Why are some people scared of retirement?

Illustration: TBS

Shayla Sattar was a teacher at a government college in Munshiganj for more than 30 years. In 2022, she retired from the college after finishing her tenure as the principal.

Shayla had always anticipated her retirement and mentally prepared herself for it. But when the day came, nothing aligned with her plans and she started resisting this change in course.

"I thought I would be surrounded by at least one of my kids and grandkids, and my husband would be more available in the house. But that did not happen," she said.

Shayla's husband is a local businessman in Munshiganj. And his working hours have remained the same. Her son is pursuing his PhD in the US and her daughter is married and settled in Dhaka.

"We thought of moving to Dhaka, near my daughter. But all our properties and business are based in Munshiganj," she added.

Most of the defence officers live a financially secure and fairly comfortable life after retirement, with a handsome pension, earnings from the UN missions and government allotted plots. But there is always a sense of discontentment that can come with retirement for people like us whose personal identities are intertwined with their careers.

- A retired army officer

Shayla admits that she feels lonely most of the time. During the daytime, she has barely anything to do as the domestic chores are mostly done by the house help.

"I miss being around people. I miss talking and giving speeches on history [the course she taught in college]," she said.

Change is inevitable, but human beings, by design, resist it. The resistance to retirement, therefore, is not just about ending a career — it is about confronting the uncertainties that come with a major transition in life.

Like Shayla, many professionals resist leaving meaningful work, where each day brings a sense of purpose, contribution, and progress for them, especially if they lack a clear sense of what is next.

For many, retirement comes off as "leaping into the void".

The fear of losing authority and relevance

Another big psychological issue behind the resistance is the dread of losing the strong relationships that they have accumulated throughout a long, successful career. Such relationships often carry a heady sense of being needed and respected by hundreds, thousands, or even millions of people.

Monzur Morshed (pseudonym) was a civil servant all his life and retired as an additional secretary in 2019.

"I believe the fear of losing authority and relevance is quite common among those who have served as high-ranking officials in the government. We become accustomed to a certain lifestyle, one deeply connected with authority and significance," he remarked.

Morshed lived in a government quarter in the Eskaton area of the capital. He always had a car at his disposal and every time he visited outside Dhaka with his family, they got a circuit house to stay in.

"From being the centre of attention to invisibility — it is a big jump," he said.

Monzur moved to his flat in the Siddheshwari area and he also has a private car. But he does not feel the same.

Alamgir Hossain, who served in the Bangladesh Army all his life, also shared a similar opinion.

"Most of the defence officers live a financially secure and fairly comfortable life after retirement, with a handsome pension, earnings from the UN missions and government allotted plots. But there is always a sense of discontentment that can come with retirement for people like us whose personal identities are intertwined with their careers," he added.

Lower-middle income people have a harder time

Omar Ullah had been a clerk at a pharmaceutical company in Dhaka and retired as a senior accountant last year. He got around Tk30 lakh from his provident fund after retirement.

"This is a very difficult situation for me, both financially and mentally. My eldest daughter just finished her master's and is unemployed and my youngest daughter is about to sit for her HSC exam. I was the only breadwinner for my family of four. Retirement is harder for those who are married or had children later in life," he said.

Omar bought national savings certificates with all his provident fund money. His household is running from the interest that comes from the savings certificates every three months, coupled with the money his daughter earns from tuition. He is planning to set up a small pharmacy in his neighbourhood but that requires more funds.

"For lower-middle income workers like us, it is important to have a secondary stream of income. I did not have that. Hence, I advise my daughter to always have a plan B," he said.

A harsh transition

Ikramul Haque had a long and distinguished career as a banker in Bangladesh. He retired as a general manager of a private bank in 2020, during the peak of the Covid-19 pandemic, and soon found himself struggling with depression.

"Being a banker is more than a nine-to-five job. We had to work an excessive amount of hours each day, which makes adjusting to retirement much harder," he explained.

Ikramul pointed out that in government service, there is an option of Leave Preparatory to Retirement (LPR), which makes the transition easier.

"For us in the private sector, it's like working full-throttle until the very last day, and then suddenly, one morning, we are not required anymore. Retirement hits harder for people whose careers lacked work-life balance," he added.

Ikramul suggested that the private sector should implement changes to ensure a smoother transition for retiring employees.

"Perhaps, towards the end of one's tenure, companies could introduce a reduced schedule, like working two days a week or every other day, to give employees time to adjust," he concluded.