During our lifetimes, the expected age for retirement has been 65 years old. More recently, this deadline has been extended as people are living longer.
For a lot of people, Social Security does not kick in until they are at least 67 years old.
Beyond your financial status, are you looking forward to retiring? Many of you might be eligible to take that step right now, but you aren’t feeling excited about it. In fact, a great number of my clients tell me that they’re frightened at the prospect.
“Who am I, if I am not president of my company?” asked Jack, a business owner. Jack built his company as a young man and had gained great respect in the business world as he carried it to the $1 billion mark. His employees were his family, and the community held him in high regard for his contributions to the region. Jack saw himself as valuable only in his position and for what he had built and contributed.
When this happens, and I most often see it in family businesses, no matter how tired the business owner is, and no matter how much the spouse begs the owner to retire, it feels nearly impossible to do so.
If you resonate with this story, it’s time to begin reevaluating who you are without the role. This is deep work, pinpointing not only what happens when you leave the role, but who you are and the value you bring to the world. The good news is leaders most often find greater joy in that next chapter, once they work through the process.
“What will I do with myself?” asked Miguel, another company president. This is common among many professionals since they have had a set routine for years, with work taking up the bulk of their time.
In fact, for anyone who relates to this, it most likely means you have not taken the time to balance work with the rest of life. It’s time to recalibrate. Take a mental survey of your interests, activities, and social circles.
Do you have friends outside of work? Do you belong to one or two groups – special interest, social, spiritual or otherwise – that have nothing to do with work? If you are coming up short, it’s time to begin exploring areas of interest and expanding yours.
Are there things you have been wishing you could do but have never found the time? Some good reflection and planning will be important to your happiness in your next chapter.
“I am just now contributing my most meaningful work,” said Anne, a CEO. She had carved out an illustrious career for herself. In her earlier years, she worked hard to push through barriers roadblocking women from leadership positions. Then, as she grew in influence, she played a key role in the company’s expansion, creating many jobs for others at a time when work was scarce.
Lately, she had been working on shifting the business culture to recognize corporate social responsibility and it was paying off. The company was now providing funds to develop a program to help the homeless with low-cost housing and education to help them with steady work. Clearly, Anne had great energy and passion to make a difference.
“I think for me, it comes down to how I can contribute to making an impact,” she said. “And truthfully, I don’t need the title I hold. Come to think of it, perhaps I should be bringing on my successor so that I can devote myself to what is most important to me, now.”
A few weeks later, she called to share that she had proposed two things to her board: her succession plan and a new role for herself: chief of corporate social responsibility.
“I want to continue to help those around us. And by devoting my efforts to this full-time, I believe our company can be a forerunner to set the example for other businesses. I’m excited! Retirement doesn’t mean going home for me. Instead, it means reshaping how I contribute to do more of what I love,” she told me.
The bottom line is that you should not be afraid of retirement.
Conversely, you should not feel as though you must, if, after careful evaluation, you would like to continue working. However, if you find yourself at a point where the next chapter is to be considered, ask yourself what will be most meaningful for you.
Your financial health is foundational – but then, so is your joy so well deserved after all those years of hard work.
Patti Cotton serves as adviser, strategist and thought partner to CEOs to help manage change. Reach her at [email protected].