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How can Engineering Design professionals plan for retirement?

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Retirement planning is a crucial aspect of any professional's career, but it can be especially challenging for engineering design professionals. Engineering design is a dynamic and evolving field that requires constant learning, creativity, and adaptation. How can you prepare for a secure and fulfilling retirement while pursuing your passion and advancing your skills? Here are some tips to help you plan ahead and achieve your retirement goals.

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Syed Fadzil Syed Mohamed

Fellow of The Institution of Engineers, Malaysia (FIEM)
Boopathi M

Siemens Energy
Amir Hossein Sarkari

PMO Manager

1 Assess your current situation

The first step in retirement planning is to evaluate your current financial and career status. How much have you saved for retirement? How much do you need to save to maintain your desired lifestyle? What are your sources of income and expenses? How long do you plan to work and what are your career aspirations? These questions will help you determine your retirement readiness and identify any gaps or opportunities in your plan.

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Syed Fadzil Syed Mohamed

Fellow of The Institution of Engineers, Malaysia (FIEM)
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With decades of experience and knowledge, we can embark on our next chapter by conducting consulting work, such as forensic engineering, or lecturing at local universities to pass on our practical knowledge. Volunteering for a Non-Governmental Organisation and exploiting our talents pro gratis is also quite rewarding. The key is to stay active and continue to study, possibly by acquiring other certificates. Retirement provides opportunity to give back, shift gears, and share our experience in new situations. The technical diversity of our industry allows us to retool our skills and discover new applications. Above all, keeping interested, creative, and connected keeps us going.

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Boopathi M

Siemens Energy
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- Focus mainly on future opportunities: What would you recommend to continue to do/ start do/ stop do? - Help the other person explore how they can use the information you provide to enhance performance -Frame your feedback in way that’s useful and can help make improvements

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Zouhair Trojette

Senior Pipeline Integrity Engineer- Fitness for service - Defect Assessment- Remnant life Assessment- Corrosion growth Assessment, pipeline construction projects,pipeline design
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You also need to know what pension regime are you on ? and figure out if you need to subscribe to an additional pension regime.

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Bob James

(Probably) Retired for the last time from the Electrical Controls and Automation Industry,
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Ex engineers can only really retire if they throw away their phones and do not answer the door, Old customers will still try to contact then right up to the grave.....

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John Garner

PhD at Indiana State University RETIRED
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If I was an engineer I would insist on having rights to my own ideas and having a partial ownership of any patent I worked on. That's one way you can assure your work is appreciated and your rights are respected.

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2 Set your retirement objectives

The next step is to define your retirement objectives and vision. What do you want to do in retirement? How do you want to spend your time, energy, and resources? Do you want to travel, pursue hobbies, volunteer, or start a new venture? Do you want to retire completely or work part-time or as a consultant? How do you want to balance your personal and professional interests? These questions will help you shape your retirement lifestyle and budget.

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3 Explore your options

Exploring your options and opportunities in the engineering design field is the third step. Engineering design is a diverse and versatile discipline, so there are many possibilities for retirement planning. You can leverage your skills, experience, and network to find new ways to contribute, learn, and grow. For instance, you could join or create a professional association or community of practice to share your knowledge and mentor younger engineers. You could also take online courses, workshops, or certifications to expand your skill set or refresh your fundamentals. Additionally, you could offer your services as a freelance, contract, or part-time engineer, designer, or instructor to work on projects that interest you. Finally, you could launch or join a social enterprise, non-profit, or research initiative that aligns with your values and causes.

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Amir Hossein Sarkari

PMO Manager
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As someone who is approaching retirement age, this is a big challenge. In Daniel Pink's book entitled The Whole New Mind, which I recommend reading to my friends, major changes in the coming era are mentioned. The term movement from the technological age to the conceptual age is mentioned in this book. So, as an advice to my peers, I must say that you must update your knowledge and information before reaching the retirement age and be ready to face global changes. When we are involved in work and projects, we can not notice all these changes, but we must study and learn. As a personal interest, I am more interested in teaching young people about my experiences, and I also like to make wooden crafts.

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4 Review your plan regularly

The fourth step is to review your plan regularly and adjust it as needed. Retirement planning is not a one-time event, but an ongoing process that requires flexibility and adaptability. As you progress in your career and approach retirement, you may face changes in your personal, professional, or financial circumstances that affect your plan. You may also discover new opportunities or challenges that require you to revise your objectives or options. Therefore, it is important to monitor your plan periodically and make any necessary changes to ensure that it reflects your current situation and goals.

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5 Seek professional advice

The fifth step is to seek professional advice from a qualified financial planner, accountant, or lawyer who can help you with the technical and legal aspects of retirement planning. Retirement planning involves complex and interrelated factors such as taxes, investments, pensions, insurance, estate planning, and more. A professional can help you optimize your plan, avoid pitfalls, and comply with regulations. They can also provide you with objective and personalized guidance and support throughout your retirement journey.

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6 Enjoy your retirement

The final step is to enjoy your retirement and celebrate your achievements. Retirement is a rewarding and exciting phase of life that offers you the opportunity to pursue your dreams, express your creativity, and share your wisdom. You have worked hard and earned the right to enjoy the fruits of your labor. You have also contributed to the engineering design field and society with your skills, talents, and innovations. You can be proud of your legacy and look forward to your future. Retirement is not the end of your career, but the beginning of a new adventure.

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Zouhair Trojette

Senior Pipeline Integrity Engineer- Fitness for service - Defect Assessment- Remnant life Assessment- Corrosion growth Assessment, pipeline construction projects,pipeline design
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But before celebrating you need to have a plan. What do you like to do during your retirement ? Travel to different countries may be an option. Going back to school and studying something you always wanted to study but never had a chance , or may be going for a PhD. Possibly engaging in volunteer work for the community. The retirement plan has to be set well ahead of time so you can prepare for retirement properly and enjoy.

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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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How can Engineering Design professionals plan for retirement?

1

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3

4

5

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1 Assess your current situation

2 Set your retirement objectives

3 Explore your options

4 Review your plan regularly

5 Seek professional advice

6 Enjoy your retirement

7 Here’s what else to consider

Engineering Design

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How can Engineering Design professionals plan for retirement?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set your retirement objectives

3 Explore your options

4 Review your plan regularly

5 Seek professional advice

6 Enjoy your retirement

7 Here’s what else to consider

Engineering Design

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