Planning to retire? Four question to ask yourself

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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

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.

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.

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.

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.

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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