Finding better alternatives to the traditional notion of retirement has become a major global challenge. A key factor in this is that people are living longer, healthier lives.
In the past century, the average life expectancy in the USA has risen by 25 years. The average life expectancy of 60-year-olds is now 85.
The traditionally accepted retirement age remains stuck at 65, though.
More and more people, mentally and physically capable of work, find themselves being pushed from the workplace by this antiquated social structure.
Not only are we losing valuable skills, knowledge and potential productivity but perhaps the most significant problem this poses is on an individual level. There is no clearly established path for people to follow into this new life phase. What should I do now? We leave this for everyone to figure out for themselves – even though this is generally a phase of multiple decades.
A clear need for more training and coaching
Retirement is one of life’s major transitions. Unlike the other periods of change, though, there isn’t significant training for retirement.
52% of more than a thousand retirees we surveyed from all over the world said they were underprepared for the non-financial aspect of retirement.
The bulk of the preparation we do, called ‘retirement planning’, is just about savings and money. This leaves many people unprepared for the other key areas impacted by such a big life change. These include relationships, health, our sense of purpose and how to remain active and productive.
There are many excellent resources and tools to attend to retirement’s key issues – but hoping for retirees to seek and find these themselves hasn’t worked in the past.
Training and coaching are sensible options to help people navigate these transitions, even if just for encouragement – and for retirees, the potential benefits are even more significant. There are good examples of how to live a satisfying and meaningful life after full-time work out there. Many more retirees can emulate these examples if this knowledge is effectively shared.
Training and coaching are excellent vehicles to deliver curated knowledge and resources that can vastly improve retirement outcomes while also offering much-needed encouragement. However, there’s a limit to the capacity of face to face interactions.
A global-scale challenge
More than 10,000 people retire daily in the USA alone. To put all of these people through face to face coaching or group workshops would be prohibitive in scale and cost.
Most of the tools that people can use to improve their retirement outcomes are ultimately knowledge. The internet and digital technology allow us to package the best quality information available and offer this to millions of retirees and people preparing for retirement.
Greater access through technology
Despite being less technologically inclined than younger generations, most baby boomers are online. 68% of baby boomers own a smartphone, and 59% use social media. This means a vast pool of people can access resources intended for those leaving full-time work.
Online learning has been on a long term upward trajectory, accelerated in 2020 by the global pandemic and lockdowns.
The technology of online learning has matured to offer rich features and flexibility to a vast audience at a great value.
The Retirement Training Program
To meet the needs of all those facing the uncertainties of retirement, Reset Retirement has built and published the first comprehensive training for retirement that’s not focused on the financial aspects – in an online course.
Like many recent developments, the course was partly the product of the global pandemic. As our face to face retirement coaching practice came to terms with social distancing, we began exploring the possibilities and accelerated our plans for an online offering.
The Retirement Training Program is for anyone who hasn’t yet answered this question: How will I live a fulfilling life after full-time work? It provides answers where many have questions and addresses the key areas that impact people’s wellbeing and life satisfaction. These include health, resources, relationships, identity, productivity, belonging and contributing to causes – and specific challenges and solutions to these in retirement.
A core tenet of the program, and our business, is that retirement is not a destination. Retirees must ensure they maintain a long-term view to enjoy the benefits of a positive mindset and continued growth. With this outlook, the curriculum encourages an active lifestyle, strong habits, social interaction and continued productivity.
The course’s development was led by Reset’s co-founder and head coach Johann Redelinghuys, drawing on his extensive experience in executive search where he coached many CEOs, board members and high performers and more recently as a retirement coach.
More than a year in development, the curriculum is underpinned by Reset’s market research to ensure it addresses retirement’s key challenges. This was followed by research into each critical area while drawing on knowledge from leading experts.
The result is a robust body of knowledge, and rather than simply providing this, the course encourages active participation through community forums, assessments and assignments, along with additional reading and resources that allow participants to go beyond learning and to begin implementing real changes in their lives.
A good first step
The Retirement Training Program is our first peg in the online learning space – with more courses and subjects to follow. Varying degrees of support will be offered too, with lighter versions for those who prefer to digest the material in their own time and for those who prefer a helping hand through the program, online video coaching will be available along with the course.
Retirement poses a real challenge to society and particularly to individuals today. There is much work to be done toward addressing these fronts. We believe that online learning is an obvious opportunity to start helping many people in a meaningful way.
For us at Reset, the launch of the Retirement Training Program is a positive first step. Even though we can now share good retirement models for people to follow, until there has been more broad progress in society, it’s still up to individuals to ensure they have a robust plan for their retirement beyond only the financial aspects.
We invite you and your loved ones to join us, explore the online course for retirement and support the cause of building better tools and outcomes for retirees.