Bucket-list travel, long lunches with family and friends, and endless time to pursue those passion projects a nine-to-five job never allowed for. This is the vision most of us have when it comes to retirement. But while we may have planned for this new stage of life financially, being ready psychologically is a whole other kettle of fish. And not preparing yourself properly can have massive knock-on effects not just emotionally, but physically.
“Some studies show that as people are coming into their first year of retirement, they are 40 per cent more likely to experience a heart attack or stroke than those who keep working,” says Rachel Clements, Co-founder and Director of Psychological Services at the Centre for Corporate Health. It’s a particularly sobering – and under-reported – fact.
“And what we’re seeing is that it’s a vulnerable time for people to slip into mental-health issues, anxiety and depression. If you aren’t psychologically prepared, it can absolutely have a significant impact on depression and anxiety. For a lot of people, retirement’s not necessarily great.”
For Anne Riches AM, this last statement certainly rings true. Having forged a successful career in law which saw her headhunted by leading organisations including the AMA (Australian Medical Association), Rothschild & Co and the Judicial Commission of NSW, in 1996 Anne formed her own changeleadership company. She also began doing volunteer work with charities Black Dog Institute and R U OK Day, exploring the relationship between mental health and leadership while facilitating workshops.
“It was wonderful, and all was going really well,” she tells The Weekly. “And then COVID came along and there was this incredible dead halt.”
Like many people, paid work for Anne slowed to a trickle. In addition, she was already feeling the effects of burnout. The result was a new life stage she hadn’t planned for.
“When you’re a ‘solo-preneur’ and you’re a bit burnt out you lose the will to keep chasing,” she explains. “The work wasn’t coming, quite frankly, and I was tired. So, I just stopped for a year without thinking of the consequences. And the consequences were invisibility.
“I’m 73 now and apparently in reasonable health but what do I do? Because nobody plans for retirement, and this is what I became very aware of. I saw myself as identified with my job. And when I stopped doing that? I literally became invisible to the world.”
At social occasions now Anne struggles to feel that she’s able to meaningfully contribute. And she misses the office water-cooler conversations about the minutiae of life – from what is good on Netflix to the latest news and trends. “There’s a real sense of loss,” she says.
This invisibility cloak is something women talk about often as they age. But in retirement, explains Rachel Clements, there’s a scientific reason for why it can feel intensified.
“I think we underestimate those micro-moments of meaningful connection you get every single day when you’re working, even remotely,” she says. “They help to keep our neurotransmitters, our serotonin, our oxytocin all topped up. And if that reduces, say from 20 to maybe just one a day, it’s a massive loss so of course you’re not going to feel great.”
A new gender gap
According to ABS statistics, 31 per cent of retired women currently rely on their partner’s income to meet their living costs (compared to just 8 per cent of retired men). They’re also more likely than men to have left their last job to care for an ill, disabled or elderly person. But it’s not just financially that women are suffering from a gender gap that can affect their lives once they hang up their working boots.
“Research is showing that single women may be more vulnerable to the impact of retirement,” says Rachel. “They are a little bit more prone to isolation in a social context also. But if a woman is in a relationship that can be a shock as well if your partner is retiring at the same time. A lot of females say to me, ‘Oh, my partner hasn’t got any plans, he’s just following me around the house. This is putting a lot of strain on our relationship because I feel as if I have to entertain him 24/7’.”
And while grandparenting can occupy many retirees who are lucky enough to have grandkids, that too eventually passes, leaving a new hole to fill in its place.
Little wonder then that a recent study by Australian Seniors found that 99.5 per cent of retired respondents are considering a return to the workforce in some capacity – motivated by financial security (50 per cent), missing the job (18.7 per cent), boredom with retirement (17.8 per cent) and social connection (16.8 per cent).
Complicating this, however, is that for many employers ageism may factor into hiring prerequisites. In 2023 a partnered report by the Australian HR Institute and the Australian Human Rights Commission found that one in six organisations will not consider hiring people aged 65 and above. But for Anne, a return to work in some capacity is something she would welcome and is actively looking to do.
“I can still make a meaningful contribution, subject to my health, for the next 10 or 15 years,” she says. “So if you want to put a line in your article saying that Anne is looking for a purpose that would be good. If anyone has any ideas, drop us a line!”
Top tips for adjusting to retirement
Start early
You should start thinking about what your retirement looks like in your early 50s, says Rachel Clements. “I’d never sat down with a group of friends and said, ‘So, how are you going to spend your retirement?’,” adds Anne Riches. “That’s the conversation we need to start elevating so we have a plan.”
Keep a regular routine
While sleeping-in and not making plans sounds tempting in a post-work world, this can actually help compound negative feelings you may already be having, advises Anne. “It doesn’t matter now what time I get up, but I make sure to exercise every day – I just don’t do it at a particular time like I used to when I was working. Filling 24 hours of the day can be hard. Keep going to social gatherings, keep being as active as possible.”
Bring in a professional
There are retirement transition programs you can seek out to help if you’re finding yourself with too much time on your hands and nothing to do, advises Rachel. “They can help you set new goals and help you feel more energised and excited about this next chapter in your life.”
Find a (new) purpose
This will prove key to keeping your social connectivity topped up. And that’s especially true for people whose life has revolved around career. “Telling someone they should get a hobby is unhelpful because people in big jobs quite often haven’t had time for a hobby!” Rachel says. “It requires a little soul searching, to look at where else you can get your identity, purpose and meaning from.” It may be volunteering, it could be mentoring, it may even be returning to part-time work.
Remember, you are not alone
Look for a peer support group in your local community or head to ruok.org.au to check out the “When Life Happens” series for tips from other retirees. “It’s a life-changing and challenging part of people’s lives and it can be a big shock,” Rachel says. “So, hearing from people who have gone through it before you is helpful.”
