Retirement

RETIREMENT – MORE THAN A BUCKET LIST ISSUE

Have you actually thought much about retirement? Do you, like many, intend to get around to thinking about it …. sometime?

Do you love your work so that you fool yourself into believing that you will never retire? That your circumstances will never change?

For years I have talked to CEOs and organizations that did not see any reason to think about the changing nature of retirement. Anyone with relatives over 85 (the fastest growing demographic in the USA) caught on fast though.  What happens when our lifespans are commonly passing 80 years but our work-lives are barely half that? And our systems and many mindsets are still geared for early retirement with some years of play…. then simply disappearing?

A century ago, we worked until we died or became disabled. The Depression and WWII gave us Social Security and pensions. Starting in the 1970s, a ‘golden age’ of retirements was supported by personal savings plus defined pension plans plus Social Security – at least for those in larger companies and government.

Retirement has both financial and personal aspects: many of us don’t plan for either.

Most important: do some personal ‘what-if’ planning. Studies show that women still are more likely to be the care-givers. But anyone can, as I have, end up caring for several older relatives in their last years. Dealing with the medical, emotional, and physical issues is not easy. All these and others related to aging family take far more time and energy than you expect — even if you can afford good help. And this hits your business directly, often disastrously.

For those of us fully invested in our work, planning the personal side is even harder than the financial. Yet it is critical too. […]

Retire? Me?

Retire? That’s a discussion for others……… isn’t it?

A century ago, we worked until we died or became disabled. The Depression and WWIIgave us Social Security and pensions. Now we have folks fearing they will never be able to retire – while many losing their jobs in the recession are involuntarily doing so.

Personal capacity building

Have you actually thought much about retirement? Do you, like many, intend to get around to thinking about it …. sometime? Do you love your work so that you fool yourself into believing that you will never retire? That your circumstances will never change? The most common predictor of early retirement for men is illness or job loss. For married women: the disability or illness of their husband.

 
Retirement
Retirement has both financial and personal aspects. Many of us don’t plan for either. And real planning should begin early, at least five years out for both.

Do some personal ‘what-if’ planning. Studies show that women still are more likely to be the care-givers. And this may mean that you will, as I have, end up caring for several older relatives in their last years. Dealing with the medical, emotional, and housing issues is not easy. All these and others related to aging family take far more time and energy than you expect — even if you can afford good help. And this hits your business directly, often disastrously.

Retirement and disability issues are all more difficult if you are a business owner. You can stockpile large emergency funds, buy key-man insurance, have disability insurance and a retirement plan for yourself, take other steps, or do all of these. But you still need to discuss what might happen with your family, your partners, your lawyer and CPA and other advisors – and plan!

For those of us […]

By |December 11th, 2012|Business planning|0 Comments