During my training as a psychologist, I was surprised to learn that retirement is not a joyous, exciting opportunity for everyone who takes that step. In fact, a common experience for many is to feel lost, down, and worried about the future. A big reason for this is the lack of information out there on how to prepare for retirement, beyond financial resources.

So, ambitious researcher that I am, I set out to study how to help people feel more prepared for this monumental step. In my dig through the existing literature, I was able to identify retirement planning as one effective way of preparing ahead of time for retirement, and the biggest contributor to planning was a psychological concept called “Self-Efficacy.” With the help of my research advisor, Dr. Bob Lent (PhD), I was able to publish my findings in the peer-reviewed research journal, The Counseling Psychologist.

So, what is Self-efficacy, and how can we develop this within ourselves? Self-efficacy is the belief that we can do something. Whether we’re talking about doing a double back flip off of the high dive or asking someone out on a date, the degree to which we believe that we can perform the action has a big impact on whether or not we try. For example, if I don’t believe that I can do a double back flip, then it is very unlikely that I will even try. This partly explains why we tend to be intimidated by complicated or unknown things–we don’t know whether or not we can believe in ourselves to be successful. It makes sense, then, why people may feel less than confident about retiring because most of us have never retired before! Or if we have, such as in the case of an unexpected layoff, then it may not have been a very pleasant experience.

So again, how do we increase this sense of self-efficacy, or belief in our ability, to retire? According to the theory of self-efficacy as described by Psychologist Albert Bandura, there are four factors that can improve self-confidence.

First, we tend to feel more confident with things we’ve successfully accomplished before. “If you’ve done it once, you can do it again.” While we may not have retired before, we can think about ways we’ve successfully handled other transitions before, such as changing jobs, moving to a new city, or getting a promotion. Even taking a vacation is a kind of temporary “retirement” from work, as you had to structure your own time. These were all forms of practicing how to retire, even if we didn’t think of them in such terms. Thinking back on past transition experiences can help us to feel more capable of handling future ones: “You’ve managed it before, you can manage it again.”

Second, we can feel more confident by observing role models. Think about it–how did most of us learn to drive? By watching our parents! If you have a family member or friend who has retired, you can likely learn a lot by being curious about their situation. How did that person go about retiring? What did they do well? What might you do differently? Asking them questions about their experience can help you to avoid pitfalls or improve your experience.

Third, our sense of self-efficacy improves when we have people around us cheering us on. To hear friends, family, or role models say, “You can do it!” makes a big difference. When you talk about retiring with others, do they seem to believe in you? Sometimes letting them know your thoughts can give them the chance to provide feedback and encouragement. Sometimes this will initiate a conversation about timing and readiness, but coming up with a plan with your loved ones, knowing they have your back, can take some of the anxiety out of the equation.

Fourth and finally, we tend to feel more confident when we’re in a positive emotional state. Do you even notice feeling more willing to try things when you’re feeling good? Especially when it comes to thinking about retirement, make sure that you are taking steps to care for yourself each day. Get some exercise, spend time with your loved ones, get good sleep, and pursue your favorite hobbies. Not only will it help you to feel good, but doing things you enjoy may give you some good ideas about how you would like to spend your retirement!

Thankfully, retiring is not as difficult as doing a double back flip off of the high dive (though it may be as intimidating as asking someone on a date…). But, if you think about your past successes and reach out to your support system, then you can feel more confident going in. If you feel like you would like some extra support, I explore these ideas in much more detail in my upcoming book, The Golden Rules of Retirement: A Psychologist’s Guide To Living Life to the Fullest, No Matter Your Financial Situation. Included are exercises you can do to increase your sense of self-efficacy for retiring and ideas for how to most effectively use your time. My mission is to help every retiree to feel prepared and to live life to the fullest. Reserve your copy now on Amazon.com by going to the following link: https://www.amazon.com/Golden-Rules-Retirement

And, stay tuned for details, including release date, launch sales, and future books in the Golden Rules series by visiting my website: lifecanbegolden.com/

-Lee Penn, PhD

https://psycnet.apa.org/doiLanding?doi=10.1037%2Fcou0000530

https://psycnet.apa.org/record/1997-08589-000