Navigating late career
The transition into late career (and later, retirement) can be one of life’s most challenging and disorienting periods.
For those experiencing this ‘moment of truth’, you might be craving a change, experiencing redundancy or disruption, taking on more caring responsibilities, or simply finding it difficult to figure out your next step.
Before we delve further into late career, it’s important to look at the context. Late career wasn’t a thing in your grandparents or possibly even your parents’ lives. Retirement as a concept didn’t really take hold until the Industrial Revolution. Previously, it was thought that older workers on farms and in factories would slow production, so private pensions were introduced as a means to move those aged 60 and over out of the labour force.
A 60-year-old today has a 50% chance of living to 90 or more.
Although Australia has had an old-age pension since 1909 (and, until superannuation was legislated in 1991), the general gist was you’d work until you physically couldn’t, then enjoy a few golden years before death. Retirement wasn’t a goal, but a short phase of not working. Today, of course, things are different. Now people are consciously choosing to reevaluate their careers later in life so they can be financially secure, support their family, and do the things that really matter to them in their second act.
What is late career?
Late career traditionally refers to the life-stage when we adjust to the prospect of retirement, typically defined as 55-70 years of age. However, two significant social changes are extending this late career stage considerably. Firstly, as we live longer and healthier lives, individuals can continue working well past any previous retirement age. Secondly, not everyone is financially able to spend these extra years of healthy living without an income.
With Australians aged 55 and over expected to make up 40 per cent of the adult population by 2050 and 71 per cent of workers now viewing work as part of their retirement journey, the traditional model of retirement at 65 is becoming less and less common.
What can individuals in late career do?
Uncertainty in late career can emerge gradually or hit suddenly. Whether dealing with job loss, health challenges, family needs, or feeling ready for change, it’s OK to feel uncertain about your career direction.
Four key factors—work, wealth, home, health—are integral to our ability and motivation to keep working, and our feelings about retirement. In planning our late career, some useful questions to ask include:
- Work: Is work (paid or unpaid) meeting your needs?
- Wealth: What is your financial situation?
- Home: What could your home life look like in late career?
- Health: How happy are you with your physical and mental health?
Redefining career identity, navigating age bias, or adapting to new arrangements generates significant stress. Research shows that those facing late career transitions experience uncertainty, identity confusion, and career anxiety, with effects continuing long after initial adjustments.
Seek support from trusted colleagues and mentors, combined with skills development, networking and self-reflection. Access external help when needed, such as transition support, professional development programs, or Employee Assistance Programs.
The portfolio approach
Late career success increasingly depends on diversification, not just of investments, but of activities and identity. The most resilient late-career professionals engage in multiple activities rather than staying in one job. This might include consulting work, board positions, mentoring, volunteering, creative pursuits, family involvement, and community leadership. This portfolio approach is both an opportunity and a protective factor for mental health. When change occurs in one area, you have other meaningful activities to lean on.
Professional late career coaching provides structured support to navigate these complex transitions successfully, helping individuals clarify their vision, navigate ageism, design portfolio careers, manage financial transitions, and build resilience.
With 5.57 million Australians aged over 45 currently in the workforce, and older Australians already contributing $39 billion per year in unpaid caring and voluntary work (rising to $74.5 billion including those aged 55-64), there’s now an emerging need for support and transition coaching for both organisations and individuals approaching late career.
How can organisations support workers in the late career phase?
First, like all transitions, an individual approach is key. Put aside assumptions about older workers and engage with each person about their specific circumstances. Late career transitions don’t follow set timelines – needs can change or emerge gradually as individuals face redundancy, caring responsibilities, health changes, or shifting priorities.
Organisationally, for someone struggling in the late career phase, this can present as increased absenteeism and lead to reduced innovation, knowledge transfer impacts, and accelerated talent loss.
Allow employees to make decisions about their career path. Someone facing redundancy may want reskilling, while someone seeking purpose may prefer mentoring opportunities. Consider flexible working arrangements, retraining programs, and phased retirement options.
Our resources
Partner transitioning coaching support
Whether you are retiring completely, switching to contract consultancy work, or wanting to ramp down sooner than later – you need a plan. Encompassing 6.5 hours of individual coaching around specific needs, our Partner Retirement Transitioning Coaching program provides the tools and resources to maximise transition success for partners in professional service firms.
Late Career and Retirement Management Capability Training (for Managers and HR)
Comprised of a suite of modules, and complemented by e-learning and online conversation simulations, this comprehensive training will equip your managers with the tools and skills they need to manage an ageing workforce, and assist in managing the transition to retirement.
Workshops to support late career and retirement
Moving beyond the traditional financial and physical health considerations, our practical workshops unpack the common challenges or concerns that can come during the late career stage, and looks at the tools and resources we can use to navigate these, so that we can plan our late career in a way that is sustainable, and adaptable for our future selves.
Maturity of Practice Index (MPI)
Transitioning Well’s MPI offers a unique mix of psychological, legal and business-focused perspectives to help build effective policies and procedures that support ageing and age-diverse workforces.
Learn more about how we can help you navigate late career transitions.
