Tennis superstar Roger Federer, 41, recently announced his retirement from the game, while Bollywood superstar Amitabh Bachchan is still going strong in his work at 80.
Most people look forward to retiring and spending their lives chilling out and relaxing by the time they are 60, and some even much earlier.
However, selecting the time of retirement can be tricky. If you leave young, you have a particular set of risks and challenges that you might face and if you retire late, you might miss other opportunities/passions you always wanted to pursue.
So, how can we ascertain the right time to retire in the corporate world?
Retire early?
There aren’t many people who hang up their boots at 40, but it is often seen that such people become part-timers, gig workers, and advisors/coaches/board members.
“This way they get to do the work they love the most (e.g. client work in the case of a consulting firm) and stay away from the rat race, the people management 'hassles' and things like appraisals and promotions among other things,” says Nishith Mohanty, partner at global consultancy firm Korn Ferry.
Mohanty identifies three archetypes of people who retire early.
Coaches: Loving it but want to focus on their core. These people love what they do and want to do more of it, but they also want to get away from the 'corporate rat race'. They become advisors, freelancers, consultants and board members among others. People usually do this the moment they touch 45-50 years of age, after they have become financially independent.
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