The golden years – Activities in retirement (II)
Last week we introduced the Self-Determination Theory, SDT, to understand the factors to consider in deciding what you can do in retirement or any stage in life. We also mentioned the need to motivate yourself and how to do that. Today, we will take up a few things a retiree can consider getting into. At […]
retirement plans
Last week we introduced the Self-Determination Theory, SDT, to understand the factors to consider in deciding what you can do in retirement or any stage in life. We also mentioned the need to motivate yourself and how to do that. Today, we will take up a few things a retiree can consider getting into.
At this point, it is important to state that different individuals in different circumstances may thrive on different premises and activities. Consequently, the activities mentioned here are just a few of many in different baskets from which individuals can choose what is of interest and value to them and which suits their plans. You are, therefore, at liberty to pick and choose in congruence with your personal objectives and plans.
According to the SDT, whatever it is we may want to do should be decided based on which activities and engagements would bring out our competencies (both the ones that we already have and those we are striving or may need to build); give us reasonable autonomy and a sense of relatedness depending on the degree of our personal proclivities. Revolving around and in support of our life and retirement purpose, the activities we decide to go into should be on the basis of what will keep us mentally active and emotionally healthy; what will keep us physically active and healthy; what will keep us connected socially to others; what may help our finances; what would add value to us and others, etc.
Some of the activities we bring up here, such as teaching and volunteering, have been mentioned when we discussed having a routine and that was for that purpose. We are re-mentioning them here for the purpose of considering them as one of the possible activities that we may go into in retirement.
Teaching and Volunteering: Teaching might be in the formal sense by joining some school or institution as a teacher, lecturer or instructor and being paid for your services. It could also be ‘informally’ by imparting knowledge and skills privately, perhaps even at a cost to you, to some stakeholders such as children and young adults in your neighbourhood. It could also be by way of mentoring other young people still in school or those who have just started their careers and professions.
Generally speaking, these are activities that could be reasonably light, orderly and yet physically and mentally engaging. Volunteering can be along the same lines as teaching. But it could also include providing some community service that would add value to individuals and groups while using our competencies and connecting us with others.
Continue on your profession: Many people are required to retire from their employment by state law or corporate policy under certain situations such as attainment of some age or years of service. But many of such people might still be interested in and capable of continuing to work along their career and professional lines. Take for instance a Water Resources Engineer who had to retire at fifty-five because they have served for thirty-five years in line with an extant law applicable to them. The engineer might still be interested and have much to do and value to add in their field. In such a situation nothing stops them from either seeking employment elsewhere on a full or part-time basis or indeed setting up a water resources engineering services firm to run as a business alone or with other partners.
The advantages of continuing along your profession are that you already know the field very well; You have built worthy relationships over the past decades which you can leverage; and you probably have been wanting to get some things done in the field but which you were never able or allowed to do as an employee.
Be an entrepreneur: Some individuals in various careers and professions have no interest in going into business. They have been happy and successful as employees and probably consider going into business as ‘too risky’, ‘difficult’ or whatever. Quite honestly, this is perfectly legitimate and there is nothing wrong with the choice. Remember, we have, from the beginning of this series, always encouraged that retirees should do what they understand and are happy and comfortable with. For all those who may, however, be interested, going into business can be an interesting and rewarding endeavour if done right.
Going into business is challenging, interesting and rewarding. There are vast opportunities for going into business in our country. We honestly have not even scratched the surface yet. As I tell anyone who cares to listen, as long as the government does a good job creating an enabling environment, there is so much wealth that the private sector can create.
The retiree wishing to go into business should, ideally have started some business before their retirement to have learnt a few things about it, particularly in our Nigerian context. Nonetheless, even if you have not done any business while still employed you can start when you retire. This will, however, require that you don’t rush into anything without studying the proposition you have in mind. You should also engage with experienced, trustworthy and successful businesspersons who ‘have been there, done that’. You should understand the risks, how to manage them and take only incremental and gradual steps. My book, MINDFUL ENTREPRENEURSHIP – Insightful Business Management Philosophies and Practices for Success, I am sure, will also be of help.
Next week, we will take up a few more possible activities in retirement.