Continuing Education
Preparing for retirement in all its aspects:
financial and psychological issues covered in training
Preparing for retirement isn't just about financial calculations. It is also - and perhaps above all - a major life transition that deserves specific psychological attention. In a two-day training course offered by ISFB, participants are invited to reflect on both the technical aspects of their pension provision and the deeper human issues at stake. Ariane Froidevaux, a speaker and specialist in these issues, and Anne Le Floch, a participant in the course, share their views on a comprehensive, serene and thoughtful approach to preparing for retirement.
Mrs Froidevaux, could you tell us about the structure and main objectives of this two-day training course?
I'd be delighted to. My answer focuses on the training day I teach, devoted to preparing and understanding the psychological issues involved in adapting to one's future life as a retiree, with the aim of optimizing one's well-being in retirement.
We'll start with the general learning objectives of defining retirement readiness and its importance, then work through the social norms around aging and retirement. Then we'll use the metaphor of the seasons to address the transition to retirement.
In the second half of the morning, we'll start with autumn, to identify the identity issues surrounding retirement; then winter, concerning the suspended transition time of the very first weeks.
In the afternoon, we'll prepare for the spring-summer phase, covering the first 12 months post-retirement.
After defining the psychological adaptation to retirement and the resources required, we will develop these in terms of
- The 3 paradoxes of time and activity management in retirement ;
- Relational issues around the analysis of one's present and future social network and relationships as a couple versus solo, and with other generations;
- And finally, our coping strategies, or how we deal with obstacles during a life transition.
The second day deals with the psychological issues involved in the transition to retirement. Why is it essential to include this aspect in a training program normally focused on financial aspects?
The financial aspects are, of course, the foundation of retirement planning. Once these important milestones have been clarified, however, we must not overlook the psychological impact of the transition to retirement, which represents a major life transition. Scientific research shows that preparing for the psychological aspects of the transition to retirement leads to greater well-being and a better social life in retirement*.
After decades of working life, it's not always easy to project yourself into your future retirement. What impact will this have on my life as a couple, solo, family and friends?
But also, on a more personal level: Who am I when I can no longer present myself as having a profession, and/or as working in a specific company? What if most of my friends were also my colleagues?
In our busy daily lives, it's often difficult to stop and think about these issues. This is precisely what this second day of training offers: a space in which to initiate these deep reflections, with plenty of practical exercises, as well as the opportunity to discuss these issues in small groups.
Ms Le Floch, what motivated you to take this retirement preparation course? What were your expectations before starting?
As I was just a few years away from retirement, I had already carried out an initial assessment and spoken to several insurance companies and my pension fund. Opinions differed on the optimal choice between pension and capital withdrawal, and the insurance companies were insisting that I invest in their products. I needed an informed, neutral opinion, as well as training to identify the key financial points to assess in this decision.
Beyond the purely financial aspects, I also felt the need to look at retirement as a whole. It's a major stage in life, which raises many personal questions. So I wanted to benefit from a training program that also incorporated this psychological dimension.
How did you find the balance between the technical aspects of pension planning and the psychological issues of retirement addressed during the training course?
The technical aspects of retirement planning are essential for sound financial preparation, but the psychological challenges of retirement are just as crucial.
The training perfectly balanced these two dimensions. The financial information was more comprehensive and detailed than I was already familiar with, particularly on the evolution of needs according to age. But the psychological points raised enriched my thoughts, making me aware of the impact of this major life transition, which is often overlooked.
At the end of the seminar, the question of the usefulness of a specific presentation for young people struck me as particularly pertinent. In my time, no one had talked to me about preparing for retirement, nor about the psychological consequences of such a life change. These aspects, essential for long-term well-being, should be integrated from an early age.
* For a summary of this literature in French, see Froidevaux, A., & Maggiori, C. (2020). Transition à la retraite [Transition to retirement]. In J. Masdonati, K. Massoudi, & J. Rossier (Eds.), Repères pour l'Orientation (pp. 111-141). Antipodes. Free download: https: //www.antipodes.ch/telechargement_pdf/masdonati-massoudi-rossier_reperes-pour-l-orientation_978-2-88901-977-9_10.33056-ANTIPODES.11551.pdf
