Years ago I attended a conference session on longevity and sat in wonder as I realized how the lives of senior citizens would be improving thanks to technology and apps like Uber and TaskRabbit. Can’t get to the grocery store on your own? There’s an app for that.
It took me awhile longer to realize that some seniors could be both users *and* providers of these services.
The almighty side hustle (or side business) is often touted as a way to amp up savings, aggressively pay off debt, and ultimately tell “the man” that you are your own boss now. But a side hustle could also serve as an entry to your next chapter, as you phase out or wind down from your professional career. I think of this version as a “slide” hustle.
“Retirer” is from the French word, to withdraw, which is not what we are doing with our entire life when we end our working life. I’d love to retire the word retirement, as it just doesn’t describe what many of us are striving for in this phase of our life. We are not just leaving something behind, we are entering new territory. And it can be hard to imagine what that looks like.
Just this week, a friend told me about a colleague who recently retired. After just a few short weeks, they’ve come to realize that golf alone isn’t going to cut it.
What many people overlook is that work is more than just work. For many of us work provides not only an income source, it also provides a social network, a schedule, and a sense of purpose. Without a plan to replace these things, retirees often end up returning to work (hey, it even happened to Tom Brady) or worse, increase their risk of depression.
Even if they have plenty of money, many clients tell me that they know they want to “do something” after they retire, they just don’t know what it is yet. In the best scenarios, they find new ways of discovering joy and purpose. This might include working in some capacity, whether as a volunteer, helping friends and family, or running a slide hustle. Need some ideas? Jobs like dog walking or sitting along with Ubering and affiliate marketing have become popular options. If you look up TaskRabbit, you’ll see that people need help with everything from mounting a TV to yardwork and gardening. Is there a hilarious grandmother who does product reviews on TikTok or YouTube yet? That could be you!
If you are on the runway heading towards retirement, now is the time to consider what you want your next chapter to look like. What do you love doing and what are you good at? Who would it be helpful to talk to? How can you trial this in your life now? Clients who approach this stage with an open mind and a sense of joy and discovery, tell me that these are the best years of their life. I’d love to hear that from you, too.
Any opinions are those of the author and not necessarily those of Raymond James. This is not a recommendation to purchase or sell the stocks of the companies mentioned.