Much of financial planning focuses on retirement. But what if your client isn’t planning to retire?
Trish Wheaton, former global managing partner of one of the world’s largest communications groups, is grateful that she could work 30 years in advertising — an industry notorious for employing youthful “mad men.” She wasn’t surprised when she was told that her time was up at age 65, but she also wasn’t ready for a traditional retirement.
“Sixty-five is the new 45. I had to ask myself ‘what’s next?’ I realized I didn’t have a clue. When I talked to my female peers in the same situation it turned out that they were feeling the same way. We were all used to being successful. People still want to invest in their passion . . . it’s just a question of where do they invest it now.”
She decided to form a Leaning Out™ salon: a gathering of high-achieving women who discuss finding post-career success and purpose. “With the same energy, goal orientation, and drive that propelled them to lofty career heights,” Wheaton explained, “these female professionals are radically redefining ‘post-career’ and turning it into a time of abundant purpose, goal redefinition, and personal well-being while over-turning some well-entrenched approaches to ‘retirement’ in the process.”
I participated in one Leaning Out session, where we discussed a host of topics, including what motivates women to non-retire. Most successful women truly enjoy working. That message came through during our salon with comments like:
“I hate saying I’m retired.”
“After my job ended, I would go to my computer in the morning and when I looked at my email, I would feel like I don’t exist.”
“I miss the intellectual stimulation from work.”
“I want to do something different now . . . something that will matter to me.”
Opting out of retirement might even be good for longevity. Shigeaki Hinohara, a Japanese physician, worked 18 hours a day, seven days a week until his death at the age of 105. He spoke to Judith Kawaguchi of The Japan Times about the secret to living a long life:
“There is no need to ever retire, but if one must, it should be a lot later than 65. The current retirement age was set at 65 half a century ago when the average life-expectancy in Japan was 68 years. Today, people live longer so they can work longer.”
Five Non-Retirement Scenarios
1. Boards of Directors
Many professional women assume that after they move on from their roles as senior executives, they will immediately be asked to sit on corporate boards. They have heard that women directors are in demand, and they expect to be invited to serve based solely on their experience and gender.
“Be careful. Don’t make the grand assumption that you will be in demand the day after you move out of the executive suite!” says Joanne De Laurentiis, a corporate board member and former president and CEO of The Investment Funds Institute of Canada (IFIC).
“Often people think that the simple fact that they have been an executive qualifies them to sit on a board. But the skill set required can be quite different from their work background. Board members must have a strong combination of skills such as strategic thinking, problem solving, and leadership, but perhaps most importantly . . . they need to have specific expertise related to the business dealings of the organization.”
If you are planning on sitting on a corporate board, you need to have developed the full spectrum of skills required and should be known for your expertise.
The best way to plan for life on boards?
As De Laurentiis explains:
“Start developing your board skill set in the early years of your career. I started volunteering on boards right out of university and I have been on boards throughout my entire working life. When the time came for me to leave my traditional job, I didn’t need to seek out any board positions, I was already well-known as an expert in my field.”
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