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You may need to hit the books or get some additional training at a local college, or even earn a certification or accreditation, depending on what you're considering. That's the way Irwin Weinstein, 57, of Wyckoff, N.J., moved from the corporate world of IBM, where he worked for 29 years as a program manager, to a classroom at Elizabeth High School in New Jersey, where he's now a math teacher. After getting a buyout package in 1991 that included a year's salary, a full pension worth one-third of his salary and a guarantee of continued corporate-paid medical benefits for himself and his wife Judith, Weinstein went to the Teaneck, N.J., campus of Fairleigh Dickinson University for a teaching certificate. With a background in math and science, a longtime interest in teaching and a desire to spend more time with his wife and seven-year-old daughter Susan, Weinstein took a big pay cut--from $100,000 to $35,000 annually--to pursue his new career. "I now have the schedule and hours available to spend time with my wife and young daughter, which is very important to me at this point in my life," Weinstein says. "This was a good opportunity for me, and the right time in my life to make this change."
For people like Weinstein, knowing what to do next is a snap. But others may not be that sure. For them the answer is the same: better to decide than drift. "Even if you don't know exactly what you should do after retiring early, examine your strengths and desires and take it from there," says Arron. This is what Sam Cotton did. He enjoyed sales and marketing and always considered himself a "people person." When a friend offered him the chance to work for her mortgage-banking firm, Cotton had a good feeling about the career change, even though he had never considered the idea before.
IS IT YOUR NEW CALLING TO BE YOUR OWN BOSS?
"Know what kind of innate skills you have that are easily transferable to another profession," Cotton says. "For instance, I knew I could learn the mortgage-banking business. But enjoying working with people is something you just can't learn if it isn't there."
Others may find that their true calling is to be their own boss. If so, it's best to have earned some experience running your own business, maybe even doing it part time before you retire early from your full-time career. That was Alan Ouimet's route. He began running his charity part time in 1971, so he had 17 years of experience and knowledge when he made the 1998 switch from his job at the FBI. "If you have always worked for someone else in a structured setting, you have to determine if you are self-motivated enough to get out of bed in the morning and get right to work on your own," says Bennie Thayer of the National Association for the Self-Employed. "Then you have to ask yourself if you are physically and mentally ready to take on the competition." Entrepreneurs age 50 and over tend to be more successful because they are more mature, more stable financially and better able to judge how much risk they should take, Thayer notes. The downside is that they can be less flexible and find it harder to change work habits.