Will you work until the day you die? Have you set a retirement date? Do you even think about it? Some people like the adventure of life and don’t want to think about retirement. My mantra is 'Don’t think retirement. Think rehirement!'
We live in a world where the average 65-year-old has another 12-20 years to live. Yet many people in this group have only a few thousand dollars in savings. Keeping the mind and body active and the money flowing in are more important than ever. Retirement suits some people, and to them I say 'bravo.' Others prefer to think of this period as achieving financial independence, which has a nicer ring to it because it suggests choice. The word 'retire' makes me think of a long goodnight.
That said, I’d still suggest that you go through the exercise of thinking about and planning your exit strategy. We spend our entire lives climbing a mountain, often forgetting that we’ll have to climb back down eventually. What’s your exit strategy? How do you want to climb back down the mountain? Work backward from your exit strategy to see if you’re on course.
Michael Gerber, author of 'The E-Myth,' defines the 'entrepreneur myth' of being your own boss. You have an entrepreneurial seizure and decide that you’re going to be your own boss. The problem is that going into business for yourself has a very low long-term success rate. Fewer than 10% of new businesses survive. With so much to do — for which you aren’t trained and which you often don’t even like doing — you have less time to do what you really want.
Planning is a vital element in the success of any business. Some people loathe the idea; others simply aren’t wired for it. This isn’t a deficiency or character flaw.
Human beings seek completion. If you don’t have an exit strategy, how will you know when you’re finished? For some, the strategy is to die at their desk doing what they love. For others, work is simply a means to an end. For still others, each new job or career becomes part of the unpredictable journey through life.
There’s no right or wrong exit strategy, and you’re free to choose another one at any time. What’s your exit strategy?