I can remember one large-scale company meeting where the team lead had asked all of the participants to ‘go around the room’ and introduce themselves, including how many years they were with the organization. I listened to so many attendees whose tenure was 10 years or less. And then, it was my turn.
Imagine the meeting participants’ surprise when I said that I was with the company for 28 years! I felt as if most people were thinking, ‘why did you stay for so long’? And while I was extremely satisfied with my achievements, I started to seriously think about what my next chapter would look like. I also had a specific goal in mind, which was to get to my 30th service anniversary. Many senior-level executives who I had worked with for many years had retired shortly after reaching this milestone, and I was determined to do the same.
Knowing when to retire is one of the most challenging and life-changing decisions that you will make. There are many clues that can provide the incentive for you to start to think about leaving your current job, and planning what comes next:
- You want to exit your career on a ‘high note’: Over the course of my career, I led several large-scale initiatives that had positive impacts on my division; and I received awards for individual and team leadership. For me, personally, I wanted to leave my company on a ‘high note’; and my feelings of achievement and accomplishment enabled me to do that. I had no regrets that I had not worked hard enough, or diligently enough to accomplish major goals for myself, as well as for the company.
- You want to take control of your time: I was the commuter poster child for my entire career life! During some years, traveling back and forth to my office (pre-COVID, of course) took a total of five hours! I never had enough time to do the things that I really wanted to do, such as spend more time with my husband, extended family and friends, as well as focus more deeply on health and wellness. It was time for me to be the manager of my own time.
- You want to spend your time doing something that is aligned with your work experience: I was trying very hard, during the last four years of my corporate career, to move to a new and more challenging role. However, I was having very little success. I realized that the only way in which I was going to be able to do something that aligned with my work experience, as well as with my areas of expertise, was to start something new and different from what I was doing at work.
- You feel secure with your financial status: Financial security means different things to different people. For some, it’s knowing that you can meet your monthly expenses. When I started to think about planning my workplace exit, one of the first people I met with was my financial planner. She told me that, since I had paid off my mortgage and car loan, I was in a good position to retire. For me, financial security was knowing that my large debt would not hang over me when I was no longer receiving a consistent paycheck, as well as knowing that I would be able to manage my monthly expenses!
- You want to share your knowledge and success with others:I was very fortunate to have been successful in my career, and I wanted to share my work knowledge and experiences with others. I also wanted to help people with retirement on the horizon plan a happy and successful exit from the workplace.
The 5 reasons I mentioned were paramount as I made my decision to leave my primary career and move towards something much more meaningful in my next chapter. However, I retired prior to the COVID-19 pandemic. While I was successful in pivoting from the workplace to retirement, my part-time job and my entrepreneurial business were impacted during the pandemic. My subsequent re-pivot to adapt my entrepreneurial business, part-time work, and personal life during the pandemic is discussed in another blog.
(Thank you to “Slker -Free-Vector-Images” for Pixabay for the photo.)