Retirement Does Not Have to Be The End of Productivity
Baby boomers and Gen Xers have spent many years working and building their careers. In the process, they have long started to prepare for their much-awaited retirement. There are those, however, who do not see themselves spending their post-retirement life just doing “nothing”. For such, there are areas that they can explore without being threatened by the fear of the unknown.
Consulting is one great option to take if you want to continue contributing something of value to society,particularly to the businesses that you have helped and worked with during your corporate life. Just how do you prepare for this new role to make you a successful retiree who is still very much marketable? Below is how.
“It provides a glide path to retirement in a way workers can share their knowledge and experience before the person walks out the door” —Jeffrey Sumberg, Chief Human Capital Officer at Consumer Financial Protection Bureau
Take a serious assessment of your skills
It is crucial to do an inventory of your skills, knowledge, and areas of expertise. Having an “honest-to-goodness evaluation” of what you can and can’t do and the extent of your competencies will enable you to make a profile. It will also help you to “package” yourself.
Devote time to assess your developmental and financial needs, and desires that you want to satisfy through your consultancy. By doing so, you will have a clear picture of what you. You’ll also create a congruence between your capabilities and the business potentials you can explore.
Make a plan
As you plan for your retirement, map out a specific plan for your consulting role. Decide on the boundaries, including:
- The areas you want to tap.
- The services that you’re prepared to offer.
- The number of hours you’re willing to work per day.
- How much money you want your clients to pay you.
You’re hell-bent on making a living out of this new venture. You’re looking at specific figures to hit. Therefore, you have to be more specific about your timelines and expected outcomes.
Draw up your business plan
Everything you’ve learned in your career is still fresh even after retirement. Make use of this expertise to craft a business proposal for your target clients.
It can either be extensive or a one-page plan that would show how serious you are in your consulting role. Include a business card as well, which will complete the professional image that you need to reinforce.
Set aside an emergency fund
Any person thinking of retiring should start building his emergency fund as soon as possible. Even if you decide to stay productive after retirement by going into consultancy work, it is important to create this kind of savings for any unforeseen expenses. Though consulting does not involve much money to set up, you still need to allot a portion of your earnings for rainy days.
Stay in touch
Do not burn bridges. As much as you can, preserve the relationships you’ve had with your colleagues, former bosses, and clients. These are the “very first” people who would be lining up to get your services. Relationships are valuable and lasting investments that can help you grow your business. Capitalize on your social media contacts and connect to more people to stay visible.
Of course, you won’t be openly advertising your consulting role. Rather, your social media presence will aid in better name recall. Join relevant business groups as well to be gradually included in communities that you can tap later on.
Tap your creative juices
Do not limit yourself to doing work that is directly related to your career before retirement. Consulting could mean trying out other fields that are of interest to you. Such areas as writing, training, speaking, coaching and other “jobs” that can be done in a consulting capacity are worth looking into.
Such areas as writing, training, speaking, coaching and other “jobs” that can be done in a consulting capacity are worth looking into.
Moreover, you will now have more time to hone your skills further. Therefore, set aside time to learn new things or brush up on some aspects that you’ve neglected to work on because of your day-job. One interesting part about consulting work is that you are “your own boss.” People and businesses look up to you for advice and assistance under your own terms. If you diversify a bit, then the income potential may be greater.
Getting into consulting work is not difficult. It doesn’t have to fill you with anxiety. In fact, you should look forward to it as it will afford you the opportunity to do what you want, help people, and get paid at the same time and in your own time.