The Importance Of Transition Planning
In the last two blog posts, Peter McKnoulty, founder of Transition Planning Australia, gave some examples of situations that demonstrate the importance of planning for your transition into retirement, and how that can be an integral part of the broader business succession planning process. This week Peter shares three more real life situations that prove the multitude of ways in which transition planning can assist professionals and executives to ensure you are on the right path for a happy and healthy retirement.
Case Study 4: Bill Finds An Alternative To International Executive Life
Bill is a globe-trotting senior executive who wants to scale back rather than give up work.
After a highly successful career as a mining executive, there is one word that summed up Bill’s thoughts about retirement: dread. At 55, after working his way up through the ranks of mining companies around the world, he’d lived in ten different countries and was a senior executive at an international mining company in Melbourne.
But he wasn’t ready to hang up his steel-capped boots yet: surely there was an alternative to traditional retirement that would allow a taste of the work he loved, while giving something back to the next generation, and gradually transitioning into retirement?
By working with a Transition Planning Consultant to develop a personal transition plan with his partner Helen, Bill has realised there are many opportunities to create a fulfilling life after full-time work.
On the work front, he’s discovered plenty of demand for senior mining executives to work with junior mining companies in advisory or non-executive director roles. This will allow him to earn some income, while enjoying sharing his extensive mining and business experience with the next generation of mining entrepreneurs.
Case Study 5: Susan Takes Time To Develop Interests Outside Work
Susan reflects on what goals and interests she can pursue when 60-80 hour work weeks come to a close.
When you’re a successful medical specialist working 60-80 hour weeks, there simply isn’t time or energy to develop other interests or pursuits. Like many others, this left Susan, 63, feeling apprehensive about retirement. What would replace an outstanding reputation, high profile, and the buzz of speaking at medical conferences around the world?
Susan is developing a personal transition plan to find out. The plan will help her explore new challenges for retirement, such as volunteering in an overseas hospital to give back to the community. She’s creating strategies to ease out of full-time work, freeing up time to achieve new goals over the next 20 to 30 years.
If you are someone who needs some advice or assistance on how to prepare for the transition into retirement, speak to one of our consultants. They have years of expertise in preparing clients for retirement and can help you develop personalised strategies that are especially designed to suit your specific retirement needs.
Share The Article On Social
