Russell Abbott spent most of his career on Wall Street working as a hedge fund manager in the fixed income department at Credit Suisse. At 65, feeling he was aging out of financial services, with his two children grown and being financially ready to retire, Russell Abbott didn’t feel ready to step out of the working world altogether.
“I felt I still had more to give, and I wanted to brainstorm with people I respected and find out where my perceived wisdom would be of value,”
After a few years of exploring various alternative career paths, Russell Abbott found the balance he was looking for and transitioned to working as a Chief Administrative Officer for a non-profit community center where children with disabilities and their families can socialize, create and play. His salary is well below six figures, coming nowhere close to his corporate salary, but money was not the primary motivator here. He has found a purpose, using his skills where they are valued, and the flexible schedule allows him to go to the gym five or six days a week and indulge in his passion for reading. These are things he never had the time for during his hectic financial services career.
“My friends are starting to retire, and I can see the ones who are doing well have some kind of function that gives them a purpose,” Abbott says. “I like the balance I have now between having fun, going to the gym and having that purpose.”
When you have enjoyed a successful career and are approaching retirement, beyond that initial excitement of your newfound freedom there might be an underlying question of ‘What next?’
It is completely understandable that at the end of a long, successful career, you might not find the traditional idea of retirement all that relatable. After years of building up your expertise, why wouldn’t you want to continue using those skills?
Introducing… your second act.
This is an opportunity to look at your life with intent and explore ways to learn new skills, undertake new challenges, and gain new experiences, without the pressure and demand that your career might hold.
The average retirement length is 18 years. Staying engaged and productive during our retired years, provides us with a sense of purpose, as well as increasing our happiness and wellbeing.
“Retirement is not my idea of living.” Warren Buffett
But, finding your second act might take a bit of time. You’ll need to do some soul searching and really do your research to understand what skills you might be able to use in your next act and how you could use them.
Take some time to think about what your goals are, how you’d like to spend your time after you leave your career, and what your priorities are going to be. Try to differentiate what you feel you should do from what you really want to do.
Finding your second act is a more complex task than just reflecting on the previous job experience on your résumé. Think about the childhood experiences that mattered to you and what made you happy when you were younger. Talk with family members and friends, what passions do they think you have? Where can they see you feeling useful? What are dreams that you have had in the past? What are topics that are important to you? Ask yourself all the questions to really figure out your interests and what motivates you.
It’s also important to consider what your financial situation is going to be, to determine whether or not you need to continue earning money. If you want to start a business, it is likely it won’t initially earn you any money and will use up a chunk of your savings, so you need to be realistic about what you can afford. Similarly, you might be interested in volunteering, but you should assess if this is a feasible full-time option or if you would need another position that is bringing in an income stream.
A great way to dip your toe into the ‘second act’ pool is to start transitioning while you’re still in your career. It might be that you semi-retire and go down to working part-time hours, meaning you now have additional time that you didn’t have before to start investigating what your second act might be.
The transition out of your career and into your second act might not be the easiest, but it’s important to see it all as a journey to your new beginning.
My one-to-one coaching services offer a personalized approach to your retirement ‘lifestyle’ plan, providing you with meaningful guidance on what’s next for you and how to find it. You can also join the waitlist for my coaching program The Curated Retirement, a step-by-step process to help you design the retirement life of your dreams.
Your second act is your encore. Your chance to do anything and everything you want to. It might be full-time, part-time or just occasionally, but it is an opportunity to find a new purpose and shift the balance in your life. Embrace it!