Due to demographic change many organizations are beginning to experience skill shortages. One option to act is to encourage employees to provide their knowledge and experience beyond regulatory retirement age. Research has shown that many retirees are already working to some extent, but little is known about retirement career planning of employees. However, career planning models exist, although for career entry. The purpose of this study was therefore to examine the applicability of Social Cognitive Career Theory’s (SCCT) Choice Model (Lent, Brown, & Hackett, 1994) to planning the career exit phase, namely occupation-related activities in retirement. Survey results from 212 employees aged 50 to 65 years of a German aerospace company (mainly engineers) were used to test the applicability of the SCCT’s choice model in this context. Results suggest that the model fits the data well (X²(3) = 3.64, p = 0.30; RMSEA = 0.03; CFI = 1.00). Occupational self-efficacy and outcome expectations both had an indirect effect on the intention to engage in occupation-related activities in retirement through interest as mediator. Outcome expectations, but not self-efficacy, were also directly related to intention, which in turn was directly linked to retirement career planning activities. The results extend research on the process of retirement career planning by applying SCCT to a new field. They provide valuable starting points for organizational interventions to strengthen employees’ intentions to stay in the workforce. Whereas occupational self-efficacy plays a minor role in this process, the rewards expected from post-retirement activities seem to be highly influential.