Pat McCabe (left) presented an online retirement planning program and shared her retirement to-do list: more laughter in the waves with friends. At right is her longtime friend Kristin. Submitted photo
If you’re thinking about retirement, it’s a good idea to start planning for it.
“It’s a major life transition with social and psychological hurdles,” says Pat McCabe, a human resources specialist with master’s degrees in counseling and higher education administration.
“People who are considering leaving full-time work, and those who have actually stopped working, are often worried about their finances, their health and insurance, and have to figure out where to live,” she said in a recent interview. “This can cause stress and anxiety.”
McCabe, a human resources associate at the University of New Hampshire, will present an online professional development program for the University of Maine’s Division of Lifelong Learning’s professional development and continuing education programs. The program is titled “What’s Next? Plan Your Transition to Retirement” and classes begin September 10.
“(The program) aims to provide professionals who are nearing or just entering retirement with the skills and resources they need to successfully transition into this new chapter of their lives,” a UMaine press release said.
One difficult transition is often that they miss the routines of working life, “their work friends, the structure and of course the pay that the job offers them on a daily basis,” McCabe said. “Many miss the feeling of being able to contribute their expertise and skills and the mental stimulation that the work requires.”
The best way to deal with it, she said, is simple: Plan ahead.
“Of course, some workers can’t decide when to stop working for a variety of reasons,” she said. But if you take the opportunity to plan what you do with your time and have the option to work part-time, volunteer or pursue hobbies, you’ll have a few reasons to get going in the morning when you stop working full-time, she said.
She cited a 2017 RAND Corp. survey that found nearly 40% of workers over 65 were still working. People can claim Social Security benefits as early as age 62, but with a 25% to 30% reduction in benefits, according to investopedia.com.
In 2024, the full retirement age will be 66 for those born between 1943 and 1959 and 67 for anyone born in 1960 or later. Retirees will be eligible for Medicare at age 65. The website noted that according to a study published by Boston College, men retire on average at age 64.7, while women stay working until age 62.1 on average.
For those who have recently taken the step into retirement or are planning to retire soon, it is important to have a strategy, McCabe said.
“In this class, we will work on identifying strengths and strategies we have used to deal with past changes in our lives and how we can apply those to this transition,” she said. McCabe will also help participants find the most meaningful ways to spend their time.
“Because we are likely to change our minds in retirement and find that we want to try other hobbies, we are encouraged to make our own choices,” she said.
McCabe said she was inspired to develop and offer this course because such courses create a network of new friends who are going through the same process.
“Some retirees have told me they feel lonely after work; others have to carefully adjust to being at home with their partners more often,” she said. “This course offers the opportunity to make new acquaintances outside of work and home.”
It is also important for retirees to plan how they can redeploy their strengths and skills and live in accordance with their values, McCabe said.
“This ‘refocus’ planning can be as important as all of our previous job searches,” she said. “This is a life skills course: how to spend time and energy thinking ahead about how you’re going to spend your time and energy in the future.”
She said she asks everyone she meets who wants to retire, “What are you going to do next?”
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