Nearing Retirement? 5 Ways to Figure Out What to Do Next

It’s not easy to find the time to focus on the future when you’re working a full-time job. But even if you can only spare a few hours a month, here are five simple things you can do now to plan for your second act:

1) Start a reinvention notebook. Treat yourself to a notebook where you can record second-act and retirement ideas as they come to you. That way, whenever you find a smart idea, or stumble upon a resource you’d like to explore in the future, you’ll know where to find it when you need it.

TIP: I prefer to do this is an actual notebook. But feel free to record your thoughts on the computer if that feels more doable for you.

2) Actively seek-out second-act stories. There’s nothing more motivating than reading or hearing about other people who have reinvented themselves in retirement. Even if the subject of the story is doing something very different from what you plan on doing, there are always valuable takeaways that apply to your situation. Fortunately, there are a growing number of books, websites and magazines that are publishing inspirational second-act stories.

TIP: When you find a site you like, be sure to sign-up for their free e-newsletters. That way, you’ll have a ready supply of inspiration automatically delivered to your inbox.

3) Do one small thing every few months to test out a new idea. Chances are you already have at least one or two ideas about things you’d like to do in retirement. Rather than just thinking about them, try doing something every few months to test out that idea. Want to sell your jewelry online? Sign up for a workshop on how to be an e-retailer. Interested in transitioning to an encore career? Volunteer to serve on the board of a local charity. Think about teaching? Look into possibilities for teaching as an adjunct professor at your local community college.

TIP: By testing out your ideas slowly over time, you’ll be in a much better position to hit the ground running after you “retire.”

4) Brainstorm ideas with a group of like-minded friends. By the time you’re over 50, you not only know a lot of people, you know a lot of people who know a lot of people, ideas and resources. Tap into that potent brainstorming force by throwing an idea party. I first learned of the “idea party” from career counselor Barbara Sher, who defines an idea party as “a potluck dinner where you invite people into your home for the express purpose of sitting down with a plate of good food and brainstorming on your particular problem.” It can be an enjoyable way to brainstorm ideas, connect to resources and think about options you might never consider on your own.

TIP: It’s best to invite 6-8 people at a time to encourage robust conversation. Try to get a mix of personalities and backgrounds if possible.

5) Take a break after leaving your full-time job. I know you might be surprised to read this but I often urge clients to take time off before they finalize their next-act plans. When you’re engrossed in the day-to-day stresses of your work responsibilities, it’s difficult to focus on what’s next. Taking a few months to do nothing after leaving your job gives you a chance to clear your mind and break away from your old routine. 

TIP: It’s interesting to note that a Merrill Lynch survey found 52% of recent retirees said they took time off after retiring to recharge and refresh. So, give yourself permission to do nothing and just enjoy life. You’ll be amazed at how the time away will allow you to assess your situation with fresh eyes and a new appreciation of the possibilities.