I am now retired. After 45 years in this business no matter where you work you will find that most jobs are stepping stones in your career.
Very few of us in the private sector will go from college to retirement with a permanent pension.
Open your own business as a backup for your job. When you own it no one can let you go.
I lost my Cisco job in Sept 2016 after 20 rewarding years of employment, and now I'm on my own. Here's my story:
My wife quit her job as a financial analyst for State Street Corp, and opened a nail salon 8 years ago. The business did so well that my Cisco paychecks were untouched for at least that many years (we could live on her State Street salary alone).
After I lost my Cisco job, I became a real estate investor. I expect my first year's net earning to be about 90% of my old Cisco salary, but without the valuable benefits like stock options, RSUs, ESPP, health insurance. With better property management, and rent increases, I expect the earning to exceed whatever Cisco salary and benefits that I could have earned if I were still employed in a few years. The best part of it is that I now answer to no one, no late night meetings, no office politics, and I will not have to be on fixed income when I reach my retirement age.
Definitely talk to a financial planner, if one is planning to do independent IT contracting. There are many facets of I-9 employee financial life that is tough. FICA and taxes will take ~50% off gross, plus medical insurance. It's definitely an option post-Cisco, just a heck of a lot tougher to set up and manage...plus tax time is a pain.
==> may I ask suggestions for businesses that one may step into or look forward to please?
Do a Google search on "second act careers" and you'll find a lot of great information - but I recommend you start with some self-evaluation first. What do you like to do? What are you good at? What expertise do you have that other people need or want, and will pay for?
Think outside the box. Gardening? Pet care? Photography? Graphic arts? Teaching yoga to the elderly? If you won the lottery, and money wasn't a factor (yeah, right - but work with me here!) how would you CHOOSE to spend your time? Could you turn a current hobby, or creative side-line, into a business somehow? Or tie your professional expertise to a passion, and monetize that?
Start with a brainstorm. And IMO it's never too early to consult a financial planner who can evaluate your current situation and help chart a specific path to follow so you can achieve your future goals.
I did the same thing, @NAWTLDJ-xrf, starting a sideline business about ten years ago, while at the same time accelerating contributions to savings and 401(k), and eliminating debt. I was in a financial position to quit working for Cisco and transition my sideline business into a "second act" career a couple of years ago, when I was in my early 50s. The work is creative, challenging, and satisfying, and I anticipate performing it well past classic retirement age. I don't earn as much $$ as I used to as a technology worker, but I don't need as much, either. And the quality of life payoff? PRICELESS.
Great idea! may I ask suggestions for businesses that one may step into or look forward to please? I ask because I have toyed with this idea for a while but no matter how much I rake my non-existent brains, taking that first step is proving to be huge. Hence looking for guidance from the voices of experience. Thanks!
Well said. Everyone should develop an entrepreneurial side-hustle business. Not only as a backup to your job, but as a backup to your retirement. I started a side business 17 years ago that I "retired" into three years ago, at 55 years of age. My plan was to have a home-based, retirement-years, solo-business that I can work at as long as I have the ability, which I hope will be into my 90s.