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Retirment mindset management 3

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Retirment mindset management 3

  1. 1. RETIREMENT MINDSET Management IT IS ABOUT More than Money? CPA Kandole Patrick
  2. 2. Just thinking? • Are you happy Working under employment income? • You like your job description and title? • Everything is provided at month end and you have no worries about domestic expenses… you are sorted! • Have you thought of retiring? How do you feel about it? – The end of living? – A new beginning? – Freedom at last? • You now FEAR retirement? THE FEAR FACTOR!!!!
  3. 3. Mind set reactions • There are two emotions specifically associated with the stress response: – FEAR-What is fear? What causes fear? – ANGER- what is anger? • Fear promotes the urge to run and hide • Anger produces the urge to fight.
  4. 4. Attitude • Those with Positive attitudes about retirement and aging were less likely to have problems in specific areas such as memory, hearing and depression/anxiety • Negative effects are larger if the retirement was involuntary • People with more positive attitudes on aging and retirement live an average of 80+ years
  5. 5. What are you giving up? • Understanding what will be missing helps you to plan for how to fill the void. – So what will you miss most? – Identity - Are you what you do? Fear to be a former administrative secretary? A former director?
  6. 6. • What changes have you gone trough from age 22 to now? • Did you manage the challenges? • So do you still fear change in retirement? • What is the key to transitioning? = setting goals • Know yourself for better planning
  7. 7. Insight is Key • Do you see new friends after retiring? • How will your finances be if you retired now? • What do your family/friends say about your retiring? • What gives you a sense of meaning and purpose in life? • How do your retirement plans connect with your thinking here • Understanding what will change can help you set goals on how to fill those losses
  8. 8. Who Do you want to be? 1. Continuers – remain in work setting to a lesser extent Pros – Not much has changed, less to adapt to Cons - May miss other opportunities 2. Adventurers – take risks and try new things Pros – Excitement and learning Cons - Risk of failure 3. Searchers – more passive about their new interests and flexible if things do not work out Pros – Open-mindedness Cons - Frustration if a lot of time is wasted without ever finding the “true path”
  9. 9. Who Do you want to be? 4. Easy gliders - take it one day at a time, without any concrete plan or goals Pros – Freedom to do whatever you wish Cons - Lack of structure can lead to boredom or reliance on other negative behaviors (watching too much TV, alcohol/drugs, etc.) 5. Retreaters – leave work life and chose not to try anything new, which can only lead to negative behaviors and risk of depression Need planning: the HEAD, the BODY and HEART
  10. 10. Who are you? 1. IDENTIFY- know the person you are so that you know what type of activities will provide fulfillment 2. PLAN-Begin planning your activities to address Head, Heart and Body • Why are you thinking about retirement now? Do you really want to retire? • Have you attended a retirement preparation seminar on financial and social planning? • Have you developed any outside interests, hobbies, volunteer activities or any areas of new learning
  11. 11. HEAD: Choose Your Attitude • Choose activities that enrich your mental attitude and brain power to improve mental functioning? – Read, mental games, discussions…Tv? Chess game, dance? Be positive and optimistic , no negative thoughts. Focus on what you are looking forward to, Think about all those fantasies you had about life without work [ read Looking Forward: An Optimist’s Guide to Retirement by Ellen Freudenheim]
  12. 12. HEAD: Choose Your Attitude • Recognize past accomplishments, Taking stock of your successes builds confidence when you run into difficulties during this new adjustment • Daily gratitude journal, Listing one thing that you are grateful for everyday prevents you from taking things for granted
  13. 13. HEAD: Choose Your Attitude • Live now on income you’ll have then, frugality now, Decreases the shock of the changes that will occur Find activities that are meaningful- Spirituality ,Volunteerism, community engagements, be alive. – volunteering increases happiness, life satisfaction, self-esteem, physical and mental health, and life span
  14. 14. HEART: The Importance of Social Support • Those with more social support tend to get ill less • People with a better support network have less problems with mental illness • The larger the number of social relationships and time spent with those friends, the longer people tended to live
  15. 15. HEART: The Importance of Social Support • Treat your social life like your investment portfolio, so you are covered for all events, get more social support – get ill less – less problems with mental illness – Longer life due to socializing • Social activities and friends – High energy/high mobility- Walking, biking? Aerobics? – Low energy/low mobility- indoor games? Comedy? outings
  16. 16. HEART Ways to Build New Social Networks • Get out of the house • Find old friends • Join groups that meet to discuss a special interest / hobby / passion • Community on computer • Mentor youth • Travel with a group • Join professional group
  17. 17. BODY exercise exercise • Benefits and Strengths – Builds muscles, – increases metabolism to keep weight and blood sugar in check which is important to combat two of the biggest health problems as we age – diabetes and obesity, – stable moods, – brain power, – Confidence – Avoid disabling falls
  18. 18. BODY • Flexibility – Stretching helps prevent tearing in muscles and ligaments • Endurance – Increasing heart and breathing rate at least 30 minutes a day has shown to improve stamina and delays, or prevents, the development of diabetes, colon cancer, heart disease and stroke
  19. 19. BODY – Healthier Living “I don’t have time for that!”Healthy habits • Think about taking the extra time that you will have to build healthy habits – Stop smoking – Exercise regularly – Lose weight – Get medical screenings – Accident proof your home – Eat nutritious meals
  20. 20. Eat healthy
  21. 21. Final thoughts • “Any transition serious enough to alter your definition of self will require not just small adjustments in your way of living and thinking but a full-on metamorphosis.” - Martha Beck (life coach) • “To exist is to change, to change is to mature, to mature is to go on creating oneself endlessly.” - Henri Louis Bergson • Remember that your plan should incorporate the Head Heart Body • Begin by asking questions that will give you a better understanding of yourself.
  22. 22. Retirement Mindset Management Mwisho CPA Kandole Patrick

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