Redefining Retirement In The Post-Biden Era

Retirement

In May of 2016, I wrote an article titled “Leadership Has a Shelf Life.” I described how leaders often stay too long because of the uncertainty of what’s next for them and for the organization. It is hard to do what is in the best interests of the organization and also in one’s best interests. I said, “It takes moral courage to leave a safe place when you have been comfortable.”

I thought of this article as the pressure was being put on President Biden to step down after the Biden-Trump debate in June. The situation could be a classic Harvard leadership case study about a leader’s shelf life, transition, and succession. We witnessed how hard it is to let go so that others can step up. It was painful to watch Biden push back against the momentum of leaders from government and industry wanting him to hand over the baton even when knowing it was the right thing to do.

The focus was mostly on his age, but how old is too old? I have been fortunate to attend the Berkshire Hathaway meetings for years and Warren Buffett is not too old for the thousands of people who attend and the thousands more who listen to the meeting online. At the 2023 meeting, Charlie Munger was 99 and Buffet was 92. People were still on the edge of their seats seeking their wisdom about investments and about life.

But our society is youth-centric. The stereotypes and marketing messages about getting older are negative, encouraging most people to either deny aging or fight to extend mid-life. Even the term retirement can imply decline, irrelevance, no purpose or meaning, withdrawal, and obsolete. The goal is to have enough life experience and wisdom to realize there are benefits of being older. As Chip Conley, co-founder of the Modern Elder Academy and author of Learning to Love Midlife: 12 Reasons Why Life Gets Better With Age, likes to say: “Instead of focusing on being youthful, focus on being useful.”

Several years ago, I met Carol Orsborn, Ph.D. through Sage-ing International. Orsborn is the author of the forthcoming book Spiritual Aging: Weekly Reflections on Embracing Life. Since she has written 36 books at the intersection of spirituality, psychology, and conscious aging, I wanted to interview her about President Biden’s situation. Orsborn shared five main spiritual benefits of growing older:

· Erosion of ego. Letting go of the ego dominating our lives teaches us humility. This humility relieves us from being controlled by power, competition, and jealousy.

· Simplicity. From a nonspiritual perspective, the simple life often includes downsizing and moving, which can be perceived as loss, grief, and giving up. But it can be a time of gratitude and peace.

· Relishing the moment. Slowing down and becoming less physically active. In reality, it can be time we spend being quiet, noticing more, feeling more, and experiencing more.

· Acceptance. It is hard to give up control (position, family business, identity). It takes faith to let go and trust others to take over. We saw this reflected in Biden’s struggle with deciding not to run for re-election. By passing on the baton, Biden communicated his trust in Kamala Harris and that he was putting his faith behind her leadership. This is servant leadership at its best—clearing the way for others to step up and lead.

· Forgiveness. It takes many years to grow old to accept our imperfections. This is a time to forgive ourselves and to forgive others.

It is hard for people of all ages to retire because it is easy to think who we are is based on what we do. If we can shift our mindset from what we are losing to what we are gaining, we live life from a positive perspective and be role models for others.

I asked Orsborn what she would advise Biden about his retirement if viewed through the lens of spiritual aging. “It takes great courage and humility for someone as accomplished as you to recognize and forgive your limitations. You have done so much and you still have much to contribute. But in letting go, you have risen to the most rewarding occasion aging brings to us all: empowering the next generation. Well done, Mr. President.”

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