How to Retire: The Logistics/Taking Care of Business

ByMaryBlakeslee,PhD Retired

This article first appeared in the Winter 2022 NJ Psychologist This article is reprinted here due to the increased interest in learning more about the retirement process

The decision to retire is not to be taken lightly, and hopefully it is well thought out and not forced on us due to poor health or a family crisis. It requires a good look at our personal, professional, and financial needs. Personally, we must prepare for our losses and begin the transition to another identity and lifestyle. Professionally, there is a lot of work to do, a kind of “taking care of business,” where we have to prepare our clients, get our paperwork in order, deal with insurance companies, landlords, and colleagues. Financially, I refer you to your accountant because finances are outside my scope of practice.

Upon retirement, we lose our professional identity and we lose a number of people for whom we have cared We are technically no longer helpers and we now relate to people differently This is a loss and we must acknowledge it You are going to miss your clients, even though you might feel a sense of relief at no longer being responsible for them Every time you terminate with a client there may be a sense of loss and you may miss hearing about what happens to them Retirement means many terminations and those clients are not being replaced by another person who needs you Before you tell your clients about your retirement, it’s important to address these losses and come to terms with the fact that you will be letting some people down and you will no longer be a therapist Finding your own therapist or peer consultation group can be helpful with this

Pick your retirement date; I suggest a full year, though other timelines work Plan to see your last client at least one week before you close your office. There are lots of things to do after your last client walks out your door. You will still have billing to finish and the last of your things to clean up. Some people may want to take down pictures and remove items from their office. This may help you and your clients come to terms with your leaving. Others may be more comfortable leaving most things as they are, and only remove items in drawers or behind doors, so it looks like nothing has changed.

Retirement To-do List

Twelve Months:

- Stop taking new clients (unless short term)

- Start to cut back your hours if you haven’t already done so

- Let yourself start to get used to the idea of not working

- Muse about what you might do and what you will enjoy

- Be aware of the impact of the impending loss

Nine Months:

- Set a timeline for telling clients

APA Ethical Principals Standard 10.10 (c) Terminating

Therapy - Inform any clients in crisis as soon as possible so they can decide to continue with you or work through the crisis with someone else. (Even if you’re sure they will stay with you, they will appreciate being given the choice).

- Consider at least six months for long-term clients

- Let others know at least three or four months ahead of time

Six Months:

- Get your files in order and destroy those you are no longer required to maintain (Do not leave this until the last day!)

- Start processing with your colleagues, therapist, or supervisor your own feelings about telling your clients and the accompanying loss

- Talk to your long-term clients

- Plan for what you think they might need, for examplereassurance.

- Be prepared for a variety of reactions.

Remember that their first reaction might not be their only reaction.

Four Months:

- Begin to inform the rest of your clients about your plans. (This way all your clients will have had at least three months’ notice)

- Be prepared for clients who will: Jump ship Get angry Cry

Ask questions

Tell you they are happy for you

Do something unexpected

Three Months:

- Send a letter about your retirement to former clients who have terminated within the last two or three years and include a list of possible referrals or mention the NJPA website. This gives them the opportunity to contact you about a referral or to say good-bye.

- Send a letter to psychiatrists and other collaborating professionals.

- Send letters to relevant colleagues who may need to know about your retirement.

Two Months:

- Line up referrals.

- Discuss options and preferences with your clients.

- Plan for transitions.

It may be helpful with more fragile clients for you and the new therapist to overlap for a few weeks

Consider a joint session with you, the new therapist, and the client

- Notify your landlord (check your lease, most require 30-60 days’ notice)

Four to Six Weeks:

- Remind clients that time is limited and ask how they are feeling

Those in denial will need the reminder

It may help you, as well

This doesn’t mean that you won’t be discussing other issues, but it may shape how the issues are addressed.

- Plan what you will do with your furniture.

- Pack whatever you are comfortable packing.

- Notify utility companies, paid advertising companies, insurance panels, etc.

Two to Three Weeks:

- Prepare a letter to give to each client including:

- Referrals.

- A way for them to contact you should they need their records Your sentiments about leaving your practice and a personalized statement about your work with them (perhaps artfully vague, not revealing particulars)

- Keep a copy of the letter in their files

- Be prepared for your own emotions about leaving each client

- Be present and genuine to the experience

- Have a good good-bye

- Write a letter to the colleagues to whom you have made referrals, letting them know how to reach you should they need information from you

- Include a copy of your “Release of Information” form so you can more easily get your client’s authorization.

Administrative Issues:

- Follow the Board of Psychological Examiners Regulations for retiring/closing your practice.

- Notify the Board of Psychological Examiners of your changeofaddress.

-Secureallclientpaperandelectronicrecords

-Ensurethecontinuityofcareforyourclients

-Putanoticeinthelocalpaperonceamonthforthefirstthreemonthsafteryouclosedyourpractice,announcing theclosingofyourpractice,statinghowclientscanobtaintheirrecords.(TheStarLedgerhasaLegalNoticessection. Emaillegalads@starledger.comwithasamplenotice.Theywillemailyouuponreceiptofyouremailandgiveaphone numberforfollow-upandprice.Afterthethirdnoticetheywillsendanyouanaffidavit.)

-Notifyyourbank,insurancecarriers,APA,NJPA,andotherorganizationsofyourchangeofaddress

-UpdateyourProfessionalDirectives

-Makeappropriatechangestoyourmalpracticeinsurance

-Updateallbusinesslistings(Yelp,GoogleBusiness)

Afteryouhavesaidgood-byetoyourlastclientandhavetakendownyoursign,saythankyoutoyoursuccessfuland rewardingcareer Bidfarewelltotheofficethathousedyouandyourworkandholdsthesecretsofthoseyouhelped Closethedoorwithatearorasmile,maybeboth,andwalkintothestartofthenextstageoflife

Reference: wwwnjconsumeraffairsgovBoardofPsychologicalExaminersChapter42,p34,LastRevisionDate2021

PracticeResourcesforRetirement

We are committed to providing our members with the most comprehensive list of resources to assist you as you approach retirement and in your professional roles and practices. These resources are constantly monitored for updates and additions. These resources are easily accessed in the Members Center on the homepage of the NJPA website under the heading Practice Resources. www.psychologynj.org (log in required)

The articles, resources, and forms found on the NJPA website are not intended as legal advice. Practice issues are complex and highly fact-specific and require legal expertise that will not be provided by such generalized articles or forms. The information should not be used as a substitute for obtaining personal legal advice and consultation prior to making decisions regarding individual circumstances.

If you cannot locate an answer, you may request a consultation with our Director of Professional Affairs, Susan McGroarty, PhD

Documents available for download include (log in required):

Are You Prepared for the Unexpected?

Closing Your Practice and Retirement

Closing a Practice Due to Death or Retirement

Closing Your Practice Checklist

Guidelines for a Professional Executor

Medicare Record keeping Guidelines

Professional Will Template

Retirement: Making a Successful Transition

Would you like to connect with fellow members who have already retired or are considering retirement?

Join the conversation by joining our Retirement Group E-List! Contact Jennifer for more details.