The commonly accepted term for life after a career is “retirement.” It may be, however, that this time of life will not be an ending so much as a new beginning. (See Chapter 11.) After you have reflected on the questions in the previous section, it is entirely possible that you will find that you have too much energy to turn off the “go” button on your work life. You may find yourself unwillingly and prematurely at the endpoint of your major work efforts. This could be for a whole host of factors, including:

• Mandatory retirement age dictated by your employer

• Health restrictions

• Elimination of your job as a result of a merger or acquisition

• A family crisis needing your attention

• Factory or store closing

If you find yourself facing a premature ending to your work cycle in one environment, you may discover opportunities to develop interests or hobbies into income-generating endeavors in a new or related field. Even if external factors are not the driving force for ending one career, you might be feeling a strong urge to try something new. Your many work and life experiences, talents, and interests can lead you on to new fields to explore.

For example, if you have been a quilter for decades and your employer closes its branch in your area, you may be able to launch a small business selling quilts. You will probably have made contacts and friends over the years with similar talents and interests who could supply you with merchandise to sell. Or maybe you have always loved tinkering with car engines. You have decided that the fast-paced culture of the huge architectural firm where you have been working for decades is not worth the aggravation anymore. You work out an arrangement to gradually cut back on your assignments and fill the newfound time getting some grease on your hands. Before you know it, you are off and running in a new direction.

Another reason to keep working may be that you need the income, both for current expenses and to continue saving money for the time when you no longer can, or want to, work.

The U.S. Department of Labor Employee Benefits Security Administration recommends the following ten steps as a starting point to prepare for your retirement.

• Know your retirement needs.

• Find out about your social security benefits. Call 1-800-772-1213 or check out www.socialsecurity.gov.

• Learn about your employer's pension or profit-sharing plan.

• Contribute to a tax-sheltered savings plan.

• Ask your employer to start a plan if one is not offered.

• Put your money into an individual retirement account (IRA).

• Don't touch your savings.

• Start now, set goals, and stick to them.

• Consider basic investment principles.

• Ask questions.

Keep these instructions in mind as you press forward with your retirement savings plan.