Retrenched 50Plus – Now what?

There is much talk of early retirement and retrenchment for many staff both from government and large corporations. The first group on this list are those over 55 and close to retirement age. How do you manage this journey and what are your choices?

There may be mixed emotions playing out at this stage. One is fear and the other is relief. The fear is around the money and the relief may be due to not enjoying what you do and looking forward to a time where you can live a new life without the stress of the daily grind, travel and stress.

The challenge is that we are supposed to earn our best money in the last years of work and leaving earlier may impact the long-term sustainability of our savings and pension. The best plan is to keep working for at least another ten years or more. The problem is what to do and how to go about it.

The chances of finding formal employment will be slim in this environment. The best solution is to navigate a path of entrepreneurship for this season of life. The challenge is that you may not have the skills or even know what you would like to do. The risk is investing too much of your savings into a new venture. This is a fine line and one should engage in a process with a career transition coach to help you have more chance of success.

Here are some tips for you:

1. Take three months to rest, do all the things you have not had time to do and enjoy a short sabbatical.
2. Engage with a coach to help you think through your options.
3. Be clear about what your financial situation looks like. See your financial advisor.
4. Face your fears
5. List your skills
6. Discover what you are passionate about
7. What new skills do you need to learn to engage in an entrepreneurial venture
8. Investigate some options that you think you may enjoy.
9. Do an analysis of these options and talk to others who may have already followed this path.
10. Improve your digital literacy skills to equip you with new local and global opportunities
11. Build a personal brand.
12. Network

This list will help you to get started but our advice is to work with a coach as a thinking partner to guide and challenge your thinking. There are many new and varied opportunities on the horizon. Your line of vision may still be one of being in the forest rather than a helicopter vision and the investment in someone walking this journey alongside you may be the best investment you make in your future.

This is not the end of your road. It could in fact be the best thing that has ever happened to you. Longevity means that we are living longer, so working for longer on your terms in an area of work that you love will be the best way to see your next season as a sunrise and not a sunset.

We suggest that you join www.50plus-skills as a paid member and then work with one of our trained coaches. The journey can be lonely and we offer a place where you will find support and a sense of belonging.