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Dr Riley Moynes – “The Four Phases of Retirement”
May 9 @ 10:00 am - 11:00 am
Dr Riley Moynes “The Four Phases of Retirement – and the Psychological Challenges”
How to get ‘Juice’ out of retirement
Duncan McLaren introduced guest speaker, Dr. Riley Moynes, author of the book “Four Phases of Retirement: How to Squeeze all the “Juice Out”.
Riley, a former educator and financial planner, is the author of several books on a variety of topics and is a current Toronto Probus Club member. He gave much thought to the process of retirement which led him to pen his book. This led him to an arduous audition with “Ted Talk” and an eventual YouTube presentation which garnered 3.5 million views.
Riley explained that you obviously must prepare financially for retirement but what is often over-looked is the need to prepare psychologically.
His research indicates that the last of the baby boomers will turn 65 in 2030. Over the next seven years in North America 10,000 people will retire every day and those people could spend one third of their lives in retirement. The fastest ageing group is the 85+ demographic.
Riley said that it is vitally important that retirees learn how to do meaningful and productive things by “squeezing the juice”. This needs a framework or phases.
Phase 1: Based on retirement at age 65. Usually, people will do as they please, vacation, travel, buy a boat and sail, fulfil a bucket list such as buying a vacation home, skydiving and other such things.
But then, boredom starts to set in and leads to a need to create structure to avoid being insignificant/irrelevant.
Phase 2. At about age 68, many of these people start to feel the loss of life structure, identity, relationships, purpose and power. Unchecked, these things can lead to anxiety, depression, decline in mental and physical health, and even divorce.
Divorce, he explained, has doubled in five years and tripled for those over 65. Riley said that this can be a difficult stage and retirees must be prepared for the challenges and “buckle-up”.
Phase 3: Leads people to ask themselves, how can I contribute to the better good? There is no question that there will be false starts, but determination will lead to finding a successful outlet for one’s talents and skills.
Phase 4: Many people break through and those who do, are the happiest when contributing. Those who struggle (50-60%) need to find ways to re-invent or rewire themselves; asking themselves: what is my mission/purpose in service to others?
How to get there:
#1. Find your unique ability…things one loves to do and really do it well and do well superbly. One needs to really think about that…What am I competent at? What do I do really well?
#2. List your five highest attributes.
#3. What are the common thread links over the past three years or so?
#4. What does the world need that I am good at? The sweet spot! Do I want to get paid for what I do or not? Extrinsic/Intrinsic needs.
Riley noted that a Harvard University study of over 15,000 people noted that many do nothing productive beyond self-pleasure and they are the unhappiest retirees.
In summary, Riley emphasized that retirement not only needs rest and adventure but also needs structure, identity, relationships, purpose, power, revival and being good at what we do.
Riley concluded by saying that you are not alone in this transition. You have a huge opportunity to combine your passions and your strengths to make the world a better place. He urged people don’t retire – rewire.
Many complements and questions were posed to Riley during a question-and-answer period. Duncan thanked him warmly for his presentation and offered a gift certificate in a token of appreciation.
Note: the original edition of Dr. Moynes’ book is out of print, but a revision is in progress and availability will be communicated to Duncan in due course.