24 May

Making the Transition To Retirement


Recently I have had clients who are getting ready to transition into retirement.  This is something they have worked hard for and have been looking forward to most of their working lives.  So why does it feel so scary?

Retirement for some can mean the perception of not being useful anymore.  They might feel that because of age they are no longer valued.  There can be a sense of not having purpose.  There is definitely a shift and a change in life’s direction but is it the end or just the beginning of a new chapter?

There are emerging trends in retirement with one being encore jobs.  With large numbers of baby boomers reaching retirement age and life expectancy being longer there are changes in how we view retirement. They want to slow the pace and have less pressure but they don’t want to completely retire.  A Toronto Star article “Encore Jobs” a new trend in retirement  looks at one of these trends. With the encore career comes the ability to choose when and how we work.  It also supplements retirement income to allow for the funding of personal interests such as travel, theatre and learning.

Baby Boomers are shaping another trend and that is causing a rise in older entrepreneurs. In an article from Entrepreneur, Many Baby Boomers Are Choosing Entrepreneurship Instead of Retiring, the stats show that in 2014, 23 percent of business owners were older than 55. Business Daily says Baby Boomers Flock to Entrepreneurship as “adults over 50 comprise one of the fastest growing groups of entrepreneurs in the U.S.”  The idea of starting something new can be energizing and creative.  It may be the first time in their life that they can combine their well developed skills with something they feel passionate about.  It is no longer about the need for a large income and benefits, it is about doing something that really interests them, having fun and earning some money along the way.

The message is they’re not done yet, they have too much to offer.  The good news is that they are doing it on their own terms.  Where they might have worked within a corporate structure and had to follow structure and procedure, they are now free to make choices.  The choices are no longer driven by fear, expectation of others or what their original career choice dictated.  They can make choices about what interests them, what they want to explore and how much they are willing to give of themselves and their time.


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