Not Ready for Retirement
by Dave Sturkey of New Career Quest
Important Decisions - Although its often wise to get settled before making major decisions after a traumatic career change, it is also true that decisions will make themselves if no planning or effort is made.
Many people in our economy are facing pressures to consider early retirement or are being forced into retirement because of a lack of career opportunity. Its tough in the current environment to find a job, and its even more difficult for people in the work-force who are a little older.
According to a May 2012 report on the Wall Street Journal, for people aged 35-44, the average job search lasts 43 weeks. For folks 50 and older, it lasts 57 weeks. A full 1/2 of all job seekers over the age of 55 have been looking for more than 2 years.
For people being forced to consider early retirement in a corporation, or people who still want to be active past the traditional retirement age (65), finding employment seems like a dead end road.
The following questions are important for anyone in this situation to consider.
1. Do I want to continue to be productive or am I ready for a retirement lifestyle, at this stage of my life and career?
An often forgotten decision when “forced” into retirement is, “Is it healthy for me to stop being productive? Do I desire to continue to be productive at this stage of life?” There are, of course, many ways to be productive even in retirement. But, an individual faced with early retirement must consider the many questions and issues surrounding the changes of lifestyle, financial productivity, and implications for the future that this decision will bring.
2. Am I financially prepared to end my working career and live off my savings and investments for the rest of my life?
Working with a financial advisor and planner at this stage is very important. Your retirement has always been aimed to provide income for a certain period of years. If you’ve been down-sized, the loss of income during these productive years could be devastating to your long-term plans and goals, and the savings that have been put away must now last for a much longer period of time.
3. Do I want to re-enter the work-force at a lower, less significant and less paying position and role?
Many people in early retirement find that they must settle for a position with much less significance, responsibility, and income at a time in their career where they are actually ready for great challenges.
4. Do I want to re-enter the corporate work-force and face again the uncertainties of the New Career Economy?
Even executives are finding that what happened to them is not rare, but rather, the way companies are now doing business. This norm does not provide security for the individual as corporations are cutting back work-force numbers significantly. It is not uncommon for people to spend a considerable amount of time and effort finding a new job, then discover that they are on the same “down-sizing” pattern that happened before.
5. Do I still have the desire, drive to succeed, and tolerance for risk, at this stage of my life, to take control of my career destiny and start my own business?
Many people are locked into thinking as an “employee” rather than a business owner. The employee track in this current economy is difficult. In many ways, starting your own small business solves many of these crucial questions. One can replace a previous salary, remain productive, take control of your destiny, own an equity position in something that you are building, and use the skills and knowledge gained from a lifetime to advance your own cause.
New Career Quest
Dave Sturkey and Larry Edison are Career Transition and Self-Employment Coaches, helping people to consider the issues of small business ownership. They match clients, free of charge, to selfemployment options, matching a person’s goals, work-style, and investment levels.
Schedule a Free Consultation at 941.404.7734