Preparing for Retirement: More Than Money in the Bank

Everywhere one turns today there is information about the importance of saving enough money for a comfortable and secure retirement. Sufficient financial resources in retirement are important, but according to psychologists who study retirement, money is only one part of the equation for a happy and productive life after one stops working.

You also have to plan in terms of developing other interests and making a gradual transition in terms of where you derive your self-esteem.

For men and women who defined themselves by their careers, leaving that identify behind is often very difficult.

Relationships with spouses and children often change during retirement as well. Couples who were used to saying goodbye in the morning and "how was your day?" in the evening are now suddenly together in the middle of the day as well. That's an adjustment for both parties.

Many psychologists recommend retiring gradually, going to a part- time schedule or doing consulting work, before stopping work altogether. The new free time can be spent investigating new hobbies or rediscovering old ones.

Donít be inflexible in planning for retirement and donít put all your retirement eggs in one basket. For example, many retirees plan to spend a lot of time traveling but for some a physical aliment makes extensive traveling impossible. A balanced portfolio of activities is important--travel, hobbies, volunteer work, exercise, continuing education--are all activities that many retirees find rewarding.

Thanks to Norman Abeles, Ph.D., professor of psychology at Michigan State University; Judy Maes Zarit, Ph.D., a psychologist who works with retirees in her practice in State College, Pennsylvania; and James E. Birren, Ph.D., associate director of the Center on Aging at UCLA.

Documents from apahelpcenter.org may be reprinted in their entirety with credit given to the American Psychological Association. Any exceptions to this, including requests to excerpt or paraphrase documents from apahelpcenter.org, must be presented in writing to helping@apa.org and will be considered on a case-by-case basis. Permission for exceptions will be given on a one-time-only basis and must be sought for each additional use of the document.