What’s Next? Redefining Retirement

Recently a thirty-seven-year-old approached me about becoming his coach. When I asked him what he wanted to work on, he said, “I just sold my business and am thinking about retiring.” When I asked what he meant by “retirement,” he responded, “I am ready for something new.” A week later a soon to be retired CEO called with a similar request. She was looking forward to more time off and traveling but knew there was a next “thing” for her, and she wanted help exploring that. Two different ages but the same question - What’s Next?

Traditional views of retirement conjure up images of gray-haired couples playing endless rounds of golf in between visits from the grandchildren. The dictionary defines retirement as the “withdrawal from public life.” This image of retirement is becoming wildly out of alignment with the emerging future. The youngest Baby Boomers turn sixty this year. In a recent study by Age Wave, only about two in ten saw retirement as a time for rest and relaxation whereas eighty percent said it was time for “a new chapter.” We are living longer (and healthier for longer) and most of us want to continue to find purpose and be useful in this next chapter.

At the same time, many younger people are achieving material success at a relatively young age and find themselves asking that same “what’s next” question.

Yet my experience is that most professionals and business owners struggle when they come to the “retirement transition.” Many prepare their finances but don’t think deeply about what they want to contribute, how the new phase will impact relationships, and where they’ll find purpose going forward. Many speak about an initial burst of travel and relaxation followed by a nagging question - What will I sink my teeth into?

Yet my experience is that most professionals and business owners struggle when they come to the “retirement transition.” Many prepare their finances but don’t think deeply about what they want to contribute, how the new phase will impact relationships, and where they’ll find purpose going forward. Many speak about an initial burst of travel and relaxation followed by a nagging question - What will I sink my teeth into?

If you are at that stage or nearing it (or simply want to explore what’s next for you), I’d love to talk about helping you either as a coach or as part of a mastermind group with similar people. Contact me if you’d like to discuss how I can help.

Meanwhile, here is some advice for those of you who are newly retired, getting ready or simply asking what’s next:

First, don’t be a prisoner to what you have been doing. Many people think the Next Step must be an extension of the past, yet I have seen so many people reinvent themselves. A CEO who started a flower shop, a retired consultant now acting in commercials and movies, and business owners who started NGOs rooted in their deepest purpose.

Second, take your time to explore. Many people fell into their first career, but this is an opportunity to really take your time, to be intentional about exploration. My colleague Chip Conley calls this the “Atrium” a place of light and air where we truly explore what matters to us.

Third, don’t go alone. There are few more important moments in life than retirement, selling a business or ending one career and starting another. Research shows that if we are accountable to even ONE person as we make these changes, we are four times more likely to be happy with the result.

So, what’s your next step?

Dr. John Izzo has spoken to over one million people, advised over 500 companies, authored nine best-selling books, and helped some of the world's most admired companies. He has been a pioneer in creating successful businesses and emerging work trends for over twenty-five years.