What a Chief Marketing Officer Learned After Early Retirement

Many CMOs choose to retire early (in their 50s) or move on to a completely different career. As someone who left the CMO world in my 40s to pursue a career in academia, I understand the appeal of change at this point in life.

To understand what it’s like to transition early (before age 65), I spoke to Heather Loisel, former CMO of Ricoh USA. In a previous post (see here ), Loisel discussed the preparation steps, specifically how to prepare for the medical expenses that must be covered before Medicare kicks in.

In this article, Loisel talks about his “experience” after retirement. I’ve always thought that retirement isn’t something you just do. Retirement is a huge adjustment and requires thought and planning. I remember reading a biography of Iocacca, and his account of his transition from CEO to retiree was frankly unappealing. He honestly explained that going from having a mountain of work to having no position and only time was extremely difficult, especially psychologically.

So it’s good to be honest about the transition to retirement and learn from those who are navigating successful paths. Below, we share some of Loisel’s path to retirement.

What is retirement like?

Loisel said the decision to retire comes with many questions. “When I started talking about my desire to retire, people immediately asked me what I was going to do. My answer was, ‘I don’t know, it’s something different.’ For decades, I worked long hours every waking moment to accomplish something. At this stage, I wanted to sit down in some unstructured time and assess the needs and opportunities presented to me. ”

A typical day for Loisel begins with an early breakfast with her husband. She explained: “We continue that ritual almost every day, and it’s a great way to start the day. The first six months were full of activity as we downsized and settled in new locations. Now that the phase is over, my days are a mix of outdoor exercise, walks on the beach, home projects, and time to stop when a friend needs help or a volunteer opportunity comes up. , it’s easy to take action because you have time.

Prior to my retirement, I served as a course leader for a Columbia Business School course offered by Professor Emeritus. This is an online course that is attended by executive students from all over the world and is offered three to four times a year. I continue to do the role because it’s a very reasonable time commitment and I’m very happy with it.

I no longer feel the need to be productive in traditional ways. My productivity may be due to me taking more time to think about things, read, research, and tackle topics I didn’t have time for before. In an unorganized way, I’m doing things I’ve always wanted to do but never had the time.

assignment

Asked about the challenges that retirement poses, Loisel said, “Sometimes I feel off-balance. My first reaction was to plan my time, but I don’t want to worry about it before the days are full.” I gave myself permission to relax. Moving away from an old friend and moving to a new place (she moved from north to south) also created challenges, but finding new relationships In addition, technology and efforts to maintain those relationships have helped.”

surprise

Curious about what surprised Loisel as he transitioned toward retirement, she described it as a “slowdown.” “I really like slowing down. It was a conceptual idea for a few years before I retired. The reality is very comfortable and I don’t feel like I’m missing out on something or not achieving my goals. I get a good night’s sleep. Also, I now live closer to my family and am able to spend more time with them. Our new home is in an artsy area, so I have I’m investing in experiences and art classes. I feel like my brain has been activated in a whole new way.”

advice to others

Loisel points out that there are two important considerations. “One is to create a reasonable financial model to give you peace of mind. In my case, it was possible through downsizing and planning. A great way to help estimate your lifetime expenses and income needs. The tools are available (www.fidelity.com and www.vanguard.com). The second thing is to know yourself and make a conscious decision about what you want your next step to be. Retirement is This is an opportunity to create a new sense of fulfillment.”

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