What is next generation retirement?

 For decades 65 was the typical retirement age. Starting in their early fifties, but certainly by age 70, people were expected to end their careers and embrace a life of leisure. But in the past 20 years, that paradigm has shifted dramatically. Half of today’s 60-year-olds will live to at least age 90, according to Lynda Gratton and Andrew Scott, the authors of The 100-Year Life. Meanwhile, the era of corporate and government pension plans that promised lifetime financial security is over. What, therefore, does it mean to retire?

Researchers have spent a great deal of time investigating how organisations should respond to (and take advantage of) this trend and how individuals are approaching their 21st-century retirement.

Sam Peet partnered with Jelena Zikic of York University to conduct in-depth interviews with 100 executives and managers who had recently retired or were actively considering it. They also interviewed HR professionals from 24 companies in the sectors where most of their study participants worked (financial services, natural resources, and high-tech manufacturing) to get a broader view of retirement today.

They found much more variation in these individuals’ opinions and experiences than traditional theories and clichés had led them to expect.

Prepare to go off-script

 In listening to managers tell their stories, they discovered that very few had made a clear-cut, irrevocable shift from full-time work to retirement when they reached a certain age or eligibility. Their careers ended in many ways, often on unpredictable timetables.

A few of us will have complete control over when and how our careers end, so we should all get ready to improvise and adapt.  No matter how well thought out your plan for retirement may be, there is a good chance things won’t turn out exactly as you’d hoped.

Find your retirement metaphor

Managers use a variety of language when talking about retirement. Some think of it as detox from work stress, liberation from the daily grind, or downshifting from a demanding career.

As people grow into retirement, however, their perspective on it often evolves. Some who initially see it as, say, liberation—the freedom to pursue golf or bridge or take cruises—can move into staying-the-course, transformation, or renaissance modes.

The research showed that individuals who take a flexible approach and are willing to shift from one metaphor to another are able to craft a retirement that feels right for them. So, especially if you’re approaching this major life transition, take a moment to reflect on what it means to you.

The idea is to better understand yourself, your perspectives on your work and your life, who you want to be going forward, and all the new activities or identities open to you.

Remember, too, that you can travel multiple paths in retirement. That versatility will be even more important for future generations. According to Gratton and Scott, people who are 20 years old today have a 50% chance of living to 100, while those who are 40 have the same odds of reaching 95. Even if you end your career at 75, you will probably want to try more than one type of retirement.

Create a new deal

Rather than completely retiring, many professionals are striking deals to stay on at their organisations with redesigned schedules or responsibilities.  Often executives take a phased retirement approach—gradually reducing their hours while helping to transfer knowledge and responsibility to their successors.

When you are considering retirement, explore different ways of staying or leaving. Take a hard look at what you do, at your unique experience, skills, and knowledge, and at how your employer views you. Reflect on the various roles you’ve had, projects you’ve completed, and where you’ve made the most meaningful contributions and felt most satisfied.

Not all organisations can facilitate innovative, one-off work roles or arrangements, but there may be more room to maneuver than you think. Once you have a good sense of the contribution you would like to make and your preferred schedule, broach the idea informally with your superiors or human resource managers. If they’re unwilling to explore flexible options for staying on or transitioning out or to provide what you’re looking for, consider reaching out to other organisations, which may be delighted to offer that flexibility.

Make a difference

Retirement has long been seen as a time when people turn to philanthropic pursuits, perhaps following Andrew Carnegie’s advice to spend the first third of your life getting educated, the second third getting rich, and the last third giving the money away.

When you expect to live much longer, in better mental and physical health, the idea of shelving your expertise in retirement no longer makes sense. The new precedent – one that will no doubt be embraced by future generations, especially the socially conscious Millennials – is for retirees to leverage their knowledge, skill, and talent to make a difference in their communities or the world. Even if you’re tired of the specific work you’ve been doing, your leadership, teamwork, and project management know-how can be applied to a host of other activities.

Retirement is not an end but a beginning – an opportunity to experiment and explore, to engage in pursuits you value, and perhaps to reinvent your legacy.

A version of this article appeared in the June 2016 issue and May 2019 issue of Harvard Business Review.