Retirement

Even for those of us who love what we do there will come a day when we have to stop. Here we look at how ECPs are preparing for their professional exit.

Published

2 years ago

November 22, 2021

INVISION Staff Invision December 2021 Issue

41. What is your exit strategy?

The Big Survey 2021: Retirement

42. What’s the current state of your retirement/pension plan?

It’s badly underfunded
19%
It needs a modest boost
24%
On track
44%
I could retire today
13%

43. At about what age do you plan to retire?

Before I’m 45
0.5%
45-54
4.5%
55-59
13%
60-64
22%
65-69
27%
70-75
13%
After 75
4%
Never
16%

COMMENT: The high level of ECPs who don’t yet have an exit strategy and the finding that nearly half are behind on their retirement funding (or plan to never retire, likely because they feel they can’t) should be a cause for concern. David Brown, CEO of Edge Retail Academy, recommends getting pro-active by asking yourself: ‘At what age do I plan to be in a position to retire?’ “At least then you can genuinely choose,” he says. “In my experience, even those who say they’re on track have set minimal retirement goals for themselves rather than aspirational goals that reflect their lifetime of hard work.”

44. Once you retire, will you …

Cut all ties with the industry
17%
Keep your hand in with speaking, consulting, teaching, etc.
38%
Keep your hand in by volunteering (vision missions, boards, etc.)
35%
Work part-time/Fill in
7%
Other or “not sure”
3%

45. What do you imagine will be the best thing about retiring?

The chance to do nothing
4%
The opportunity to learn something new
12%
The time to spend on a hobby or other pastime
22%
The good life: travel and leisure
37%
Time with friends and family
23%
Other (“Get away from a public setting”; “Not having to punch a clock”; “Working a three-day week now … seems to keep me as engaged as I would like.”)
2%

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