Navigating Retirement: Planning Your Next Chapter with Purpose
Contemplating retirement can be exciting but can also bring along feelings of uncertainty and anxiety about how it will really work, if it works at all. When you’ve had a successful career that took up the majority of your time, how you will spend that time moving forward can be a daunting concept. When I work with clients who are thinking about navigating retirement and planning their next chapter, I help them dig deep into what their retirement can look like, how they can still find purpose, and decide whether a full or partial retirement is the right place to start.
My expertise focuses on the career management part of your retirement strategy. Making a career change - and yes, retirement qualifies as a career change! - requires active management, consideration, and thought. I am not, nor do I claim to be a financial professional, and money is definitely not the only thing to consider when you’re planning your career exit.
You’re not the only one who has to be ready
But you ARE the priority. You need to take some time to determine if you’re ready - energetically, purposefully, and emotionally. That will determine how your transition will go. You might choose to scale back and partially retire. You may take six months off, then jump back into work. Or you might rip that band-aid off and choose full retirement. This decision requires reflection, introspection, and in some cases, outside support from a career management coach like me.
When you leave a long-term career, you’re leaving behind an identity that you worked hard to develop for many years, along with a structure and framework for measuring success. It’s easy to get overwhelmed when you don’t have any guidance on handling the borage of questions that can and WILL come up when you start thinking about your retirement:
● What will I do with all my time?
● How will I derive a sense of purpose/satisfaction in my life if I'm not working?
● How will I contribute to something greater than myself/my family?
● How will I keep my brain sharp?
● Will I still work part-time (either in my profession or doing something totally different)?
● Could I be a mentor?
● Can I serve on a Board (community or otherwise?)
We are fortunate to have options for all of these questions, but that’s what can make this process complex and very challenging to navigate on your own.
You also have to consider where you’ll be living, what interests you have, what your core values are, what you’re passionate about, and how to derive a sense of purpose from that, and if you want or need some supplemental income, even if it's just "fun" money.
What prompts the “retirement question” decision?
There are many “light bulb” circumstances, like getting laid off, an unexpected health challenge, a lack of passion for your work, or becoming an empty-nester with college tuition already taken care of - along with others.
These circumstances can make you start thinking about what you actually want, and what excites you. What would you like to do during your ideal day? What would you be doing if you had more time?
New Type of Success
If your career has been full of accolades, awards, and achievements, how will you move forward without that constant positive reinforcement? I’m sure your family and friends love and support you, but they are likely not a constant presence to cheer you on. When you can get clear on what you find fulfilling, why, and how it makes you feel, you will find a new definition of “success.”
Take your time and consider all of the possibilities. This is normally not a snap decision, and it doesn’t have to be all or nothing. You can ease out of your current profession and into what you think you want to do next. You may have to try a few different things. The best way to find out is to start thinking about it proactively now. By exploring your hobbies, interests, and passions pre-retirement, when the time comes you won’t have to deal with wondering, “What will I do now?”
This Forbes article presents a variety of options to prompt your thinking on what retirement might look like - for YOU; and also includes some financial considerations. https://www.forbes.com/sites/feeonlyplanner/2018/06/01/how-to-design-your-ideal-retirement/
You’re in Control
Retirement isn’t an end, it’s another stage in your life. Whatever you decide is the best strategy for you, you need to know you have control over where you go and what you do next, and that there are no wrong answers if your decisions are intentional.
If you need help making these intentional decisions, I’d love to support you as you dig into your potential retirement landscape! Schedule a complimentary call so we can connect.