Planning for Retirement: Personal,

Financial and Ethical Issues

Personal Planning

Planning for Retirement: Personal, Financial and Ethical Issues

Alice H. Randolph, Ed.D. MSCPalicerandolph@psychtransitions.com

Ohio Psychological AssociationOctober 27, 2011

Goals

Reflective Time

Clinical Considerations– Working with Retirees and ATRs

You can stay for this session if you remember at least 50% of these!

Howdy DoodyBlackjack chewing gumWax Coke-shaped bottles with colored sugar water

Soda pop machines that dispensed bottlesCoffee shops with tableside jukeboxesHome milk delivery in glass bottles with cardboard stoppersParty lines

And…

45 RPM records S&H Green Stamps Hi-fi's Metal ice trays with levers Mimeograph paper Blue flashbulbs Roller skate keys Studebakers Wash tub wringersTelephone numbers with a word prefix (Olive – 6933)

The Top Eight

The top ways to improve your chances of enjoying your last developmental stage. – Purpose – Family/Like family– Mental Health– Physical Health/Chronic Conditions– The Talk– The Change– Humor

Jane Loevinger

• Independence Stage• Autonomous Stage• Integrated Stage

Erik Erickson

• Identity vs. Role Confusion• Intimacy vs. Isolation• Generativity vs. Self Absorption• Integrity vs Despair

M. Scott Peck

• Value Wisdom, Socializing• Mental Flexibility• Ego Differentiation from Work• Ego Transcendence

Stephen Jay Gould

• Desire to leave parents• Leaving family• Developing Independence• Questioning self; role confusion• Urgency to attain life goals• Acceptance of one's fate• Tolerant acceptance of past

Lawrence Kohlberg

• Duty to Society• Focus on authority, fixed rules, and social order. Respect is

earned through adherence to duty• "Social Contract Orientation"• Emphasis upon procedural (legal) rules for reaching

consensus. Awareness of the relativism of personal values.• "Ethical Principles Orientation"• Emphasis on decisions of conscience and self-chosen,

abstract principles that are logical, comprehensive, universal and consistent.

Purpose

What do you want to accomplish? Feel? Experience? Who will I be?

– Existential– Spirituality– Passion– Planful

• Talk to retired friends – Be wary of expectations.

Satisfaction Exercise

The Change

Retiree RolesDr. Nancy K. Schlossberg

APA 2005

Retiree Roles

SearcherExplorer trial and error.

Continuer Existing skills and interests.

Retiree Roles

Easy Glider Enjoy unscheduled time and let each day unfold.

AdventurerNew endeavors.

Retiree Roles

Involved Spectator Care deeply but engage in less active ways.

Retreaters Time out or disengaged.

Family/Like Family

The best predictor of future is past.Need for socialization and connection.Living together? Make a plan. Different stages

Partners retire at different times. Adult children - life stages.

Family/Like Family

• Grandchildren are God’s gift for not killing your children.

• Traditions. • Passing the torch.

Mental Health

Shoemaker

Retirement: Ultimate Disappointment

• Someone over 65 commits suicide every 90 minutes; 16 per day. Rate is 2 -3 times higher than younger persons.

Stress

• Psychological Aspects of Retirement– 464,000 results

• Holmes and Rahe Stressor - 45 out of 100 • Loss Loss Loss• Revise Coping Stategies

Physical Health

• Pro health behaviors• Diet• Exercise• Sleep• Pacing

Physical Health

• Chronic illnesses

The Talk

• If you need to have it it is probably too late.

Who Does What When

• Autonomy• Dignity of Risk• Parameters of Tolerance Safety– Driving – Falls– Memory

Difficult Conversations

Blended FamiliesMoneySurviving SpousesLife Style Resolving Disagreements

Role Reversal???

Health Care Directives

• Can be with any witness• Forms available on line– Ohio Legal Rights Services– www.olrs.ohio.gov

DNR

Do not resuscitate. Not to have cardiopulmonary resuscitation in the event the heart or breathing stops.

Full Code

• Stop at nothing • Electric paddles• Throat intubation• Feeding tubes• Ventilators• Do not unplug

DNRCC

• ONLY COMFORT CARE BE ADMINISTERED BEFORE DURING AND AFTER THE TIME A PERSON’S HEART OR BREATHING STOPS

DNRCC

• Do not touch e if my heart or breathing stops• Hydration• Oxygen through nasal cannula

DNRCCA

• DO NOT RESUSCITATE ARREST• PERMITS THE USE OF LIFE SAVING MEASURES

SUCH A BLOOD PRESSURE MEDS BEFORE A PERSON’S HEART OR BREATHING STOPS BUT ONLY COMFORT CARE AFTER HEART OR BREATHING STOPS.

DNRCCA

• Use CPR but not paddles, vent or tubes.• Use• Medications • Oxygen masks• Hydration

The Talk

Be nice to the kids. They are ones who will select your nursing home.

Fun and Humor

If you don’t learn to laugh at your troubles you won’t have anything to laugh about when you are old.

Growing old is mandatory growing up is optional.

I forget what I forgot!

• Three sisters ages 92, 94 and 96 live in a house together.• One night the 96 year old draws a bath. She puts her foot in

and pauses. She yells to the other sisters, "Was I getting in or out of the bath?"

• The 94 year old yells back, "I don't know. I'll come up and see." She starts up the stairs and pauses. "Was I going up the stairs or down?"

• The 92 year old is sitting at the kitchen table listening to her sisters. She shakes her head and says, "I sure hope I never get that forgetful." She knocks on wood for good measure. She then yells, "I'll come up and help both of you as soon as I see who's at the door."

Do Not Ignore the Previous Seven

Aging seems to be the only available way to live a long life.

Thank you for attending.

Planning for Retirement: Personal, Financial and Ethical Issues