Coach Krzyzewski spent 42 years as head coach at Duke University men’s basketball team. Upon retiring earlier this year, he had some decisions to make. Where does he go, what does he do? After spending four decades at a single employer and collecting 13 final four appearances that led to five NCAA championships, there were some choices he had to make.
If you are currently working in your mid 50s through early 70s, (coach K was 75 when he retired) you’ll have to answer a similar question. What might you do after retirement? Coach K’s response earlier this week was priceless. On the first episode of this season’s radio show, he shared some valuable insight for all future retirees.
“I’m happy, busy, and excited about the show.” “I don’t miss the coaching.” In speaking about his transition away from coaching he said, “that transition can be tough I think if you don’t have other things. You have to have something.”
This last sentence is powerful to those preparing to retire and repurpose their time. One large challenge I’ve seen retirees experience is defining who they are after they stop working. It’s nature to define oneself by what you do. I’m a partner at X firm, I’m managing director at Y firm, and so on. An obstacle that is movable is to begin thinking about who you are after you stop doing what you do.
Coach K has a radio show, charitable organizations, three daughters, and ten grandchildren to spend time with. As you progress in your career, what exactly will you be retiring too? It’s important to have hobbies, interests, and people you love and want to hang out with in your next chapter. You are the author of that next chapter, defining where you spend your time and what you do each day is up to you.
Investment accounts and cash reserves allow retirement to be possible, but this is not the definition of retirement. I believe retirement can be defined in personal growth, health, and wellness as you go about your day. Repurposing your time so you may spend it doing what you want, with whom you want, for as long as you want. Your time, your choices.
If you are in your 50s and beyond and you’d like to start a dialogue together or better clarify what repurposing your time looks like, please reach out below and I’d be happy to chat with you.
Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Flowerstone Financial are not affiliated.