Do you nerd out over statistics? Me neither, and yet, some numbers are worth considering inasmuch as they may relate to your situation, or be situationally adjacent. To whit, The Pew Research Center reports one-in-five Americans 65+ were employed in 2023, which is nearly double compared to 35 years ago. Additionally, according to the US Census, 50% of women 55-66 have no retirement income at all. How does one avoid becoming a statistic?
Have you considered whether you plan to continue working after you “officially retire” from your current/main job? If so, have you considered the type of work you want to do – something that is not necessarily minimum wage, and ideally mentally and professionally stimulating?
In a recent podcast episode, we discussed the merits of pivoting to your next act. In particular, we’re talking to the late bloomers or procrastinators who think “I’ve still got time.” There are several steps you must take in advance so that when you reach your five-year plan (or your three-year or one-year, depending on when you start getting serious about planning for your retirement.)
Quiet Quitting? That’s parlance from the post-covid era when employees noticeably began showing up for work and only doing the minimal amount of their job description. If you have already chosen a target date to retire, does that mean you’re quiet quitting? Which is not to suggest you should announce your retirement years in advance as you could be deemed “checked out” or otherwise non-promotable and miss out on raises or the “good projects”. Your pre-retirement years count as one secret you should keep to yourself.
Shaping Your Value-Ad through Your Last Day. Your last few years at work should still be a period of productivity and contribution, while also a time of continuous growth and learning. Having worked your way up through the ranks has garnered you a certain amount of respect and cachet over the years - you don’t want to burn any bridges now. Given that the way we work continues to evolve – primarily due to external factors such as changing consumer demands, climate change, technology – we need to think big picture and act accordingly. Consider:
- Projects. Having a portfolio of documented projects could well lead to consulting opportunities with your (soon to be) former employer, or as a source of income from consulting or training as part of your next act, so don’t shy away from tackling big ideas.
- Impact. What are some contributions you’ve made, or plan to make during your next few years? You want to “leave them wanting more” as the saying goes, so make your mark with suggestions for process improvements, new revenue generating ideas or anything that moves the needle and improves the bottom line. Leave on a high note knowing you’ve done your best.
- Connect & Communicate. Reach out and touch. Ensure you continue mingling and meeting, cementing meaningful relationships that will carry over into your next act. Make introductions for your mentees, new arrivals, the up & coming. Be a business connector, while also growing your own personal rolodex.
- Avoid the long goodbye. Mentoring and documentation are two things that come to mind to ensure everything is left in good order so when you’re ready to go, you can leave without guilt and not have to pry the clinging co-workers or fend off pleas to stay “just a little longer.”
As you can see, there is a lot to consider when creating your plan for a successful retirement. For more information, be sure to check out our companion podcast on this topic. As always, reach out directly if you’d like additional support in crafting your own master plan!
Photo by Paris Lopez on Unsplash