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What do you do if you're a late career professional in non-profit management and need to plan for retirement?

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If you're a late career professional in non-profit management, you might be wondering how to plan for retirement. Working in the non-profit sector can be rewarding, but also challenging, especially when it comes to saving and investing for your future. In this article, we'll share some tips and strategies to help you prepare for retirement, whether you're planning to retire soon or later.

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Audrey Odogu (MSc),(AITAD),(MSPIN)

Ex-Microsoft, BATNA Expert, Business Development & Strategic Partnerships Expert, Tedx Speaker, 2023 Top 50 Women in…
Harrison Ashangwa

Environmental Engineer || Climate Action Specialist and Consultant || Environmental/Climate Educator || EE 30 Under 30…
Gabriela Schick

Asesora en planificación financiera | Contadora Pública | Productora de Seguros | Speaker | Socia de CAMEM | Formo…

1 Assess your situation

The first step to plan for retirement is to assess your current situation. How much have you saved so far, and how much do you need to save to meet your retirement goals? What are your sources of income in retirement, such as Social Security, pensions, annuities, or investments? How will you cover your health care costs, which can be higher for older adults? How will you manage your debt, if any, and your expenses, which may change over time? These are some of the questions you need to answer to get a clear picture of your retirement readiness.

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Audrey Odogu (MSc),(AITAD),(MSPIN)

Ex-Microsoft, BATNA Expert, Business Development & Strategic Partnerships Expert, Tedx Speaker, 2023 Top 50 Women in Management Africa & Top 50 Women in Development in Africa 2024, Non-Profit Management & Facilitator
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Assessing your skills, expertise and strength built from the previous working sector, will be valuable in the non profit organisation. Access your cost of living and quality of life to ensure the pay of a nonprofit only adds and stabilises your experience from the point on. Have a community who share same desires and interest in working through retirement.

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2 Boost your savings

The next step to plan for retirement is to boost your savings as much as you can. If you have access to a retirement plan at work, such as a 401(k) or a 403(b), make sure you contribute enough to get the full employer match, if available, and increase your contributions every year or whenever you get a raise. If you don't have a retirement plan at work, or if you want to save more, you can open an individual retirement account (IRA), either traditional or Roth, and contribute up to $6,000 per year, or $7,000 if you're 50 or older. You can also look for other ways to save more, such as cutting unnecessary expenses, earning extra income, or downsizing your home.

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Audrey Odogu (MSc),(AITAD),(MSPIN)

Ex-Microsoft, BATNA Expert, Business Development & Strategic Partnerships Expert, Tedx Speaker, 2023 Top 50 Women in Management Africa & Top 50 Women in Development in Africa 2024, Non-Profit Management & Facilitator
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Adopt a minimalist lifestyle and make room only things that bring you joy. Ensure your home is really a home which contribute to the quality of life. This will translate to how you spend and save. Get an account manager or money/wealth manager

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3 Invest wisely

The third step to plan for retirement is to invest wisely. Investing can help you grow your savings and protect your purchasing power from inflation. However, investing also involves risk, and you need to balance your risk and return based on your time horizon, goals, and risk tolerance. As a general rule, you should have a diversified portfolio of stocks, bonds, and cash, and adjust your asset allocation as you get closer to retirement. You should also review your portfolio regularly and rebalance it when needed to maintain your target allocation. You can also consider working with a financial advisor or a robo-advisor to help you with your investment decisions.

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4 Plan your withdrawal strategy

The fourth step to plan for retirement is to plan your withdrawal strategy. This means deciding how much you can afford to withdraw from your savings each year without running out of money. A common rule of thumb is the 4% rule, which says that you can withdraw 4% of your initial portfolio value in the first year of retirement, and adjust it for inflation in the following years. However, this rule may not work for everyone, depending on your life expectancy, market conditions, and spending patterns. You may need to adjust your withdrawal rate based on your personal situation and preferences. You should also consider the tax implications of your withdrawals, and the order in which you withdraw from different accounts.

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5 Consider working longer

The fifth step to plan for retirement is to consider working longer, if possible and desirable. Working longer can have many benefits for your retirement planning, such as increasing your income, boosting your Social Security benefits, delaying your withdrawals from your savings, and staying active and engaged. Of course, working longer may not be an option for everyone, depending on your health, skills, and job opportunities. But if you can and want to work longer, you should look for ways to make your work more enjoyable and flexible, such as switching to part-time, consulting, or freelancing, or changing careers to something more fulfilling.

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Audrey Odogu (MSc),(AITAD),(MSPIN)

Ex-Microsoft, BATNA Expert, Business Development & Strategic Partnerships Expert, Tedx Speaker, 2023 Top 50 Women in Management Africa & Top 50 Women in Development in Africa 2024, Non-Profit Management & Facilitator
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Consider always working in and with teams. This provides an opportunity to catch up with the times and use of technology. Working longer may not be ideal but working efficiently and effectively with time management can result to quality work.

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6 Stay flexible and adaptable

The sixth and final step to plan for retirement is to stay flexible and adaptable. Retirement planning is not a one-time event, but an ongoing process that requires constant monitoring and adjustment. You may face unexpected changes or challenges in your retirement, such as market fluctuations, health issues, family needs, or personal goals. You should be prepared to adapt to these changes and revise your plan accordingly. You should also review your plan at least once a year, or more often if needed, and make sure it still reflects your current situation and expectations. By staying flexible and adaptable, you can enjoy a more secure and satisfying retirement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Harrison Ashangwa

Environmental Engineer || Climate Action Specialist and Consultant || Environmental/Climate Educator || EE 30 Under 30 || Data Analyst || NAAEE CEE-Change Fellow 2023
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Summarily for me, If you're a late career professional in nonprofit management planning to retire early, start by assessing your financial situation and retirement goals. Develop a comprehensive retirement plan, considering factors such as savings, investments, pension benefits, and potential sources of passive income. Consider downsizing your lifestyle and expenses to maximize savings. Additionally, explore opportunities for part-time consulting or advisory roles within the nonprofit sector to maintain engagement and supplement retirement income. Lastly, prioritize self-care and wellness to ensure a fulfilling retirement.

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Gabriela Schick

Asesora en planificación financiera | Contadora Pública | Productora de Seguros | Speaker | Socia de CAMEM | Formo parte de CREO.FUTURO BY CROMA SEGUROS E INVERSIONES.
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Teniendo en cuanta la jubilación en mi país (Argentina), vi a muchas personas llegar a la edad jubilatoria y tener que ajustar su calidad de vida (dejar de lado aquellos gustos o salidas que antes disfrutaba), o tener que depender de la ayuda que sus hijos pudieran dar. También he visto personas que tomaron la decisión de planificar financieramente su futuro y al llegar a la etapa pasiva no necesitaron realizar ajustes. La pregunta es ? que decisión estoy tomando hoy que afecte mi ma?ana? ya sea que tome una decisión o no en ambos casos estoy eligiendo. "El futuro es el lugar donde pasarás el resto de tu vida".

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Audrey Odogu (MSc),(AITAD),(MSPIN)

Ex-Microsoft, BATNA Expert, Business Development & Strategic Partnerships Expert, Tedx Speaker, 2023 Top 50 Women in Management Africa & Top 50 Women in Development in Africa 2024, Non-Profit Management & Facilitator
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Ensure you access all employee benefit that applies to your future life style and necessity. Negotiate leave days as well. Travel when you can. It makes work seem fresher.

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What do you do if you're a late career professional in non-profit management and need to plan for retirement?

1

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3

4

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1 Assess your situation

2 Boost your savings

3 Invest wisely

4 Plan your withdrawal strategy

5 Consider working longer

6 Stay flexible and adaptable

7 Here’s what else to consider

Nonprofit Management

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What do you do if you're a late career professional in non-profit management and need to plan for retirement?

1

2

3

4

5

6

7

1 Assess your situation

2 Boost your savings

3 Invest wisely

4 Plan your withdrawal strategy

5 Consider working longer

6 Stay flexible and adaptable

7 Here’s what else to consider

Nonprofit Management

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