Alumni Career Services
Darden Alumni - Career Services - Careers in Retirement
Careers in Retirement
Understand the evolutionary stages of retirement and how Alumni Career Services at Darden can help support your transition.
Expectations for retirement have changed significantly in recent decades. Our average life span is now nearly 80 years. Demographics are clear — we have longer lives, better health and many more choices for work nowadays. Studies are showing that more and more retirees are reconsidering work as part of what keeps them vital in the retirement years.
It helps to understand that retirement is not an end-point or event, but rather a set of four stages through which we evolve: preretirement, pause, re-engagement and leisure. Ideally, you want to start thinking about your retirement career goals in the preretirement phase.
ACS provides support to Darden alumni considering a retirement transition, regardless of age or stage. Consult our recommended resources or contact ACS for one-on-one career coaching. Common retirement coaching scenarios include:
- Anticipating an exit and possibly downshifting work in preparation
- Considering whether and how to work in retirement
- Choosing personal assessments that tap into your desires, needs and ideals
- Researching the many options for an encore career or second act
- Evaluating what type of work is most advantageous for your specific situation
ACS is not staffed to coach on the ‘structural’ issues of retirement: financial planning, health care planning, relationships and caregiving. Geographic changes are often a part of the conversation about retirement, and while we cannot advise on where to live, we do work with alumni on how to factor in a possible move decision into their transition plans.
-
Stages of Retirement
Most people fit into one of four distinct stages of retirement, as described below. Figuring out what to pursue and how to approach the retirement transition in any of these stages can be daunting. ACS provides resources for further exploration as well as one-on-one coaching.
Pre-Retirement
Two to five years before officially retiring, many professionals will begin to plan and take steps towards continuing work. This is a time to assess readiness for retirement as well as take stock of the structure of your retirement (financial well-being, health and care-giving concerns, geography etc.). Those who take control of planning their professional exit as well as preparing for future encore work will have an easier time with the transition. Ideally you’ll layer in “bridge” activities before your professional exit. These activities can include exploring phased retirement, shifting to a flex work arrangement with your current employer, expanding your network towards retirement interests, joining boards, gaining new skills or certifications, teaching, volunteering, etc. Planning and exploring prior to full retirement will make for a less abrupt transition.
Pause
The end of full-time work should be a time to relax, recharge and re-tool. Even if you’ve planned for a retirement career, taking a sabbatical or intermission is a good idea. A structured break will let you step back from the stresses of a full-time career and re-gain control of things like your calendar, your health and your relationships. It can be a time to casually explore the many possibilities of retirement careers. For many, this pause lasts about 2-3 years.
Re-Engagement
Studies show that those who return to some kind of retirement career continue working on average nine years. There are several broad themes to the type of work people pursue: a career that dove-tails from one’s main career (like consulting in an industry where you’ve built particular expertise); jobs that circle back to an early interest (a pursuit from youth or early career jobs); work that takes a hobby or personal pastime to a new level; and following a new interest in an entirely different direction. The structure of the work is as varied as the themes, from flex, to part-time, volunteering, full-time, and entrepreneurship.
Leisure
Most retirees seek a balance of leisure activities with their encore work. At some point you will determine the best time to leave work for good and focus purely on leisure and other priorities.
For more on this topic, see "Work In Retirement: Myths & Motivations," a 2014 report by Merrill Lynch and Age Wave. - Resources
Most people fit into one of four distinct stages of retirement, as described below. Figuring out what to pursue and how to approach the retirement transition in any of these stages can be daunting. ACS provides resources for further exploration as well as one-on-one coaching.
Pre-Retirement
Two to five years before officially retiring, many professionals will begin to plan and take steps towards continuing work. This is a time to assess readiness for retirement as well as take stock of the structure of your retirement (financial well-being, health and care-giving concerns, geography etc.). Those who take control of planning their professional exit as well as preparing for future encore work will have an easier time with the transition. Ideally you’ll layer in “bridge” activities before your professional exit. These activities can include exploring phased retirement, shifting to a flex work arrangement with your current employer, expanding your network towards retirement interests, joining boards, gaining new skills or certifications, teaching, volunteering, etc. Planning and exploring prior to full retirement will make for a less abrupt transition.
Pause
The end of full-time work should be a time to relax, recharge and re-tool. Even if you’ve planned for a retirement career, taking a sabbatical or intermission is a good idea. A structured break will let you step back from the stresses of a full-time career and re-gain control of things like your calendar, your health and your relationships. It can be a time to casually explore the many possibilities of retirement careers. For many, this pause lasts about 2-3 years.
Re-Engagement
Studies show that those who return to some kind of retirement career continue working on average nine years. There are several broad themes to the type of work people pursue: a career that dove-tails from one’s main career (like consulting in an industry where you’ve built particular expertise); jobs that circle back to an early interest (a pursuit from youth or early career jobs); work that takes a hobby or personal pastime to a new level; and following a new interest in an entirely different direction. The structure of the work is as varied as the themes, from flex, to part-time, volunteering, full-time, and entrepreneurship.
Leisure
Most retirees seek a balance of leisure activities with their encore work. At some point you will determine the best time to leave work for good and focus purely on leisure and other priorities.
For more on this topic, see "Work In Retirement: Myths & Motivations," a 2014 report by Merrill Lynch and Age Wave.