage of people willing to work for low wages. I agree with that sentiment, but it does not explain the entire issue of labour shortages.

In the Pandemic, many people were forced to work at home and after the initial shock they adjusted to the “new reality” and productivity in many cases did not fall as predicted but actually increased. After two years many workers started to like their situation. They did not have to face a daily commute, fight to find parking, and found they had time to do the things they liked or needed to do at home. Some workers found that they enjoyed the new freedom and they liked being treated like adults. Employers found that their workers were still as productive and were happy. When we moved closer to reopening many workers just decided to say no to going back to the office full time, while others started to look for work in other areas as going back to work and being directly supervised was an issue for them.

Because there is a labour shortage, I have seen stories blaming government handouts and some are saying that people can stay at home and get paid for doing nothing. This is not true; government programs are and always have been restrictive and they are hard to stay in for any longer than is needed. People have a different attitude toward what they want from work, and it will take time for the system to adjust but those firms that recognize that a shift has occurred will thrive and those that do not will not survive.