Know when to "fold em"

Over the several months, the world has watched as someone who has dedicated his life to public service (regardless of how you feel about him as a candidate or president) suffered what can only be described as a painful and public confrontation with his own limitations.

We will all face this reality one day.... there is no way around it.

Knowing when it's time to "go" is something most of us don't think about or plan for. We foolishly think that we can go on forever.

In today's fast-paced world, the decision to stand down (step off) isn't just about age—it's about recognizing when your unique strengths and passions can be better utilized in new ways.

One of the most enlightening perspectives on this comes from Arthur Brooks in his book "From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life. who discusses the evolution of our intelligence.

Brooks highlights two types of intelligence:

Fluid Intelligence: This peaks in our 20s and 30s and is all about problem-solving, quick thinking, and innovation.

Crystallized Intelligence: This grows with age and experience, emphasizing wisdom, knowledge, and the ability to see the bigger picture.

For many executives, the realization that their fluid intelligence is transitioning to crystallized intelligence can be a turning point. This shift is not a decline but a natural progression that opens doors to new opportunities, such as mentoring, consulting, or even exploring entirely new fields.

What makes it harder than it has to be, is that we don't spend much time thinking about what we want to do "next". Without a plan, staring into the abyss of nothingness, prevents us from leaving even if we know we should.

How can you be ready when your time to step back comes?

Here are some things to think about...

1.  Financial Planning

• Assess Your Financial Situation: Evaluate your savings, investments, retirement accounts, and other assets. Determine if you have enough to support your desired lifestyle.

• Create a Retirement Budget: Estimate your post-retirement expenses and compare them to your expected income.

• Meet with a Financial Advisor: A professional can help you create a financial plan that includes tax strategies, investment management, and income planning.

2. Career Transition Planning

• Identify Your Goals: Decide what you want to do after leaving your corporate career. This could include consulting, starting a business, volunteering, or pursuing hobbies.

• Skill Development: If your next phase requires new skills or certifications, start acquiring them while still employed.

• Network: Build and maintain professional relationships that could be beneficial for future opportunities.

3. Lifestyle and Personal Development

• Health and Wellness: Prioritize your physical and mental health. Regular exercise, a balanced diet, and routine medical checkups are essential.

• Hobbies and Interests: Identify activities that you enjoy and can pursue in retirement. This helps in maintaining a sense of purpose and fulfillment.

• Community Involvement: Consider how you can stay engaged with your community through volunteering, joining clubs, or participating in local events.

4. Logistical Preparation

• Housing: Decide if you want to stay in your current home, downsize, or move to a different location.

• Legal and Administrative Tasks: Ensure your will, power of attorney, and healthcare directives are up to date. Organize important documents for easy access.

• Medicare and Insurance: Understand your healthcare options and ensure you have appropriate coverage.

5. Emotional Readiness

• Psychological Preparation: Reflect on how you will cope with the changes in your daily routine and identity. It may be helpful to talk to a therapist or counselor.

• Support System: Cultivate relationships with family, friends, and peers who can provide support and companionship.

6. Continuous Learning and Adaptation

• Stay Informed: Keep up with changes in financial markets, healthcare, and other areas that may impact your retirement plans.

• Flexibility: Be prepared to adjust your plans as needed. Life changes and unexpected events may require you to revisit and revise your strategies.

Phased Retirement

• Gradual Transition: If possible, consider reducing your work hours or responsibilities gradually to ease into retirement.

• Consultation or Part-Time Work: Explore opportunities to stay connected to your professional field through consulting or part-time roles.

Stepping down doesn't have to be about stepping back. It can be about stepping forward into a new chapter where your deep well of experience can shine. It can be about finding ways to use your gifts and passions to make a lasting impact in ways you might never have imagined.

Remember.....getting "old" is a privilege that not everyone gets to enjoy.

So rather than fight it - plan for your next adventure so when it's time, you are ready and YOU make the decision on your own terms.