Like Biden, many boomers are facing the end of their careers. It brings up feelings of grief and identity loss.

Pride can also play a huge role in the resistance to stepping down, especially if it’s related to physical abilities.

“You may doubt yourself more, or other people may doubt you more, which could be a new experience for a lot of people,” Trujillo said. “It’s emotionally loaded and can be really, really hard for them to come to terms with what they have to give up.”

Retirement grief can lead to depression and early death

Trujillo said that retirement often involves a grieving process. Some might be “losing that sense of purpose or meaning in their life and are unsure how they might reinvent that,” she said.

She said that one of the biggest issues that comes up around retirement is the fear of finding a new identity, and that some clients find it “scary” to pursue new hobbies or interests if they’re not as good at them or don’t find them as satisfying.

Others might not find anything outside of work to be worth their time, Williams said, noting that it becomes harder to accept retirement if you tie your value to work.

Having more free time (and little to fill it with) along with the feelings of grief around retirement can lead to depression, illness, and even earlier death, according to some research.

Balance and connection are important

Establishing an identity outside your career can soften the blow of retirement.

“People who have well-rounded hobbies and interests have an easier time transitioning because they have a lot more sources to draw from,” Williams said.

For example, Trujillo said that some retired pro athletes transition into philanthropic work to give their life new meaning. Similarly, she said, people who retire should look for a hobby or volunteer work that aligns with their values.

Much of that comes from having a growth mindset, Williams said. People with a growth mindset “can always find that there was a lesson or something helpful to be learned from,” she said, while those with fixed ones tend to be “very closed off to new opportunities.”

To help her clients figure out their next steps after big life events like retirement, Trujillo said she emphasizes looking at gains and losses. While retirement can come with a lot of loss, benefits might include a less rigid schedule, more opportunities to travel, or more time to spend with family and friends.

Even people with plenty of social connections and hobbies outside work may still find retirement jarring. Williams recommended finding a therapist who specializes in retirement and leaning on loved ones to make the change less difficult.

It’s important to take the feelings around retirement seriously, no matter what age you are, Trujillo said.

“When people can recognize that and understand that this is a major transition, I think that’s hugely effective.”