Introduction
You’ve spent decades building your career, expertise, and wealth. Now you’re approaching “retirement age,” and society is ready to hand you a gold watch and a set of golf clubs and send you off to decades of leisure.
Is that what you want?
This outdated model of retirement ignores both the financial reality of extended lifespans and the sudden identity crisis that many high-achieving professionals face when they abruptly disconnect from meaningful work.
The problem isn’t just financial. It’s emotional too. Studies reveal that 28% of retirees show signs of depression due to the jarring psychological shift that comes with disengaging from work and the social connections that come with it. Without daily structure and meaningful challenges, you can start to feel directionless.
Welcome to Life After Work (LAW), a new framework that reimagines what comes next. Instead of falling off a career cliff at 65, think about building a bridge to your next chapter, one that blends purpose, passion, and financial security. Work — and the income that comes with it — plays a central role, just differently than before.
A Bain study found that interesting work, not compensation, was the biggest motivator for workers 62 and over. The numbers of part-timers, freelancers, and self-employed workers increase with age, showing that today’s workers want a new way of thinking about retirement.
| This guide will help you discover which LAW approach fits your needs and values best, while addressing both the financial and personal dimensions of this important transition. |
The Life After Work Archetypes: Which One Are You?
Based on our work with thousands of successful professionals, we’ve identified five distinct Life After Work archetypes. Each represents a different approach to this next stage. Your career wasn’t one-size-fits-all.
What should your Life After Work be?
Archetype #1: The Consultant
You’ve spent decades mastering your field. That expertise doesn’t vanish at retirement. Consider consulting, a professional arrangement where you provide expert advice to an organization on a contract or project basis. Unlike a full-time employee, consultants are hired to solve particular problems or provide specialized expertise the organization lacks. As a consultant, you can transform your professional knowledge into an asset that provides both income and meaning.
Many consultants find that 10 to 20 hours per week is the perfect balance between income, purpose, and freedom.
Financial considerations:
- Income variability and project-based cash flow
- Potential business expense deductions (home office, technology, and professional development)
- Potential for higher tax rates during active consulting years
| Getting started: Start by reaching out to former employers or industry contacts who already recognize your value. Gradually expand your network through targeted outreach. |
Archetype #2: The Entrepreneur
Think start-ups are only for the young? Think again. Older people have a long track record of starting successful enterprises: Bernie Marcus co-founded Home Depot at 50, Arianna Huffington launched the Huffington Post at 55, and Harland Sanders, founder of Kentucky Fried Chicken, released his famous chicken recipe at 62. Data shows entrepreneurs over 50 are nearly twice as likely to launch successful companies than those under 30. Why? The powerful combination of experience, industry knowledge, and established networks creates a foundation younger entrepreneurs haven’t had time to build.
Financial considerations:
- Capital for the start-up phase
- Business succession planning alongside estate planning
- Risk management strategies
| Getting started: Identify business opportunities that directly align with your professional expertise. Focus on ventures that require minimal upfront capital so you can minimize your financial exposure. |
Archetype #3: The Mentor
There’s deep satisfaction in helping others navigate challenges you’ve already conquered. As a mentor, you can transform your hard-earned wisdom into advice that shapes the next generation of professionals in your field. Research shows that mentors have lower rates of anxiety and find their work more meaningful than those who don’t mentor others.
Financial considerations:
- Potentially lower compensation than your primary career
- Tax-advantaged charitable strategies
- Balancing paid and unpaid mentoring opportunities
| Getting started: Reach out to professional associations, alumni networks, and community organizations seeking experienced mentors. Consider both formal mentoring roles (through organizations) and informal ones with up and coming professionals in your industry. |
Archetype #4: The Hobbyist
After decades of work dictated by professional demands, some would prefer to pursue their own interests and passions. Whether it’s woodworking, photography, writing, or travel, these activities are the foundation of a satisfying LAW identity. Studies show older adults who engage in regular hobbies experience slower cognitive decline, reduced stress, and higher happiness levels than those without passionate interests.
Financial considerations:
- Income planning
- Managing expenses for the cost of hobbies
- Potential modest income generated from hobbies
| Getting started: Explore different interests with low-commitment classes and workshops. Connect with hobby groups or clubs to find communities of people who share your passions. |
Archetype #5: The Full Retiree
For some, the traditional retirement model still suits them perfectly well. Just ask actor Matt LeBlanc, best known for playing Joey Tribbiani on the sitcom Friends. These days LeBlanc says he’s perfectly happy doing “nothing.”
Research shows people who are proactive about retirement experience greater life satisfaction. They anticipate challenges, take initiative, and actively shape their environments. LeBlanc says he didn’t slip into retirement. He intentionally decided to step back. He liked not having commitments so much that he chose not to actively seek work.
Financial considerations:
- Strategic withdrawal planning
- Health care cost management
- Potential for lower tax brackets through careful withdrawal sequencing
| Getting started: Create a daily routine that balances structured activities such as volunteering, community involvement, and personal projects, with flexibility. Regularly revisit and adjust your approach to ensure that retirement still feels purposeful and engaging. |
Which Life After Work Archetype Are You?
Rate each statement from 1–5 (1=Strongly disagree, 5=Strongly agree).
| The Consultant | Strongly Disagree | Disagree | Neutral | Agree | Strongly Agree |
|---|---|---|---|---|---|
| 1. I’ve developed specialized expertise that organizations would pay for | 1 | 2 | 3 | 4 | 5 |
| 2. I prefer project-based work over day-to-day operational roles | 1 | 2 | 3 | 4 | 5 |
| 3. I value flexibility and autonomy over an organizational hierarchy | 1 | 2 | 3 | 4 | 5 |
| 4. I enjoy solving complex problems for clients | 1 | 2 | 3 | 4 | 5 |
| The Entrepreneur | Strongly Disagree | Disagree | Neutral | Agree | Strongly Agree |
|---|---|---|---|---|---|
| 1. I’ve always wanted to build something of my own | 1 | 2 | 3 | 4 | 5 |
| 2. I’m energized by the idea of creating products or services | 1 | 2 | 3 | 4 | 5 |
| 3. I’m comfortable with some calculated financial risk | 1 | 2 | 3 | 4 | 5 |
| 4. I have specific ideas for businesses I’d like to start | 1 | 2 | 3 | 4 | 5 |
| The Mentor | Strongly Disagree | Disagree | Neutral | Agree | Strongly Agree |
|---|---|---|---|---|---|
| 1. Helping others develop gives me significant satisfaction | 1 | 2 | 3 | 4 | 5 |
| 2. I’m more interested in legacy than in maximizing income | 1 | 2 | 3 | 4 | 5 |
| 3. I enjoy teaching and sharing knowledge | 1 | 2 | 3 | 4 | 5 |
| 4. I want to give back to my profession or industry | 1 | 2 | 3 | 4 | 5 |
| The Hobbyist | Strongly Disagree | Disagree | Neutral | Agree | Strongly Agree |
|---|---|---|---|---|---|
| 1. I have passions outside work I’d like to dedicate more time to | 1 | 2 | 3 | 4 | 5 |
| 2. Financial considerations are secondary to pursuing my interests | 1 | 2 | 3 | 4 | 5 |
| 3. I value personal growth in areas unrelated to my career | 1 | 2 | 3 | 4 | 5 |
| 4. I’m looking forward to developing new skills and interests | 1 | 2 | 3 | 4 | 5 |
| The Full Retiree | Strongly Disagree | Disagree | Neutral | Agree | Strongly Agree |
|---|---|---|---|---|---|
| 1. I’ve accomplished what I wanted in my career | 1 | 2 | 3 | 4 | 5 |
| 2. I’m ready to completely separate from my professional obligations | 1 | 2 | 3 | 4 | 5 |
| 3. I have clear plans for how I’ll spend my leisure time | 1 | 2 | 3 | 4 | 5 |
| 4. Financial security is my primary concern for this stage | 1 | 2 | 3 | 4 | 5 |
| The Consultant Total | The Entrepreneur Total | The Mentor Total | The Hobbyist Total | The Full Retiree Total |
|---|---|---|---|---|
| Scoring: Create a daily routine that balances structured activities such as volunteering, community involvement, and personal projects, with flexibility. Regularly revisit and adjust your approach to ensure that retirement still feels purposeful and engaging. |
Putting It All Together
While Life After Work offers flexibility, it still requires planning. Keep these financial considerations in mind.
Portfolio Longevity
Even modest earnings can dramatically extend the lifespan of your portfolio by reducing drawdowns. Every dollar earned in Life After Work protects your portfolio against the forces of inflation and market volatility, letting your investments continue to grow.
Social Security Optimization
With money coming in, you have the flexibility to delay Social Security benefits. By waiting until age 70, you can boost your monthly benefit by 77%, compared to starting at age 62.
Tax Planning
Life After Work creates a unique tax situation that savvy planners can leverage to their advantage. You can use your variable income stream to strategically manage your tax brackets year by year.
Health Insurance
Retiring or transitioning to another work arrangement before age 65 needs to account for health insurance coverage. Medicare eligibility starts at age 65. Part-time work with benefits can bridge this critical gap.
Ready to Design Your Personalized Life After Work Plan?
Traditional retirement planning is like packing for a single destination. Life After Work planning means preparing for a trip with multiple stops along the way, each one requiring different resources and approaches.
Let’s map out your Life After Work strategy together. Schedule a complimentary consultation to explore how your skills, passions, and finances can help you on the journey to your next chapter.
Sources:
1 Manuel Pabón-Carrasco, Lucia Ramirez-Baena, Raúl López Sánchez, Isabel Rodríguez-Gallego, Nora Suleiman Martos, José L Gómez-Urquiza, “Prevalence of Depression in Retirees: A Meta-Analysis”
2 Bain & Company, “Better with Age: The Rising Importance of Older Workers”
3 Business Insider, “8 famous companies started by people in their 50s and older”
4 Pierre Azoulay, Benjamin F. Jones, J. Daniel Kim, and Javier Miranda, “Age and High-Growth Entrepreneurship”
5 Michael J. Gill, Thomas J. Roulet, Stephen P. Kerridge, “Mentoring for mental health: A mixed-method study of the benefits of formal mentoring programmes in the English police force”
6 Hei Wan Mak, Taiji Noguchi, Jessica K. Bone, Jacques Wels, Qian Gao, Katsunori Kondo, Tami Saito, Daisy Fancourt, “Hobby engagement and mental wellbeing among people aged 65 years and older in 16 countries”
7 HuffPost, “Matt LeBlanc Explained Why He Hasn’t Done Much Since ‘Friends,” And People Love It”
8 Todd J. Mauer, Elizabeth F. Chapman, “Relationship of Proactive Personality With Life Satisfaction During Late Career and Early Retirement”
9 Doug Waggle, Ph.D. and Pankaj Agrrawal, Ph.D., “Guaranteed Income and Optimal Retirement Glide Paths”
10 Social Security Administration, “When to Start Receiving Retirement Benefits“
