Planning to retire? Four question to ask yourself
For everyone seeking something meaningful in retirement – which lasts, on average, 18 years – planning, and some compromise, may be necessary
Retiring to play golf isn’t the draw it once was.
In a 2014 survey in the United States, 72 per cent of employees over the age of 50 reported that they would like to continue working in retirement.
That’s partly a response to a need to compensate for diminished savings, but it is also about personal and professional fulfilment.
For everyone seeking something meaningful in retirement – which lasts, on average, 18 years – planning, and some compromise, may be necessary.
Here are four key questions to ask as you consider your next act.
1 How much money do you need to earn?
If making a certain amount of money is mandatory for your retirement plans, that comes first. You’re more likely to need to continue working full-time, and you may need to stick close to the field you spent your career in.
2 How much location independence do you want?
If you want to balance work with travel, or you would like to spend winters somewhere else, you need to cultivate a location-independent second act.
Perhaps you could choose a job that only operates part of the year or that can be done remotely.
3 How radical a change are you seeking?
If you’re still interested in your current field, you could discuss the possibility with your current employer of transitioning from a full-time position to a consultant role.
Alternately, you may have other industry contacts who would also like to hire you as a consultant.
If you want to leave your field and make a bolder change, start laying the groundwork early.
4 How can you test-drive your future career?
The earlier you start planning, the more time you have to experiment and try new directions on the side. – (Copyright Harvard Business Review 2016)
Previously published in The Irish Times.
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