Forget retirement. Think "rewirement."

Here, Chow offers five tips to leaders contemplating their rewirement.

Plan ahead

Successful businesspeople are never just thinking about what’s happening in the moment; they are anticipating what is on the horizon for their organization and their own career.

“People don’t often apply that natural business instinct to themselves,” Chow says. “That’s the mistake I see most often. People are not actively thinking about this in an operational way while they’re still in their current role.”

But it’s critical that they do, she says, because the rewirement opportunities that you want are unlikely to just fall in your lap. Corporate board seats are competitive, for example, and universities are unlikely to take a chance on hiring someone who has never successfully stood at the front of a lecture hall.

A lack of planning can also mean that rather than branching out, some people default to staying within their old industries. This can be a particularly difficult situation for executives who were used to being among the most powerful players in the room.

“I’ve seen people who get swirled up in the ecosystem they had left, becoming a consultant or even working for a supplier,” she says “Personally, I don’t think that’s mentally healthy. To me, if you’re going to rewire, you should use the opportunity to reset yourself, not hang on to the glory days of the past.”

Also read: Seven keys to a happy retirement

Think deeply about your “why”

To avoid continuing in a reduced role in a familiar industry, people should start exploring what their purpose is in this next stage, Chow says.

“Often, people have not thought deeply enough about their why,” she says. “You’ve got to get some clarity around your personal purpose.”

She suggests you start by doing an audit of how you spend your time—both in your day job and in any extracurricular and volunteer activities.

For each activity, ask yourself: “Does it bring you fulfillment? Does it bring you joy? Do you wish you could spend more or less time doing these things? Do they feel like a chore or a responsibility, or do they feel like a calling?”

It can be challenging to take this sort of critical eye to our own behaviors, so she recommends hiring an executive coach to help, if that’s an option, or at least talking it through with key mentors and confidants who know you well, both personally and professionally.

Do your homework

Once you have a sense of what will bring you joy in your rewirement, start researching what you will need to do to realize your goals.

For example, Chow says people often announce in a knee-jerk way that they want to serve on a board. “Many people I speak with have no idea what that actually means or the fact that they have to compete for jobs like that,” she says.

Chow advises that you do your homework first. This should include thinking through what you can uniquely offer an organization. You can also take classes on board governance and join professional networks like the NACD or 50/50 Women on Boards. Do you have a board bio? Does your LinkedIn profile look like someone who is a competitive candidate for a board seat?

Or if you want to teach, there are steps you can take to make yourself a more attractive candidate. First, find ways to gain classroom experience. If you have a friend who is teaching, offer to be a guest lecturer in their class. Once you have a feel for the role, reach out to your alma mater, which may be receptive to taking a chance on an alum with a great resume but little teaching experience.

“You’ve got to do your homework,” Chow says. “Have you made inroads on what your options are? Most of the time, people answer no because they didn’t have time. So when they’re ready to pull the trigger, they don’t have options. They have ideas, but they don’t have options.”

Be prepared for some big identity shifts

Even if you land in your perfect rewirement role, Chow advises high-achieving professionals to brace themselves for some significant challenges to their sense of self.

“There’s a level of respect, power, and influence that you may have become used to that has been an integral part of your identity,” she says. “When you choose to rewire—or if it’s chosen for you—that goes away. All of a sudden: who are you? That can be a hard landing.”

Chow advises being introspective about this proactively so the transition isn’t too painful. And keep in mind, it’s not only about your title and salary. There are less obvious ways this feeling can sneak up on you.

Take, for example, the super status many executives have on airlines. “There was no monetary value per se, but it helped your professional and personal travel experiences,” she says.

Getting bogged down in administrative tasks that someone else used to take care of can also add to this frustration. For example, if you find yourself spending countless hours struggling to submit expenses, then hiring a part-time administrative assistant may be the right move for you if you can afford to do so.

Don’t ignore the financial realities

It’s crucial that people also think through the financial aspects of rewirement. This entails really understanding where you want to be financially in order to feel comfortable and lead the life you want.

“You have to be very, very candid with yourself and your loved ones who are impacted by your decisions on how much is enough,” she says.

This means being clear eyed about your most significant, required expenses. If you’re under 65, for example, or have children—or aging parents—who are financially dependent on you, your healthcare and caregiving costs may be significant.

“These things must always come first,” Chow says, “and that’s important in the calculus of your rewirement formula.”

You should also think deeply about the lifestyle that you want to maintain.

“For some, that may include a cash component. For some, it may be a desire to have a philanthropic impact on a large scale,” Chow says. “You have to develop clarity around your priorities as you develop your why.”