The comments below are by Neil Williams of NVW Solutions. He’s held many leadership roles, now operates as a coach to business and individuals, as well as being an independent trustee of some EOTs.
Most people’s dream
Most people spend much of their lives wishing they could work less, and have more free time. That’s why retirement is so appealing!
No work at all, hopefully a decent pot of cash, and tons of time. What could be better?!
You can travel the world. Relax on the beach. Play golf. Spend more time with friends and family.
Sounds great, right? It can be. To an extent. But for many it can also be unfulfilling.
What can become the reality
Travelling can bring great joy. But once you’ve done a mini world tour, the novelty often wears off.
Chilling on the beach/playing golf are lovely when your life is otherwise frantic. Moments of calm to break up the chaos. But when the rest of your life is pottering around not doing much, they can lose their appeal.
Plus health often plays a part. Sure, you can try to stay in shape, but ageing is inevitable, and not always positive for our bodies. Maybe you won’t be physically able to do some of the things you dreamed of.
Your friends will be older too, plus they’ll have their own commitments. Some may not be financially able to retire as early as you. Saddest of all, some may pass away.
Some of you won’t have children, or grandchildren. Hence any relatives you do have will either be ageing like yourself, and/or be extended family rather than immediate family. EG if you have nieces/nephews, how active a role do they want you to have?
If you have got children of your own, and grandchildren, they’ll likely have chocca block lives. So your role in it may largely involve being a taxi service/baby sitter.
Ok…so what then?
We’re not saying don’t do any of the above. Please do. But on their own, they’re rarely fulfilling. You’d likely feel something was missing in your life.
Purpose. Humans need a reason for being. Something productive to do, to make us feel worthwhile, and also mean we can enjoy the treats when we have them.
Sure, you may think “I’ve been productive for 40+ years, that’s plenty”. But experience tells us the need to be productive doesn’t disappear just because we’ve reached retirement age.
Meeting with friends/family can sometimes help give you this. It’s rarely purely hedonistic. People will have problems, and in you own way (small or large), you can help ease or solve them. Taxi-ing your grandkids to swimming practice might not be the most exciting thing in the world. Potentially you won’t even get a thank you. But it’s a little useful thing you’ll have done, helping give your day meaning!
Different ways to “retire”
– The cliff edge
When most people think of retirement, they think of the full time employee, who stops suddenly.
The day before, they’re a very busy, important person. Managing staff and projects. Rushing from meeting to meeting. Delivering to customers. They’ve earned a lot of respect over the years.
The day after, they wake up with no projects, tasks, or people they’re responsible for. Nothing they need to do, nowhere they need to be. It may sound great, but the novelty often wears thin quickly!
But full time to nothing retirement isn’t the only way.
– Gradually reducing hours
This can be a great option for all concerned. Rather than the cliff edge suggested above, the change is spread over multiple years.
Drift from 5 days to 4. Still plenty of responsibility, but a bit more free time.
Maybe start finishing at 2-3pm rather than working full days.
Cut it down to 3 days, then 2.
This can be great for you. Easing gradually from old way of life to new. Less of a shock to the system.
It also enables your employer to gradually transfer your role/responsibilities to others. Especially for senior folk, this can be beneficial for the business, avoiding leaving a gaping hole.
Re-invent yourself
Rather than stop work, significantly change your work.
Perhaps the role you’ve done most of your life is high stress, or physically draining. You still want to help people (and/or need to earn money), but your energy levels and/or (mental) health can’t continue with the old role.
Could you do something related, but cutting out the harsher elements?
Or share your wisdom/experience with others, possibly even in a different field?
Or maybe you re-invent yourself completely, perhaps attempting to turn what might previously have been a hobby into a business?
They say a change is as good as a rest. For some people it certainly can be!
Key questions to ponder
Neil suggests people approaching retirement complete the document linked to below:
It helps ensure you consider all key things related to your retirement. Some questions you’ll answer easily. Others may need more thought, or to discuss with loved ones/other advisers.
If you’d like to discuss your situation with Neil, he’d be happy to help, and his retirement coaching is affordable. Contact him on the details below.
Huge thanks to Neil Williams of NVW Solutions. His expertise helps you:
– think through what you really want, rather than what society says you should want.
– consider your options for getting from where you are now, to where you want to be.
– follow you on that journey, to help adapt it if/when required.
If you are interested in finding out more about transitioning to an EOT, get in touch with us at Go EO to see how we can help.