THE FUTURE OF EARLY RETIREES

Over the past few years in Spain, public and private companies have been giving early retirement to many employees for economic or strategic reasons. The pressure to accept such a measure adopted by a company, is usually very strong and goes along with a tempting compensation package, but psychological factors are overlooked. As Josep María Riera points out in his book Jubilarse a los 50 (Pirámide). “These consequences haven’t been evaluated because they aren’t problematic for society, but rather they affect each person individually and their immediate circle”.

The psychological impact of untimely and involuntary early retirement can be traumatic if an employee still considers themself capable and productive. There is an abrupt disruption in the control and continuity of one’s life, core elements of personal well-being and sense of security. The path they had previously taken is disrupted, causing frustration and helplessness. Many of the early retirees I interviewed spoke of feeling “expendable”, that they felt redundant or that their bosses had no longer trusted them, which generated resentment and lowered their self-esteem. If these experiences are not discussed and managed, they could lead to feelings of guilt or depression.

For all these reasons, a termination from a job that was decided by a company can become difficult and painful. Certain psychological responses to this type of negative experience can reduce one’s awareness of the possibilities of future fulfilment and may inhibit an ability to develop plans tailored to the new circumstances.

Several research studies have shown that people who retire against their will find it more difficult to adapt at the beginning of their retirement and have lower levels of satisfaction and well-being than those who retire on their own initiative. Over a period of several years these differences tend to disappear.

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Article written by Dr. Bartolomé Freire, published in 65 y más