Read part 1:
https://www.inspiringportfoliocareers.com/time-to-retire-part-1-of-2/
How career coaching helped preparation for retirement
We recommended three coaching sessions to help our clients plan their retirement.
During the first coaching session, we explored their situation fully and discussed any short and long term plans that they had.
It was important to establish quickly how they felt about retiring and to discuss the main issues and challenges that they were facing or likely to encounter in the first few weeks and months of retirement.
Taking stock
It is useful to help our clients to take stock of where they are from a personality, values (what is important to them), motivations and interests perspective.
Next to support them to do some thinking and planning to help them set achievable goals together with some budget planning.
The second and third coaching sessions were used to track their progress against the agreed goals and to provide mentoring support as a strategic, practical and confidential sounding board.
As with all career coaching, the client needs to take ownership of their plan and drive it forward themselves, blocking out time regularly.
Focus for career coaching
Assessing why and where they thought they would specifically need career coaching is important. Our approach is bespoke – a high quality boutique service.
What we didn’t cover
Their career coaching did not cover detailed financial, pension and investment planning. They needed specialist help on this and we suggested that they obtained separate advice from an Independent Financial Advisor (IFA). We recommended a trusted contact.
The focus of career coaching was getting them into the right mindset to deal with the “change curve” of retirement and to then give them a practical focus and clear plan to use their main life interests and preferred activities productively whilst managing their time effectively.
Career coaching exercises
To enable clarity and insights to inform their retirement, they completed a series of exercises on personality, temperament, career motivations and a strengths profile to help them understand themselves and their preferred ways of doing things.
They had not completed anything like these before and found them extremely helpful and illuminating.
We discussed the insights from these and, for them, the personal and practical implications for their future.
Getting retirement ready
For example:
- structure being important
- not being naturally organised
- wanting to achieve too much
- having no system to prioritise actions
- lack of self-discipline
are things that need to be thought through.
These were pivotal exercises to complete prior to the follow up work which they agreed to do.
Retirement planning guidance
We recommended several sources of retirement guidance material and pointed them towards other relevant material to read online. They also had a copy of our Retirement Career Plan to help them.
Career coaching skills
Career coaching skills including listening, incisive questioning, coaching, counselling, challenging and action planning.
We introduced them to other areas including personal networking, research and looking at where they could build up other skills or do some further development activity.
With one client, we also looked at building in some voluntary work as a key part of their new life and plan.
The Result
The sessions were well received and both clients gave positive feedback.
A few weeks later, they individually reported that they were settling into their retirement well and were starting to achieve their defined S.M.A.R.T. goals – lifestyle, development, personal and financial.
More
Contact us to arrange your free 20 minute no-obligation meeting to explore your brief and how we can help: https://www.inspiringportfoliocareers.com/contact-us/
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
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