Second Innings

The Second Innings

Steve Correa[i]

?My phone rang. It was an unexpected call from a friend and ex-colleague who had just visited Bengaluru on work and wondered if we could meet. I reminded him that I had moved cities a while back. By and by in our conversation it emerged that his purpose for calling me was to seek my advice. He was due to retire soon from his current role as CFO and wondered what next post? A board position, he mumbled…and his voice trailed off.

?His enquiry is no different from scores of folks in their late 50’s approaching retirement. Retirement is a significant transition in one's life, and there is need for guidance on how to navigate this phase in one’s lifetime.

?Here are a few reflections and suggestions that may help:

?Plan for financial security: It is essential to plan for financial security post-retirement, including making sure you have enough savings to cover your expenses and any unexpected costs that may arise. Speak with a financial advisor to help you create a plan that works for you. Hopefully, at this stage one is free from any debt, or other commitments, own reasonable financial assets that generate rent or interest (passive income). Truth be said, earlier the income one earned, one-third would go to paying taxes, one-third, to investing and the balance one – third to spending. Post retirement, there would be a surge in travel and medical, but the total income needed would only be needed to cover expenses. Some of this would be supported by passive income if not all. So, the first question to ask: is there a need to earn financially well in my second innings? Do I really need this income to meet my annual living expenses? Do prepare a budget of estimated expenses and income that would be earned by your corpus investment.

?Now, reflect on what you want to achieve: It is essential to have a clear idea of what you want to do post-retirement. Do you want to continue working in some role, or do you want to pursue other interests? Take some time to reflect on what you want to achieve and plan accordingly. Let me share that my personal purpose changed every decade. Now in my late 50’s it is: To Follow my Own Light; Support Others Follow Theirs. This led me to be an Executive Coach and an OD Consultant (https://stevecorrea.co.in)

?This small exercise from my book TIBAW may help you figure out your own purpose.

“I…………..(my name) enjoy--------- (love to /get greatest satisfaction – state the action), which leads to an outcome----------------- ( be specific about value you bring in) for--------- ( for whom is this benefit) .

?For example, in the case of Ritesh Agrawal (OYO), his Personal Purpose statement according to him is: “I love solving problems, creatively creating affordable living spaces”. (9 words)?

?Consider part-time or freelance work: Many people opt for part-time or freelance work post-retirement as it allows them to continue using their skills and expertise while enjoying more flexibility. This could be a great option for those who want to stay active and earn some extra income. In the many years I facilitated Retirement Workshops in an organisation I worked with the advice was simple: Choose an activity that is not physically demanding, has challenge and learning, allows you to have fun, and earn some money. Be clear how many days / and who you will offer services on probono basis.

?Explore new interests: Retirement is an excellent opportunity to explore new interests and hobbies that you may not have had time for during your working years. Whether it is learning a new language, taking up a new sport, or traveling, there are endless possibilities for personal growth and fulfilment. It helps if your interest includes activities that would help in maintaining your health. For instance, morning walks or an afternoon swim. For me, taking up reading once again has been a source of great pleasure. Do list out a meaningful bucket list and try and tick off as many as you can. Ensure it does not become an obsession or a compulsion.

?Volunteer: Volunteering is a great way to give back to your community and stay engaged with the world around you. Whether it is working with children, animals, or the environment, there are many organizations that could receive help from your skills and experience. Be clear, what and scope of your support.

?Stay Connected and deepen Relationships: The research is out: it is connections (relationships) that makes you live happier, not achievement or wealth. Take another look at your Goals? What is it that you are chasing now? In doing what you are doing, what are you also doing, not doing? There is joy in making new friends, as also in spending time in the company of old friends. Take time to meet and socialise.

?Stay aligned to Indic wisdom: Our Indic texts speak of Purushartha and the Ashramas, the latter speaks of the four stages of life:1. brahmacharya, 2. grihastha, 3. vanaprastha, and 4. samnyasa. This is also the time to devote to spiritual practice.

?Retirement is not the end of your career, rather it is your second innings and an opportunity to pursue your passions, explore new interests, and contribute to society in a meaningful way. With careful planning and a positive outlook, retirement can be a time of growth, fulfilment, and joy.

?Also do read:

https://www.heraldgoa.in/Edit/Opinions/Retire-60/201768, 2nd March 2023

[i] [i] Personal Purpose – ‘To walk in my own light, as I help others walk in theirs’.

Steve Correa is an XLRI postgraduate in PM&IR, a dual graduate in Commerce and Law, and a Chevening Scholar. He currently works as an Independent Executive Coach and OD Consultant and is a Fellow of Sumedhas – Academy for Human Context. Steve has over three decades of corporate experience. Of this, 18+ years has been as Chief Human Resource Officer, with overall responsibility for the HR function. He has worked across a wide spectrum of enterprises, ranging from major global corporates (MNC's) to family led professional businesses. He has diverse industry exposure that include Pharmaceuticals, Office Automation, FMCG, Telecommunications, IT/ITES, and Alcohol Beverage. His exposure spans across India as well as abroad.