Older Americans struggling to retire are being held back by 3 big issues — and it has nothing to do with how much cash they’ve saved up. Here's how to blast through the barriers

Three major retirement issues

Amabile pointed to three factors that inhibit an otherwise healthy drive toward retirement done right:

Identity issues — Here Amabile cited a 2022 article where four researchers investigated the identity question. In "Who will I be when I retire?" the co-authors concluded that retirement might "represent a threat to maintaining a consistent, positive identity." But that condition applied more to those who maintained strong organizational commitments over the years. Those with less commitment found "more positive anticipation of identity changes in retirement."

Loss of meaningful work — In that same article the co-authors discussed “loss of meaningful work-based activities" as a major retirement roadblock. This drills deep into the word vocation. It stems from the Latin vocare, meaning “to call.” If your job is your calling, then you’re bound to miss major aspects of it once you leave it behind. Just think of President Biden proclaiming he wouldn’t step out of the presidential race unless “the Lord Almighty came down."

Loss of strong relationships — Five days a week, full-time workers spend more waking time with co-workers than spouses or family. In examining how we define ourselves through work relationships, David M. Sluss and Blake E. Ashforth found that our work relationships help us solidify person- and role-based identities and thereby the individual, interpersonal and collective levels of self.

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Rethinking retirement

Even if all these apprehensions apply, those at or near retirement can reorient themselves to enter the next phase of life with fulfillment and dignity. Based on the issues Amabile discussed, we’ve identified three actions to address each one.

(Re)discover identities — Many of us change lanes throughout our careers; Amabile herself was a chemist before switching to the study of psychology. If you left behind a music career or have always wanted to garden, retirement marks an ideal time to claim/reclaim those passions. If Oasis can come out of retirement, you can, too.

Mentor — Meaningful work never has to end, especially if you have absorbed a lifetime of best practices that younger workers are dying to soak up. In journalism, for example, it’s remarkable to think that an entire generation of reporters and editors have never set foot in a newsroom and thus essentially work in an intellectual and creative vacuum. You can offer them the sounding board they crave and in the process build some deep-rooted relationships.

Invest in family and friends — A common complaint of children and spouses is that work always comes first. While it may feel awkward to suddenly pour a lot more of your attention back on them, especially if you’re a long-time workaholic, remind yourself of the power of love lived out as action. What’s more, there’s no rule against keeping up with your work buds, though you may want to avoid excessive shop talk.

For more answers, Amabile and her co-authors will expand further on their study in Retiring: Creating a Life That Works for You, which is slated for release in October.