Why Networking Now Can Build a Better Retirement Later

Three women smile and laugh while connecting at a networking event.

(Image credit: Getty Images)

published 2 August 2024

As we reach the latter stages of our careers, there’s a natural change in focus. More emphasis, for example, on mentoring, retirement planning and finding fulfillment; less effort toward climbing the corporate ladder.

One of the most striking shifts is letting your professional network languish. It usually happens gradually (and often unintentionally). You may step back from volunteering with industry associations. You touch base only infrequently with executive recruiters. You engage less on LinkedIn and other online platforms.

Instead of dialing back, however, your 50s and 60s are the ideal time to amp up your connections. Not only will a robust network help you uncover more opportunities to use your talents in your encore chapter, studies show you’ll also set yourself up for a happier, healthier life by surrounding yourself with meaningful relationships.

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Professional networking takes on new importance in your 50s and 60s

You can leverage a strong professional network at all stages of your career. However, the benefits are most wide-ranging once you’ve established your corporate credentials and are considering “what’s next?” That’s because for many, the transition from full-time work to your next chapter can be challenging and stressful.

A Harvard University study of adult development demonstrates what’s at stake. It shows that “having good relationships — whether with partners, friends, family or others — is the ‘strongest predictor’ of living a long, healthy and happy life into old age, more so than health factors such as high blood pressure and cholesterol.”

Keeping your professional network alive and well in your 50s and 60s is one easy way to “pay it forward” when it comes to your future. Relationships play a key role in alleviating stress and preventing loneliness — issues that can trigger physical and psychological symptoms and hurt your health. Good relationships also keep you cognitively engaged and mentally fit.

With an active network, you can:

Demonstrate your expertise and thought leadership
Stay connected to peers and those in your field
Give back by supporting professionals of all ages
Discover new opportunities that fit your skills, experience and passions
Create fulfilling relationships for positive well-being

Build and engage your professional network with these steps

Beyond supporting your health, an active professional network will help you achieve your goals. For instance, is corporate board service in your future? Are you interested in making a pivot to non-profit work or volunteering? Is consulting, speaking or a fractional role a good way to use your talents in your next act? Exploring these options with others is a great place to start.

In fact, more than 80% of the executives we work with find their next opportunity through professional networking. Senior leadership positions and board of director seats, in particular, are rarely advertised.

Follow these steps to strengthen your network:

1. Develop a strategy. Consider what’s next for your career. Then make a list of ideal connections (role, industry, company) who will have a perspective on the topic. See who’s already in your network and meet with them first. Ask both for their insights and for introductions to one or two additional contacts.

2. Create a strong LinkedIn presence. A good profile is essential because an online search will be one of the first places others go to learn about you. Use a professional photograph and keep your content current. Don’t forget to include your board service and volunteer work.

3. Join groups and attend events. Next, get out there! Find gatherings with others who share your passions and interests. Conferences and events are great ways to keep up on trends and meet new people. Even charitable galas and sports tournaments put you next to interesting new acquaintances.

4. Set up one-on-one meetings. Individual conversations form the core of successful networking. Reach out every week and schedule a coffee or a Zoom call with someone. Follow expert Marcia Ballinger’s rules for networking and keep these discussions focused and short — just 20 minutes is all you need.

5. Set up a personal contact list. Remember to keep track of names, phone numbers and emails in a personal list, rather than your company’s system. That way, you can leverage your network even when you leave your current role.

6. Stay engaged with your connections. Lastly, keep in touch. Block out time (even 10 minutes a day) to read, like, comment and share posts on LinkedIn. Circle back periodically via email or a call with those who are especially relevant to your goals.

Put aside your anxieties and embrace the benefits of networking

Even with all these benefits, many people still feel anxious about the prospect of networking. It helps to approach your meetings as a two-way street: You’re showing curiosity, interest and attention to a fellow professional’s expertise. Most executives are flattered to share their experience and help others.

In exchange, remember the value you can offer others (even when you’re retired or in career transition). Always ask how you can help, and be gracious about making introductions, recommending resources and staying in touch.

Before you know it, you’ll be enjoying fulfilling new opportunities, surrounded by a community of like-minded individuals. That’s the true power of professional networking.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Anne deBruin Sample, CEO and owner of Navigate Forward, is an experienced HR leader and Career Transition Expert. She has written for CEOWorld magazine and has been published in Fast Company and The Wall Street Journal. Her experience includes high-level positions at PepsiAmericas, Caribou Coffee and Whirlpool Corp.