Retirement Readiness and Resources Among The Retired and Retiring - - PowerPoint PPT Presentation

The Psychology of Retirement Readiness and Resources Among The Retired and Retiring Employees of A Catholic University: A Preliminary Investigation

• Dr. Nelly Z. Limbadan, RP, RPm
• Ms. Analyn O. Leysa, MS, RPm
• Mr. John Paul G. Martin, RN, RPm

University Research Council Ateneo de Davao University

• Aging in the workplace is naturally heralded by one’s

withdrawal from the job or an official position commonly known as retirement.

• Retirement is to give up one’s business or occupation in
• rder to enjoy more leisure or freedom (Denton & Spencer,

2009).

• Retirement is perceived differently by the retirees and those

who are about to retire. One study suggests that those who are overly attached to their work developed “lingering identities” from their jobs prior to retirement or during the preretirement years.

• Preretirement worker identity has positive effects on

adjustment into retirement (Reitzes & Mutran, 2004)

• The lingering effect of the worker identity is even more pronounced

in the analysis of self-esteem in retirement.

• At six months, one year, and two years into retirement, the

preretirement worker identity continues to influence self-esteem for men and for women. This implies that retirees still think of themselves in terms of their former careers.

• This also means that even when they no longer occupy the role,

their identity lingers.

Nancy Schlossberg: Retire Smart, Retire Happy: Finding Your True Path in Life (2004)

• 6 Possible Ways to Approach Retirement
• Continuers -They are those who continue to use existing skills and

interests.

• Adventurers -who start entirely new endeavors.
• Searchers -who explore new options through trial and error.
• Easy Gliders- because they are the ones who enjoy unscheduled

time letting each day unfold.

• Involved Spectators- who care deeply about the world, but engage

in less active ways.

• Retreaters -who take time out or disengage from life.

• Very few explored the psychological arena or dimension of

retirement.

• These researches are published in economic or finance

journals.

Some questions:

• What has the university done to prepare for the retirement of its

employees?

• What are the specific programs and activities that AdDU has put in

place?

• To what extent has individual employees prepared for this possibly

permanent end of an official title?

• What are the thoughts, hopes and fears of those who will be retiring

in the next five years?

• If at recruitment, one is presented with job offers including a 125%

computation of retirement package, how are AdDU employees assisted in dealing with the psychological arena of retirement? These are some of the issues that this paper wanted to uncover.

Dealing with Retirement

• occupation has defined one’s subjective identity and place in the

world.

• It is a kind of loss that can leave a person bereft. Even when one feels

a certain readiness about retiring, Lazarus emphasized that there will be a sort of deprivation of something that one has been doing in the past 2 or 3 decades.

• Then when one turns 60 or 65 in some, they will be stricken off of

that role and responsibility.

• transition may not be smooth and pleasant because taking away what

has defined a person can be devastating.

• He acknowledged the fact that in any case, the absence of useful

work can threaten a person’s self-respect and involvement in life.

Six Descriptive Phases of Retirement Atchley (2000)

Phase I Pre-retirement Phase II Retirement Phase III Disenchantment

Phase IV Reorientation

Phase V Retirement Routine Phase VI Termination of Retirement

• Pre-retirement. This is the phase prior to the actual retirement

experience that usually involves both disengagement from the workplace and planning for what retirement will entail.

• Retirement. This phase is composed of three possible paths.
• "honeymoon" - feeling and acting as if one is on vacation indefinitely;

become very busy doing many of the leisure activities they never had time for previously, especially travel.

• "immediate retirement routine" path which adopted by those who

already had a full and active schedule in addition to their employment. These individuals easily establish comfortable, yet busy schedules soon after retirement.

• "rest and relaxation" path- a period of very low activity as compared to

the "honeymoon" path.

• The third phase is Disenchantment. For some people,

adjusting to retirement is not an easy experience. Following the honeymoon period or a time of continued rest and relaxation, there may be a period of disappointment or uncertainty.

• a person may miss the feelings of productivity they

experienced when working.

• can also occur if there is a significant disruption in the

retirement experience, such as the death of a spouse or an undesired move.

• Reorientation- "take inventory" of their retirement experience and
• utline ways that will improve their retirement role.
• Becoming more involved in community activities, taking up a new hobby or

relocating to a more affordable setting may contribute to this "second chance" at retirement.

• Retirement Routine - Mastering a comfortable and rewarding

retirement routine is the ultimate goal of retirement.

• Some adults are able to do this soon after they leave employment, while
• thers take longer, only finding their way after years of extended leisure or a

period of disenchantment. Once a fulfilling and comfortable retirement routine has been found, this phase of retirement can last for many years.

• Termination of Retirement- Eventually the retirement role becomes

less relevant in the lives of older adults. When a person can no longer live independently due to disability or illness, the role of disabled elder becomes the primary focus of his or her life.

Main Theoretical Framework

2012 theory of Atchley (newer/shortened)

Phase I Honeymoon Phase II Disenchantment Phase III Reorientation Phase IV Stability

Input

• Prospective retirees'

responses, narratives, attitudes, hopes, fears, dreams

Throughput

• Standardized

inventory, interviews

Output

• Recommendations,

Interventions

Problem Statements

Demographics

• Sex
• Civil Status
• Department
• Position
• Length of

Service Psychological Measures

• Life Satisfaction
• Retirement

Resources Significant Differences

• For Retired
• For Retiring

Qualitative Aspects

Retiring employees’ thoughts, views, dreams, hopes and fears about the prospect of retirement Retired employees’ thoughts, views, dreams, hopes and fears about the realities of retirement

Output

Program/ Intervention

Thoughts, views, hopes Psychological Measures Demographics

Design

• mixed-method design
• Surveyed the participants’

demographics

• Phenomenological (capture

the retiring and some of the retired employees’ inner psychological needs)

• Interviewed 7 retiring
• Interviewed 2 retired

School Year

# of Retiring Employees

2015 6 2016 6 2017 15 2018 15 2019 8 TOTAL 50 Actual n= 49

Demographics

Male 17 34.70 Female 32 65.30 Civil Status Single 6 12.20 Married 43 87.80 Department Central Administration 5 10.20 High School 7 14.30 Grade School 10 20.40 College 26 53.10 Law School 1 2.00

Position Academic Personnel- Teaching 16 32.70 Academic Personnel- Non-teaching 2 4.10 Non-teaching Staff 7 14.30 Administrator 12 24.50 Administrative Associate 12 24.50 Length of Service (in years) 5-11 4 8.20 12-18 12 24.50 19-25 5 10.20 26-32 8 16.30 33-39 20 40.80

Life Satisfaction Index for the Third Age

Zest for Life More Satisfied Resolution and Fortitude More Satisfied Congruence of Goals More Satisfied Self-Concept Less Satisfied Mood Tone More Satisfied

Retirement Resources

Emotional, cognitive, and motivational Moderate Social Moderate Health & Fitness Moderate

• On the average, respondents reported moderate scores in all of the

resources measured.

• Generally, there is no cause or reason for concern among the retiring

employees when it comes to financial, emotional and social concerns.

• In terms of life satisfaction, respondents had higher mean scores

compared to the LSITA norm, meaning higher life.

Difference in Life Satisfaction when analyzed according to the moderator variables

Life Satisfaction Index for the Third Age

Variable P-value Decision

• n H0

Sex .748 Accept Civil Status .535 Accept Department .167 Accept Position .079 Accept Length of Service .477 Accept

Retirement Resources Inventory

Variable P-value Decision

• n H0

Sex .651 Accept Civil Status .507 Accept Department .469 Accept Position .016 Reject Length of Service .186 Accept

Life Satisfaction and Demographics

• revealed no significant differences.
• This indicates that in the specific stage in their careers at

present, they reported the same levels of enthusiasm, acceptance of personal responsibility and happiness.

Retirement Resources

• Respondents reported no variation on the availability of

retirement resources with respect to the moderator variables except with respect to their position in the University.

• Regardless of whether they are single or married, male or

female or have been in the University for more or less than 30 years, they reported to have the same physical, social or emotional resources that they can use to attain their personal needs in retirement.

Retirement in the eyes of the prospective retirees...

Excitement brought about by an opportunity to finally do what they have been wanting to do, but were not able to because of their current employment Leaving a tangible legacy Sense of gratitude for the opportunity to serve the University

“I am excited; at least I can relax. At the age of 60, I get tired easily and exhausted to wake up very

• early. I just want that upon

retirement, I will have more time with my family; and I also manage a small farm”.

• 59 y.o Physical Plant Staff

“Although we have retirement benefits, you still would not know when you will get sick; when you get sick, your money would be gone in a year’s time.. I know someone who did not enjoy his retirement money because he got sick”.

• An 55 year-old administrative

staff in the college campus expressed this

“Because what we are doing is a manual labor, it is not like the professional jobs out there. I am very glad about being a part of the university. I really cannot understand what I am feeling about retirement because it is like being

• rewarded. I have been assigned to a lot of jobs; I have done plumbing,

electrical works, masonry. I also did welding jobs. Now I am into general

• repair. So with all the experiences, I do not feel any regrets to the university. I

learned so many skills. I can also do painting works. Because of the experiences that I have, many will go to me for consultation and ask for my ideas. In fact, in my current job, some of the engineers consulted me and asked about what must be done. This is because I have been in this job and in the university for a really long time, so they come to see me. For example, our flooring structure here causes bad flooding. So I told them, to elevate this part because if it rains, flooding occurs. Secondly, our drainage system, some parts should be have proper drainage trench going outside, because if not, this will really clog up and eventually flood”.

• A janitor of 37 years

From a 55 year-old Grade School Staff, who has served the university for 17 years, happily shared: “Retirement is starting a new chapter in my life. A new beginning.”

• No, I don’t think I will work
• again. I will probably go back to

my hometown, in Nueva Ecija. I bought a piece of land there, I will build a small house, so that if my own children will visit there, they will have a place to

• stay. ( Physical Plant Staff)
• To relax is really part of my plan. I

already have places in mind. My friends told me to travel after retirement because this is the best time to do it. You have been working hard so you should enjoy by travelling, go to places. But the only problem perhaps is one’s health condition…Also, because I have a small lot, I intend to build a boarding house; not a very big property, it’s just 70 sq.m. I have been thinking of that too so it can add to my income, apart from the pension.

• A lab staff who will retire in 2 years

When I retire, I will prioritize one’s container..a casket. That’s

• true. I already have a St. Peter’s life plan but this will be for my

mother first. Though she is still alive, around 90 years old, but I must prepare for whatever will happen to her. (lab staff who will

retire in 3 years)

Retirement as experienced by those who have retired…

Sense of freedom from living a life of routine Sense of gaining control over their time

Big Five Elements for A Succesful Retirement The Retirement Maze What You Should Know Before and After

You Retire by Pascale, Primavera and Roach (2012)

• PUT BACK STRUCTURE, PURPOSE AND DIRECTION
• MANAGE YOR EXPECTATIONS
• STAY SOCIALLY CONNECTED
• GET YOUR FINANCES IN ORDER.
• KEEP SEARCHNG AND EXPERIMENTING

Psycho-Bio-Social Model of f Retirement (P (PBSMR) (Li

(Limbadan, Le Leysa an and Mar artin in, 20 2015 15)

• 1. Pre-Retirement Check-Up implemented 10 years prior to

retirement

• 2. A Day with The Doctor talk may be conducted.
• 3. Review of the social support system of the employee
• 4. Retirement Readiness Conference Series (RRCS)
• 5. Hiring a Counseling or Clinical Psychologist or Industrial-

Organizational Occupational Psychologist