Sam Peet
Summary.
With longevity increasing and thousands of Baby Boomers turning 65 every day, the face of retirement is changing. Interviews with executives and managers conducted by the authors show that very few people now follow the tradition of ditching the job and embracing a life of leisure in their midsixties. This article describes the different paths being taken and offers four principles that will help you navigate your late-career journey:1. Prepare to go off-script.
Careers end in many ways—often unpredictably. Most of us will have little control over our exit, so we must be ready to adapt.2. Find your metaphor.
Do you see retirement as liberation from the grind, the loss of your professional identity, or a chance for transformation? The language that resonates most with you can signal your best way forward.3. Create a new deal.
Many are stepping back gradually or staying on at their firms with redesigned schedules and responsibilities or as contractors. Explore the possibilities.4. Make a difference.
Shelving your expertise at retirement no longer makes sense. The new model is to apply your talents to improve your community and the world.Every day in the United States more than 10,000 people turn 65. For decades this was the typical retirement age. Starting in their early fifties, but certainly by age 70, people were expected to end their careers and embrace a life of leisure. But in the past 20 years, that paradigm has shifted dramatically. Half of today’s 60-year-olds will live to at least age 90, according to Lynda Gratton and Andrew Scott, the authors of The 100-Year Life, which draws on the research of demographers Jim Oeppen and James Vaupel. Meanwhile, the era of corporate and government pension plans that promised lifetime financial security is over. For this and other reasons, many executives are now rethinking what it means to retire.