Five ways to create career options before retirement

Leaving work can be a difficult decision, especially when you have worked within a particular sector for many years and retirement is approaching.

For public-sector workers who are stressed or unhappy in their current role, concerns about how leaving could affect their pension may compound these feelings. However, the implications will depend on the pension scheme and the individual’s circumstances.

Some people have taken time away from work for childcare or other caring responsibilities, or held several jobs before moving into the public sector. The prospect of a pension in retirement may then feel like an anchor preventing them from leaving. Others may be approaching retirement at a relatively young age and considering the possibility of a second career.

Some people are fortunate enough to have companies and organisations approach them, but for many, the path is not so clear. Moving from a public-sector institution to a private-sector company may also bring challenges.

After decades in a stressful and demanding job, someone may want to find work with different responsibilities or pressures. However, adapting to new working conditions and environments may not be as straightforward as expected.

Whether you are about to retire or still have a few years to go, a different perspective may help you navigate these challenges.

Five ways to create career options before retirement

1. Take some time

It is easy to become so consumed by the stresses of daily life that you cannot think clearly or put things into perspective. Give yourself time to explore your options fully and talk to people who may be able to help.

Think about what other options may be available. Do you have to continue working full-time? Could part-time work be an option, perhaps supplemented by another source of income? This might give you the opportunity to pursue something you are passionate about or explore whether a hobby could generate some income.

Talk to people who have made similar changes. You can also seek free pensions guidance or speak to a regulated financial adviser about how changing your working pattern or leaving your role could affect your current and future finances.

A coach can help you explore your career priorities and options, but should not provide personalised pension or investment advice unless they are separately qualified and regulated to do so.

2. Assess what is really important

If things remain as they are, how might this affect your health or emotional well-being? What might you gain by creating the future you want rather than simply counting down the days until your working life ends?

This is the time to assess what is genuinely important to you.

3. Develop a new skill set

Consider whether you want to work in a similar environment using your existing skills or whether there is an opportunity to take your career in a completely different direction.

Whatever stage your career has reached, you can continue learning, strengthen your existing skills and bring a different focus to your day.

4. Explore what else you have to offer

Your experience and knowledge may give you something valuable to share.

Could you use this experience within a different department in your current organisation or with another employer? Could you share it through volunteering, allowing you to contribute while connecting with people who may benefit from your experience?

5. Experience the best of both worlds

Could you begin creating more of the life you want outside your existing job while continuing to work in your current role?

This might involve paid activities, volunteering your time or developing a new hobby. Exploring your interests gradually may help you understand what you want before making a significant change.

You do not have to stop creating choices for yourself simply because retirement is approaching. Taking time to understand your priorities, finances and options can help you make a more considered decision about what comes next.