Pre-Retirement Education

Pre-Retirement Education

Why Pre-Retirement Education?

Once seen as a time of old age and shortage of money, retirement is now generally associated with more positive feelings: most of us can expect to spend a quarter of our lifespan in retirement and, with the resources to support a comfortable lifestyle, it can be a time of opportunity and fulfilment. However, lack of proper planning for retirement can lead to boredom, frustration and financial worries for many people.

The word ‘retirement' has many definitions. It can mean a traditional, full retirement. It can mean a phased retirement - a gradual withdrawal from work. Or it can mean cyclical retirement - retirement from one job to another full or part-time job, even a completely new career, several times during a person's working life. Some people have one retirement, others have many.

The key to creating and experiencing a satisfying retirement is planning - preparing oneself psychologically, physically and financially. Retirement planning is becoming increasingly complex, reflecting the growing complexity of the world we live in. A well-planned retirement will take into account not only the early years but all those that follow - suggesting a considerable time span, inevitable change and the need to adapt to it.

Some people start to plan for their retirement years before the event, others only months. We recommend the ideal time to start planning your retirement is between the ages of 50 and 55. Whenever you start, it's important that all aspects of retirement are considered, preferably with your partner.

Pre-retirement education provides benefits for both employee and employer.

Benefits for the Employee:

• It provides a time and an opportunity to take stock and consider the future.
• It helps engender a more positive attitude to life after employment.
• It helps provide a framework for defining short and long-term priorities in line with personal objectives.
• It helps make, or inspires the intention to make particular plans.
• It provides relevant information, or the means of discovering it.
• It helps identify the skills and resources that will be required for the ‘third age'.
• It provides a source of expertise to be called on further if necessary.
• It gives the chance to explore feelings about retirement, particularly with one's partner if he/she attends the course.
• It provides an opportunity to share experiences with a group of people at a similar life stage.
• It gives the chance to identify and confront particular fears and problems, and define solutions for them.

Benefits for the Employer:

• It gives reassurance and a sense of direction to older employees, possibly improving morale and performance.
• It increases employee satisfaction, by sharing the sense of control over the retirement process.
• It facilitates successful transitions before and after retirement, preserving a good working environment for the retirees' colleagues.
• It decreases the potential need for expensive individual employee counselling.
• It allows for more accurate and sympathetic succession planning.
• It creates good relations with retired staff, enabling the option of re-Engagement to assist for temporary or consultancy periods.
• It improves the company image as a caring employer both inside the organisation and in the community.