What are the best ways to help late career professionals transition into retirement?

Retirement is a relative term as we are seeing a change in mindset, few people are going ahead with early retirement post achieving their set goals. Retirement of late career professionals needs to be phased out and planned at least 3 years in advance supporting the employee to get ready in their mind, creating opportunities like shorter work hours, mentorship, consulting projects, etc. At this stage of life, people need more emotional support. Financial coaching is an important aspect, companies should focus on for all employees to help support their personal goals. Support groups should function within the organizations to help them smoothly transition into the retirement.

As an HR Executive and now a Strategic Adviser, I’ve learned that professionals will face pivotal moments. From a business standpoint, it's crucial to recognize these as some of the most delicate processes. They transcend mere administrative and legal tasks. I agree with the importance of evaluating financial and psychological readiness. I'm convinced that trustworthy assessments yield invaluable data, enabling professionals to gain insight into their strengths and areas for improvement in preparation for future challenges. The reality is that we all need to perform throughout our lives. Retirement doesn't signify the end; rather, it opens up a new territory filled with potential exciting challenges and opportunities waiting to be seized.

While financial planning is crucial, it's equally important to address the emotional and social aspects of retirement. This approach challenges the belief that retirement is only a financial event. Recognizing the holistic nature of retirement can lead to more comprehensive and effective support programs for late career professionals.

I would add that not everyone wants to retire, and for some, continuing to work contributes to their sense of purpose and well-being. Assessments should focus on psychological readiness and the individual's wish to retire. Interviews and coaching sessions should explore how retirement aligns with life goals and identity. For those not keen on retiring, alternative options like part-time work or mentoring roles could be discussed. This approach ensures that retirement planning is not a one-size-fits-all process but a personalized holistic strategy. Tailoring retirement planning in this way helps people make informed decisions that reflect their desires and needs, potentially leading to a more satisfying and meaningful post-career life.

As a recently early retired person there were definitely some things I would have appreciated. Firstly someone to talk to about retirement; in my case it was decided for me and there was no efforts to help me prepare myself. And. Secondly, and now that I think about it, probably the most important thing was havirng people to talk to about my upcoming career change and explaining coping / adjusting mechanisms. Companies tend to provide external job search assistance for those who has lost their jobs but nothing for those facing the end of their careers.

I align with the concept of having flexible options, and I believe it’s crucial for individuals at this stage of their lives to reassess and, if necessary, redefine their purpose. I’ve had the honor of assisting seasoned executives as they transition into this new phase of independence. Their stories have led me to a singular conclusion: the more they view this stage as an opportunity to solidify their legacy, the more their purpose becomes tangible and actionable. In my view, this renewed sense of purpose forms the foundation for creating psychological safety for the future. Once this is established, any flexible options offered by employers become valuable and meaningful.

Offering mentorship opportunities has been a highly successful approach across all levels of my organization through my career. This approach benefits both my pending retiree and the mentee. As a strategic HR Executive, my role has been to partner with both parties, and their leaders, to ensure we all collaboratively create a plan that mutually allows for professional development and organizational effectiveness.

I believe that it makes sense to start any further learning & development initiatives with a personal inventory to assess what skills the individual brings to the table and what they would like to learn going forward once they have defined their next steps.

Emotional support is critical for retirees. Offering an EAP is often not enough to help your staff truly grasp the impact of this life event. In my experience, asking what area they need support with and providing tailored resources to meet their needs is a more purposeful way to go than offering a generalized solution.

Recognition is an integral part of an individual's value system. Given the unique personality of each individual, there are various ways to acknowledge their accomplishments. Not everyone prefers the same mode of recognition. Providing individuals with a choice from a range of options can potentially have a greater impact. Genuine recognition benefits not only the retiring employees but also those who remain within the organization. It sets a precedent of respect and care, sending a positive message to younger generations. I have experienced in my own career that highlighting meaningful stories is always beneficial for any company, as human capital is the most valuable asset for long-term success.

I would like to share a best practice example of both the special recognition and honour I had the privilege to receive on the occasion of the 2022 EHF (European Handball Federation) Congress! After my retirement earlier that year I was awarded with the EHF Special Award in front of all EHF Member Federations and the entire EHF leadership! As the only full-time employee so far (senior director for development at the EHF headquarters) I received the award for my service to the EHF from 1993 - 2022 as well as for my (quotation from the award) ?outstanding contribution to the sport on a technical&organisational level and impactful work within the Technical Commissions and the EHF Competence Academy&Network!“

Rip off the Band-Aid ?? and just do it. You learn much more in the water learning to swim than sitting poolside, reading books and lessons on how to swim. So whilst worrying about drowning is a fear, if you want to swim eventually you are going to have to get wet. While ultimately it’s up to you, to get in the pool, be sure you do so under supervision too. That way you have professionals trained to save you, should you find yourself out of your depth. I retired 12 months ago and from my experience I can tell you that there will always be times you feel unsure, uncomfortable, anxious and fear you are getting in too early and over your head. That said over time you also get more relaxed, more confident, and grow too in your new environment.

In fact, the most valuable incentive is financial support to maintain the status and leverage a better quality of living. A proper retirement decision requires soft skills, financial security and personal resources to face changes of career objectives.

Several companies have diversity inclusion programs in which scope is the “Generations” concept; professionals close to retirement are included and allowed to shear knowledge and experience with young talents, make them feel transcendence, which is important to keep them motivated and to deal with the natural mourning of the end of a productive life.

When professionals in transition are treated with respect and dignity, they are often willing to share their knowledge with successors, colleagues, and mentees. Authentic empathy is crucial in this process, as it fosters engagement and facilitates knowledge transfer. Over three decades of facilitating this process has shown me that acknowledging and recognizing these individuals is also vital. Throughout these years, I've observed that when an organization genuinely cares for its people during a professional career transition, it positively impacts everyone, including younger generations. This approach enhances its culture and reputation. The underlying message to those who remain is clear: "We value our people."

After my retirement from the EHF (European Handball Federation) I was given the chance to lead an EHF coordination project for creating an internal and external Stakeholder/Partner Mapping as a starting point for a sport association to tackle both the tasks and challenges of future development and progress of its ecosystem!

When late-career professionals leave their organizations, they face significant lifestyle changes. Monitoring their adjustment offers mutual benefits, providing insights for organizations to enhance support for those transitioning. My experience shows that ongoing support, network access, and diverse resources are highly valued. Proper documentation of these cases is crucial for developing a knowledge base with insights for support providers. By tracking the adjustment of late-career professionals, organizations can cultivate a strong reputation.

As a retired professional of a few years it's also important not to push this sort of support too hard. Some if us don't need it and would find it annoying. Any support should be on a pull not a push basis.

Due to my 30 year full-time employee job experience in the development department of of the EHF (European Handball Federation) I can say that on the one hand there are functional needs in each job, which you have to fulfil, the so-called ?musts“ (duties/obligations/tasks) and wishes/visions, the so-called ?cans“ on the other! My advice to companies/organizations is to provide options for late career professionals to share their know-how/experience, especially about the ?cans“, by formal/informal project-based mentoring/guidance functions! At the end of the day the message to the succeeding generation can be - ?Use your brain to bridge the gap/fill the space that has emerged from societal changes for new ideas/innovations in your domain!“

In transitioning to retirement, it's vital to set and realign goals to new realities and needs. This process goes beyond financial planning, focusing on what brings meaning post-career. New goals may involve hobbies, volunteering, health, or even new ventures. As priorities shift, realigning goals ensures fulfillment in retirement. It involves adjusting to lifestyle changes, health, and finding new purpose outside work. Goal setting should be ongoing, adapting to life’s changes, making retirement fulfilling. This adaptability is crucial for a successful transition, ensuring retirement meets evolving desires and circumstances.