When Should I “Retire” From My Career?

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It is Essential to First Create a Plan that Provides the Basis for the Date

For most individuals the end of their career, whether relatively early in life or later, is an event they really look forward to. It is a time of joyful anticipation. It is the opportunity for you to create and begin a new life experience. That new life is the manifestation of hopes and dreams delayed. Yet, as it happens with major life events, there are important questions that must be answered.

A very common concern for those that are beginning to envision their future end of career is the need to answer the question: “When?” Whether you are happy and fulfilled with your career experience or not, preoccupation with this and many other questions often abound. These concerns are widespread across vocations and professions.

Particularly for those who are goal oriented, the search for the answer can be very consuming of time and energy. It may tax your emotional reservoir by worry and the incessant stress you may experience.

Individuals intuitively know that this is major life event. They also know that it is one they are not familiar with and that it affects them deeply at a very personal level. These two factors are an additional source of stress.

My Personal Experience

In my experience consulting and coaching clients on the numerous matters related to end of career transition, I have learned that it is natural to focus on the obvious, the end date.

What is not so readily apparent is the many things that must be planned for and accomplished in advance over a period of time. Without a clear understanding of what is required and the time it takes to accomplish it, it is not realistic to set an actionable date.

The basic question of when gives rise to another question: “If the creation of my personal plan is essential to be able to determine a projected date, then when should I begin to start planning?”

The Major Challenges You Will Likely Face.

There are two major areas of concerns that must be taken into account and incorporated into the plan: one is a broad range of questions that are relatively external to the individual. Examples are:

• “I am a business owner. Should I sell my business or close it? How do I do either?”
• “I work with an organization. How do I determine when to give notice of my plans?”
• “Whom do I entrust with pending, sensitive matters?”
• “How do I deal with insurance matters?”
• “To whom can I go to for advice?”

The list can be lengthy. Although these questions are sometimes complex, they are somewhat easier to describe, focus on and resolve than others. This is particularly the case once a plan has been created.

The second major area is about matters that are very personal and private. These questions will commonly arise from within you as you ponder concerns such as:

• “What will be my identity when my career has ended?”
• “Will I feel a sense loss of identity and if so, how do I deal with it?”
• “Am I prepared financially?”
• “Should I engage in personal interests or devote myself to volunteer work, or both?”
• “What types of endeavor are conducive to optimal health and wellness?”

These personal issues take time to identify, process and resolve. It is in your best interest and that of your loved ones to invest the time and effort to deal with these questions successfully.

So, How Much Time Will You Need and When Should You Start to Plan?

I find that individuals commonly begin to ponder these questions, especially the personal ones, about five years in advance of their envisioned end date. That time frame generally corresponds to the amount of time it takes to plan and execute a succession plan for a professional practice or a closely owned business.

If you plan to close your practice or your business, the time frame needed is usually less. In some cases it may be closer to a minimum of three years. This may also apply in situations where your career role is as part of a larger organization that will be an ongoing enterprise.

Although each situation is unique, the usual necessity is a plan that is customized to your needs that includes a timeline of execution and projected end date.

These are very important matters that really require your personal, focused attention over a period of time. It is usually very beneficial to discuss these with your spouse and resolve them together. Please remember that he or she will be experiencing a Transition as well.

The end of your career and the Transition that you will experience is a process, not an event. This process takes time for you to recognize and accept the changes you will experience.

I encourage you to make time to invest in yourself for your personal, lasting benefit and that of your loved ones. This is essential for you to successfully Transition to a new life of renewal and fulfillment.

I know that the skills and wisdom that you have developed in the course of your career will guide you to live the dreams you have dreamt.

Are you thinking about your end of career? Do you think it is time to begin to prepare?

PS: Do you want to learn more from me about how to create and experience a fulfilling Transition experience? To help you, I provide consulting services tailored to your specific needs. Click here to apply for a complimentary strategy session.

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© Enrique Fernandez, M.D.