Here's how you can navigate the challenges of retiring as a late career professional in Supplier Sourcing.

While it's tough to project how much you might need over the next 30 (🙏) years sourcing professionals should be better than average at estimating this plan. Be realistic and conservative in your assumptions and really look at how much you spend every month. Don't estimate a lower dollar value of expenses that will force you into a lifestyle you don't look forward to. If going cold turkey is intimidating, you might consider consulting but it is not that easy to find clients unless it is your prior employer. Throttling back is the most important requirement as well as feeling that you have some meaning in your life.

Navigate retirement challenges as a late-career professional in Supplier Sourcing by: Succession Planning: Mentor successors to ensure seamless transition. Knowledge Transfer: Document and share key sourcing processes and contacts. Financial Preparation: Secure retirement funds and understand benefits. Part-Time Transition: Consider phased retirement or consultancy roles. Skill Updating: Stay current with industry trends to remain valuable in advisory capacities. Professional Network: Maintain connections for potential opportunities and support. This strategic approach ensures a smooth and fulfilling retirement transition.

Retiring from a career in Supplier Sourcing requires careful planning. Start with financial planning by reviewing your savings and consulting a financial advisor. Share your knowledge through mentoring, documentation, and training. Help identify and train your successors with a clear transition plan. Stay updated on industry trends and maintain your professional network. Plan for personal activities and maintain your health. Ensure your legal documents are current and understand your healthcare and Social Security options. Explore new roles like consulting, part-time work, or teaching to stay engaged.

If you're interested in providing business advice or mentoring then keeping current is important. Reading the Wall Street Journal or Bloomberg or maybe HBS will all keep you sharp and current. Technical skills will never keep up unless you're in the business daily or perhaps teaching in a university as an adjunct.

Networking is easy since you can contribute on LinkedIn or comment on other people's posts. I have asked people to have phone calls we've had conversations I've met lots of new people through Linkedin. It also gives you a sense of being relevant and belonging to a team which is always a good positive.

It's a mistake to retire without some meaningful activity whether it's a hobby, a volunteer activity or a sport. Good friends/relationships are important too. The most important advice is to keep doing something that gives your life meaning and purpose. And if it helps you to stay healthy as well, all the better.