In the UK, the population is aging, with many people set to retire.
Most people typically having set up a pension in their 20’s or 30’s, don’t think about what they will do in their retirement until they are in their late 50’s or early 60’s, unless ill-health causes them to retire earlier than they planned, or they are offered voluntary redundancy.
We don’t get taught how to plan for retirement, and the sudden abrupt ‘stop’ or ‘steep’ cliff has never felt wise or logical, for either the employer or employee!
Planning retirement is very important, and working with an experienced career coach can really help to smooth this major life transition.
Is a steep ‘cliff’ or sudden stop to retirement wise?
A gentle ‘slope’ to retirement, reducing working hours, and increasing leisure time and volunteering, and for some, having a portfolio career with a mix of paid and unpaid activities has always felt better sense.
Why stop work suddenly, just because you have reached a particular age?
A gentle slope to retirement paces change.
Client examples
A couple of coaching clients were both approaching retirement age and looking to retire fully when they first got in touch about career coaching.
They did not know how to go about planning their retirement in order to ensure a smooth transition from working full time in an office (pre-Covid) to their new life, primarily based at home.
In both cases, they had both been working in their organisations for a number of years in technical roles and were now leaving with no intention of doing any further paid work.
Covid-19
Working from home because of Covid-19 in some ways has enabled an adjustment from working in an office and commuting, paving the way to adjust to a retired life, and being more home based.
Pacing change makes a lot of sense.
No prior retirement preparation
What was interesting and also surprising was to learn just how unprepared they were for this next step in their life.
They had received no pre-retirement advice at all from their employers (except to secure career coaching help), had not spoken to an Independent Financial Advisor (IFA) about financial planning and had little idea what they were going to do with their time once they retired.
It was clear that they had not thought about how they would cope without working, no longer having the structure and support of a full-time job, and they hasn’t started to make any concrete plans.
For experienced career coaches like us, this is a fabulous brief – almost like having a blank canvas to work with!
5 stages of retirement
There are 5 stages of retirement.
Stage 1: Pre-Retirement. The stage before you actually retire involves imagining your new life and planning for it.
Stage 2: Full Retirement.
Stage 3: Disenchantment with retirement.
Stage 4: Reorientation.
Stage 5: Reconciliation & Stability.
Sometimes people choose to come out of retirement and develop a portfolio career at stage 3.
If you love your work, why retire? A slower pace and reduced working hours can be a good choice.
More
Contact us to arrange your free 20 minute no obligation meeting: https://www.inspiringportfoliocareers.com/contact-us/
Recommended reading:
Andrew J Scott + Lynda Gratton ‘The 100 year life’
https://www.amazon.co.uk/100-Year-Life-Living-working-longevity/dp/1472930150
Andrew J Scott and Lynda Gratton ‘The new long life’ https://www.amazon.co.uk/New-Long-Life-Framework-Flourishing/dp/1526615169/r
Report Institute of Employment Studies (IES)
‘Shut out. How employers and recruiters are overlooking the talents of the over 50 workers.” January 2021. Centre for better aging. https://www.employment-studies.co.uk/resource/shut-out?utm_source=IES+emailing+list&utm_campaign=2b4e9e35ad-EMAIL_CAMPAIGN_2019_05_10_10_39_COPY_08&utm_medium=email&utm_term=0_f11585705b-2b4e9e35ad-364290580