7 Roles for Women in Finance Approaching Retirement

What exactly does ‘winding down’ a career look like? Linda Straub Jones (NeuAnalytics) explores that question and suggests some ways to remain involved after retirement.

1984 isn't just a famous novel by George Orwell. It is also the year I started in the collection industry.  

Many of my friends have heard me joke and say “Yep – I was in kindergarten when I started” – but let’s face it, I wasn’t. Now, 38 years later, I’m contemplating the end of my working days in the coming years. And even though I’d like to slow down a bit, do things at my own pace, and on my own timeline – I don’t want to stop entirely. This industry has been my life, a lot of my friends are people I’ve met along the way. I’ve even brought my husband into the industry. (Those coffee conversations about the CFPB, TCPA, and Data and Risk Management have been riveting!)

When most people think of retirement planning, they think of financial planning with 401(k)s and other investments or savings plans. That's definitely important, but so is this: do you have a plan for what you’re going to do with your time once you stop full-time work? Many people I’ve spoken with talk about hobbies, sports, and grandchildren, but I’ve known several people who retired only to find out that keeping one's brain engaged in retirement can be a real challenge after 40+ years of working full-time.

Last year, a friend of mine retired. She was financially ready and excited to be done with work.  But after a couple short months, she went back to work, part-time, at her previous employer.  Why? She wanted something to do! Then, after a few months back to work, back in the grind, back in the drama, she remembered why she retired in the first place. And she also realized how many other things, things she really enjoyed, that she could/should be doing. So, she re-retired! My point? Make a plan. 

How to Make a Plan That's Right for You

As of 2021, of the roughly 332 million people in the US, approximately 55.5 million are over 65.  That’s roughly 17% of the population.  And my guess is that of the 32.5 million between the ages of 65 and 75, most are ready, willing and able to continue contributing to society in one way or another. That’s a lot of amazing talent. 

So what exactly does ‘winding down’ look like for those of us who want to remain relevant once we’re done with full-time work? For those of us who really do enjoy the industry and who have dedicated our lives to the betterment of all involved – how can we remain involved?   

As I’ve been thinking about this and talking to my peers, I realized something important. Women of my age in the debt collection industry have been pioneers. There are a LOT of “firsts” among us, whether that means first in the industry, first in her bank, first in her collection agency or first in her company. Many of us are the first women to hold many positions in our industry. So let’s take that deep knowledge, that pioneer spirit, that groundbreaking attitude and use it for good in our retirement years.

Now, don’t get me wrong, I’m not saying you HAVE to do something. There’s nothing wrong with golfing, hanging out with your grandkids and pursuing a hobby. In fact, for me, I’ve started acrylic painting.  It started as something to do during COVID, but has grown into something I really enjoy, and I have found that I’m actually decent at it! I even look forward to the potential of art fairs at some point.

However, I know myself – and I know that this won’t keep me satisfied for the long-term. I really love digging into the compliance aspect of our industry, reading up on the various new regulations and lawsuits, and using my experience to connect the dots to how it all fits together.  I also have a very strong passion for financial education, and sharing my knowledge with the younger generations, so they can better understand finances, and how to stay OUT of our collection world.

So, if you WANT to keep involved in the industry in some way – then read on for some ideas on how you can stay engaged without working full-time.

7 Great Roles for Pioneering Women 

1. Volunteering

Of course there are animal shelters, churches, food banks and more that would love to have you volunteer, but how about some of the below to keep your mind engaged, and your toe in the industry:

o   Community Education – most community education programs would LOVE to have people with in-depth industry knowledge teach a class or speak on a topic related to finance.  (Some of these may be paid, but many rely on pro-bono speakers). Just Google your city and “volunteer opportunities” and you’ll likely get a long list of places to volunteer. 

o   AARP/Jr. Achievement – have a program called Create The Good.  It’s financial literacy for school-aged children.  Volunteer to share your financial knowledge with school aged kids!  https://createthegood.aarp.org/volunteer-guides/help-child-learn-financial-literacy.html

o   Assisted Living – be the go-to person if someone in assisted living gets a collection letter.  Help them understand what it is – what the process is, and what to do.

o   If you are an attorney – there are many opportunities to work pro-bono at legal clinics, community programs, etc.  Check with your local bar association. 

o   Check your local library, most have programs or workshops with speakers and are looking for volunteers.

o   Child/Family Development Centers – most community programs that help families also have an opportunity for those families to participate in educational seminars or workshops.  Anything to do with financial literacy is always a hot topic, and they would love to have financial industry experts speak.

2. Consulting

This seems to be the most logical for me - and maybe for you, too. You can take those years of experience and turn it into your business. You can share your insights, knowledge and expertise with companies. 

o   Join an existing consulting or “Knowledge on Demand” company – there are many out there that do short-term/project work such as GLG Consulting, AlphaSights, etc.

o   Create your own consulting company, reach out to your contacts on LinkedIn and the industry. There are a lot of companies that need short-term consulting.

o   Travel, if needed, is generally paid by the company you are consulting for, or you can include it in the cost of your engagement. 

3. Work Part-Time with Your Current Employer

You may love your current job, but just don’t want to work full-time. It doesn’t necessarily mean that you have to leave your current employer! Have a chat with them and see if you can move to a part-time role. They will benefit from having your experience around and you will have more time to do your other retirement activities. 

You can also approach a similar job/position in a part-time status with other employers. I think you’ll find, especially in the current employment environment, that employers are willing to be flexible to gain or maintain good talent!

4. Speak at Live Industry Events

Just because you retire, doesn’t mean you suddenly lose your years of knowledge. If you are keeping up on the regulations, industry news, or whatever your specialty is, you will be wanted as a speaker.

Here's my speaker prep to-do list:

o   Keep up on the industry events and plan ahead.  Most choose speakers at least 6 months in advance of the event.

o   Have a list of topics you can speak on, an outline of your speech, talking points and take-aways.  You will need these when you apply to speak.

o   Have your basic presentation ready but be ready to alter it based on your audience. 

o   Have different variations of your topic ready – many conferences ask that your presentation has not been presented in its entirety previously. 

o   Travel won’t be paid for by your company, so unless you incorporate yourself as a business so you can write off your expenses, you’ll want to negotiate for paid speaking gigs – or at least pay for your air and hotel in exchange for speaking.

5. Speak on Webinars

With the continuation of our virtual work world, webinars have increased across the industry.  With the increase in webinars comes the increased need for webinar speakers!  As with the speaking engagements above, have your list of topics that you are comfortable and knowledgeable about, and start reaching out to webinar hosts:

o   Industry associations, newsletters, blogs, etc. all likely have a webinar component. Reach out to the publisher and ask about getting registered as a speaker.

o   Industry vendors – most industry vendors would love to hear your take on how you or your company interacted with or used their products or similar products. Many vendors would also love to have you co-present with them on topics relating to their product (i.e. data, letter vendor, software, payment processing, etc.)

o   Banks, companies and collection agencies often-times have internal webinars or training programs for their staff.  An industry expert would be a welcome addition to their program.

6. Blogging / Article Writing

o   May not be a paid gig, but will keep you visible

o   Keep you engaged in current events in the industry

o   Create your own blog, or write for others

o   Contact the industry newsletters, associations, magazines and ask what their process is for submitting an article.  Most will brainstorm with you on topics that are of interest to their readers to get you started.

7. Join a Board!

o   Either for non-profit or for-profit companies

o   Use your contacts from the industry to find open board positions

o   Hire a coach/consultant to help you find a board

o   Check board websites for non-profit/volunteer board opportunities – such as BoardnetUSA.org, Volunteermatch.org, justserve.org and Idealist.org.

o   For-Profit boards can also be found online at: himforher.org, boardsource.org, also LinkedIn has board jobs listed on their site.

o   Check out the company’s current board to find out what background they have, if possible connect with them to find out more about what they do, when they meet and when there will be openings.

Here's the Thing: If You Don't Want to Leave the Industry, Don't Leave

Another great way to keep engaged and to find out what opportunities are out there in the industry is to continue to keep in contact with your industry acquaintances. If you have a group of industry friends you meet with regularly – don’t stop just because you have retired! They’re still your friends after all! Keep attending industry webinars to stay informed on current topics.  Keep getting the daily newsletters, news feeds, etc. from the industry and keep up with the news. 

If you can swing it, continue to go to industry conferences – it’s a great way to get face to face with a lot of people at once. Let them know that even though you’re retired BUT you are still active in the industry, and are available for ….[insert what you want to do here].

But most of all – ENJOY this time of your life! You’ve worked hard for it. You’ve scrimped and saved to make sure you can afford it. You’ve dreamt about the day you no longer HAVE to get up and go to work. So enjoy yourself, your family, your friends, your hobbies, and your life.  Cheers to you (to us!) for making it this far! Here’s to the next 40 years of fun!