Why retirement plans must start on day one

Good planning for retirement requires that an employee starts thinking about it as soon as they are employed. Illustration | Joseph Ngari  DAILY NATION

By FLORENCE KITHINJI 

In Summary

• The more prepared an employee is for retirement, the more positively they will take it. Preparation for retirement means assessing a number of issues. A major one is the financial preparedness to cope with a life without a salary. This also implies planning in advance, whether or not to look for an alternative source of money.

Where do you think you are going?” Peter shouted at his wife, Maria, as she prepared to go to work. It was a Monday morning and Maria had done everything to ensure that Peter would be comfortable at home.

Peter had retired about a year earlier. He had opted for early retirement, citing chronic backaches.

The first 10 months of retirement had been blissful for Peter. He did not have to wake up early to beat the traffic jam. Also, he could sit in all day and watch football.

This feeling of elation had slowly died out as Peter grew tired of watching his wife prepare for work, leaving him alone all day in the house. The initial relief had turned into boredom then resentment towards Maria, who still had a life outside her home.

Although Peter had initially stayed in touch with his former workmates, the calls no longer came. He wondered why nobody in his former workplace missed him as much as he missed them.

Many people tend to ignore the implications of retirement until they have gone into it. Retirement is much more than severing the cord that ties an employee to an organisation.

People spend much of their working lives in the workplace. They forge friendships there, acquire titles, identities and self-image. For many, the workplace provides personal fulfilment and meaning.

This explains why delinking from one’s workplace upon retiring has emotional and psychological implications, which many people are not prepared for.

The reasons for leaving one’s job and the degree of preparation influence how one adjusts to life after work.

The more prepared an employee is for retirement, the more positively they will take it. Preparation for retirement means assessing a number of issues. A major one is the financial preparedness to cope with a life without a salary. This also implies planning in advance, whether or not to look for an alternative source of money.

Retirement raises several emotional issues, which are often ignored. Peter’s resentment towards Maria was triggered by the loss of self-worth that accompanied forfeiture of one’s identity as an employee. The emotional issues concerning retirement may easily result in depression if not well taken care of.

Upon retirement, many people initially experience relief and freedom, much like the honeymoon phase in a marriage. With time, however, disenchantment sets in after they start feeling bored. With boredom comes the feeling of worthlessness if they have not found something else to do.

It is also at this time that most people begin to feel the loss of identity and start questioning their purpose in life. This signals the time to move on and find a new identity. Creating a new routine and identity can move one out of this phase.

Unlike men, women tend to forge relationships and identities in circles outside of their workplaces, such as in chamas. They maintain these after retirement.

Good planning for retirement requires that an employee starts thinking about it as soon as they are employed. Retirement is not for the old staff members only. Planning in advance means making long term arrangements on finances, health and other important issues.

Dr Kithinji is a trainer and management consultant at the Kenya School of Government, Nairobi