AT&T CEO, Amy Chow, decided to retire after 32 years with the company. But she wanted to avoid the two mistakes’ executives often make when they retire.1
The first is to retire completely from any kind of work. While it can be fun in the short-term, going from an important role in an organization to doing basically nothing can be ultimately unsatisfying.
The second is to try to continue working in their current industry, which usually requires a reduced role. While it's comfortable to stay in familiar territory, it's difficult to take a significant cut in seniority. It feels like you're lingering when you really should have left.
Chow sought to plot a third course, one where she could continue to use her skills and experience, but in a new and unfamiliar way. She calls this kind of retirement a "rewirement." Rewirement is the reconfiguring of existing components for a whole new function.
While the process for making this transformation takes considerable preplanning and should be begun well before the last day at work, it can be broken down into four basic steps.
Think about your "why." Which work and volunteering activities bring you joy? Which feel like a chore?
Do your homework. Once you identify your dream role, find out all you can about it, including the steps necessary to transition into it.
Be prepared for some big identity shifts. Prepare yourself for when the status (and money) of your current role goes away.
Don't ignore financial realities. Understand where you need to be financially to feel comfortable and lead the life you want.
You don't need to be the CEO of a Fortune 500 company to use this process. No matter what you do in your current career, you have the ability to plan for a fulfilling retirement. What most people put off, and what Chow did, is carefully noting the kinds of work and volunteer activities that you find energizing and rewarding.
Our advisors are here not only to help you achieve a fully funded retirement, but also to offer encouragement and insight as you explore the possibilities for your next chapter.
