Think 'Rewirement' not Retirement

A “Rewirement” is brand new career phase that comes after you end your regular work life and embrace a more purpose-driven path. It's a holistic transformation of how you approach work and life, aligning your path with your values, passions, and lifestyle needs. 

Rewirements can be deeply fulfilling but also come with pitfalls. Transitioning from a defined career to something else such as teaching, volunteering, or philanthropy is a meaningful change, both financially and in terms of personal identity. And this transition looks different for each person.

No one will tell you, ‘This is the playbook. here’s your answer,’ because what you want and what someone else wants is going to be completely different.

 So here are a few steps to manage the transition:

 Plan ahead

Successful businesspeople are never just thinking about what’s happening in the moment; they are anticipating what is on the horizon for their next step. And it’s important to do so, because the rewirement opportunities that you want are unlikely to just fall in your lap.

Plus, if you’re going to rewire, you should use the opportunity to reset yourself, not hang on to any glory days of your past career. And every path you investigate is a chance to learn something new about yourself.

Think deeply about your “why”

Start exploring your purpose. Get clarity around what you want to do with your life.

Start by doing an audit of how you spend your time—both in your day job and in any extracurricular or volunteer activities.

For each activity, ask yourself: “Does it bring me fulfillment? Does it bring joy? Do you wish you could spend more or less time doing this activity?

 Do your homework

Once you have a sense of what will bring you joy in your rewirement, start researching what you will need to do to realize your goals. This should include thinking through what you can uniquely offer another company or situation. You may have ideas, but you need options to make your goals come true.

Be prepared for some big identity shifts

Even if you land in your perfect rewirement role, brace yourself for some significant challenges to your sense of self.

There’s a level of respect, power, and influence that you may have become used to that has been an integral part of your identity. When you choose to rewire—or if it’s chosen for you—that goes away. Suddenly: Who are you? And that question alone can lead to a hard landing.

 Don’t ignore the financial realities

It’s crucial that people also think through the financial aspects of rewirement. This entails really understanding where you want to be financially to feel comfortable and lead the life you want.

Financial considerations must always come first, and that’s important in any rewirement formula. You need to think deeply about the lifestyle you want to maintain. You must develop clarity around your priorities at the same time you develop your ‘why.’

Stay positive. There is always a silver lining in any situation. Learning how to handle the change and rewire for the future is a significant step toward living your best life.

This Tip created with content from Anne Chow, Business Executive and Transformative Business Leader.