Men in Retirement

We are privileged to have Wei Woo from Research Capital Cooperation provide great information and tips, this time the focus is for men in retirement. 

“This is a great article covering the most underappreciated aspects of retirement for men and the social/mental realities of having a lot more free time. While this new found freedom is what a majority of men have been working so hard towards near the end of their careers, there are 3 primary social and mental struggles that may surprise them. These are based off my 15 years of speaking to retired men in my practice.  “

Purpose and Identity

This is true for both genders. For most men, it’s about having a sense of achievement and accomplishment throughout their careers, giving them regular goals to strive for through their work, and in a sense, a purpose and identity in life. How often do we meet someone new, and one of the first icebreaker questions is – so what do you do?”  After retirement, this question comes with a different answer, and it’s important to be able to answer beyond “I used to do this, but now I am retired”.

This is why I encourage all my male clients to find a hobby, go to the gym, volunteer, or stick with a casual position they enjoy to help redefine or extend their identity. It may take some soul searching to get to the point where you feel satisfied with your new sense of identity, as “just enjoying life or the beach life” for the rest of your days may not be enough for someone who was a highly-driven career-oriented person.

In that sense, there are even those who choose to not retire like Warren Buffet, or choose much later retirement despite their retirement investments allowing them to be comfortable to do so much earlier.

Social Support

 Most men tend to form primary social networks and friendships through work, with secondary social networks through such connections as the gym, a sports group, or church/religious organizations.  When full-time work life is over, it’s vital to keep the social network alive and thriving. In a majority of cases, my male clients tend to have smaller groups of friends compared to their spouse. Men are more prone to feel lonely, bored, and depressed in retirement as a result, despite how healthy their finances are.

Another aspect is the impact on their relationship. There have been people I talked to during my seminars who divorced after retirement, primarily due to spending a little too much time together with their spouse. During your working years, you are granted time and space apart, however, once retired, men tend to keep themselves occupied, so as not to cling onto their spouse. In many cases, couples appreciate the additional time together that they could not get before retiring, however, there is such thing as too much for some. Everybody is different.

Structure and routine

In countries like South Korea, 2 years of compulsory service in the military is mandatory for all men, which then teaches them discipline, routine, and structure.  Regardless of which country you come from, men often benefit through most of their working life with some form of structure and routine. As men enter retirement, there is nobody telling them what to do with their time, therefore it is important to create a well-thought-out plan on how to make the most out of one’s time and feel fulfilled in life. If one’s goal is to become a healthier version of oneself, then start focusing on regular activities that stimulate the mind, body, and soul.

If you would like more information please contact Wei Woo:

Wei Woo
Investment Advisor, CIM, EPC
Research Capital Corporation
Private Client Division
3481 Allan Dr. SW
Edmonton, AB T6W – 3G9