Do you sometimes wonder if you’ll ever be able to save enough money to retire? We’re living longer and many company pension plans are facing extinction. Even those lucky enough to have a defined benefits pension plan may be splitting the proceeds with an ex-spouse and finding that’s not enough to live on. Some parents are reaching their 60’s and are still supporting adult children who aren’t yet fully financially independent. Sound familiar?
Here’s a radical notion – what if you chose to semi-retire doing something that you enjoy doing so much that you may never want to fully retire? There is considerable research to support the notion that staying engaged and involved in stimulating activities such as running your own small business can contribute to a longer, healthier and more satisfying life. The bonus is that the extra income may allow you to transition into your dream semi-retirement career sooner than you ever thought possible.
I transitioned into my new career as a Life Transitions Coach in my mid-fifties after 30 years in the corporate world and love it so much that I can’t imagine ever retiring. It’s the perfect career to transition me into semi-retirement. It fits perfectly into my semi-retirement vision which includes primarily working from home and travelling occasionally to deliver speaking engagements or workshops in cities I love. I’d like to tell you that I carefully thought it all through and strategically planned my transition into my new career, but that wouldn’t be true. My transition came about as a result of a company reorganization which prompted me to pause and consider whether this was the right time to begin my new career – I decided that it was.
Looking back, with some pre-planning, I might have done things a little differently. I could have taken my coach training while I was still working and begun my coaching practice part-time on evenings and weekends to build my confidence and my practice before making the transition. I might even have been able to experience the joy and satisfaction I experience from my new career sooner had I started planning earlier.
If you’re in a job that doesn’t inspire you and you’re years away from being able to retire, I encourage you to give some thought to what an ideal pre-retirement career could look like for you – one that could set you up for your ideal semi-retirement career in the future. I love helping my clients explore possibilities for their ideal next career move and I have a number of different programs to help them do that. Or you can make your own plan.
7 Steps to Your Dream Semi-Retirement Career:
- Get a clear vision of what an ideal semi-retirement lifestyle could look like for you
- Inventory your talents, strengths and assets and identify the ones that you feel most fulfilled using
- Explore the many possibilities for using those talents in a different career or a new business that would be of value to others and that could transition you into semi-retirement
- Validate that your idea is viable – is there a demand for the type of career and if it’s a business – is there a demand for this in the marketplace?
- Understand the costs involved and the expected revenue stream from your new pre-retirement career – be realistic and if starting a new business expect it to take a few years to become profitable.
- Build a plan and a timeline to transition into your pre-retirement career with dependencies identified, including any training that might be required
- Sit down with a qualified financial planner and take a good look at your current finances and projected retirement income and explore different scenarios to discover when would be the right time for you to begin to execute your plan to transition into your dream semi-retirement career.
I can’t begin to tell you how satisfying it is to be making a living doing something you love. I hope you are able to discover what that looks like for you and would love to hear from you if you’d like to share what that is for you or if you would like my support to help you discover and transition into your dream semi-retirement career. Do this and you can make the rest of your life the BEST of your life.
Make the rest of your life
the BEST of your life.
©Sue Maitland Life Transitions Coach 778-265-6880
Sue Maitland is a Life Transitions Coach and Speaker based in Victoria, BC Canada.