Legendary General Electric Chief Jack Welch Has One Big Retirement Tip

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The Street

The concept of retirement is outdated, suggests long-time General Electric CEO Jack Welch.

Jack Welch isn’t your average 82-year-old business tycoon.

The former chief executive officer of General Electric Co. (GE – Get Report) started working at the company in 1960, a freshly-minted chemical engineering PhD, at a plant in Pittsfield, Mass. He had a starting salary of $10,500.

In 2001, Welch retired from his position as CEO of the same company with a $417 million severance package, the biggest type of payment made to any U.S. CEO in recent history.

Along the way, Welch increased GE’s market value by an impressive $300 billion. He whipped a struggling industrials company into a global leader by implementing widespread change and stark cost-cutting that earned him the nickname “Neutron Jack.”

With all his successes in a storied career, what are Welch’s tips for retiring smart? Just don’t

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