3 minute read
RETIREMENT Cary Silverstein
What’s next?
You need a retirement life plan
FOR MORE THAN 30 YEARS, you made critical decisions, solved difficult problems, were defined by your job and executed more than one business plan.
You have now decided to retire in the near future. As a result, you have one more plan to execute: your retirement plan. This is not the financial plan but your life plan. Based on current longevity studies, you will have at least 20 years or more to enjoy your retirement.
So, what are you going to do the day after you retire?
In speaking with a number of executives who are getting ready to retire or have recently retired, I found two groups. One has pre-planned, while the other has not given it a thought.
When individuals in the second group are questioned, their response typically was, “I have plenty of time.”
Unless you have a plan, you will wake up and find you have nothing to do but drink your coffee and read the morning paper. Once your coffee is finished and you shower and get dressed, what’s next?
You will need to address a number of questions in the first months of retirement and assess your situation. » What are your passions in life? » Where can you make a difference? » What business skills can you transfer into your retirement plan? » Will you use your expertise and experience to offer services as a consultant?
This option can be dependent on whether you had an enforceable non-compete or confidentiality agreement with your last employer.
When you get up on the first day of retirement, your significant other or partner will continue with their day. They have a routine, scheduled lunches with friends, and you don’t. In order to avoid potential conflict, you need to be proactive and formulate your plan with input from your significant other or partner. You need to respect that they have their own passions they wish to pursue.
Experts say you should take a few weeks and assess what you want to do. Are you going to travel, volunteer, read the book you always started but never finished? One potential option is to volunteer at your church, synagogue or other religious-based institution. Volunteering provides structure, enhances your status in the community, provides purpose in your life and enhances your social network. It’s your chance to make a difference.
I volunteer at a local Mequon church group that works with unemployed executives and assists them with fine-tuning their interview and networking skill sets. I also edit my synagogue’s monthly newsletter and provide business-related articles to local and national periodicals.
Another example is a friend, who was a quality engineer at a local Milwaukee manufacturer, now volunteers at his church and works as an AARP tax guide with seniors preparing their annual income tax filings. Another longtime friend worked in IT at the New York Times, and when he retired, he did some consulting in the same area. He now volunteers his services to members of his senior living facility, where he repairs and refurbishes laptop computers at no charge.
The experts at Retirement Linkage lay out five guidelines for retirement planning:
1. CONSIDER A SECOND CAREER
Some recently retired executives opt to continue working, whether part time or full time. In many cases, these individuals don’t have sufficient outside interests to keep them challenged and need to work in a structured environment. Others have not successfully developed a financial plan and need to generate income to maintain their lifestyle. 2. ENJOY LIFE,
Maintain your relationships that were developed in the workplace, both internal and external. Keep that membership in the local service club or business groups. Stay connected to your peers and the community. They need your energy.
3. STAY ACTIVE,
Include daily exercise in your weekly plan. Exercise is beneficial for both your physical and mental health.
4. SUSTAIN RELATIONSHIPS,
Don’t give up business-related friendships. An occasional luncheon or dinner will keep you looped in to what’s happening in your profession.
5. BUILD YOUR LEGACY,
Your knowledge and experience is valuable to future generations. Be a mentor. Organizations like SCORE provide younger executives with valuable guidance. You can make a difference.
These five guidelines can help you develop a road map and plan for a mentally healthy and productive retirement. n
CARY SILVERSTEIN
Cary Silverstein, MBA, is a speaker, author and consultant, a former executive for Gimbel’s Midwest and JH Collectibles, and a former professor for DeVry University’s Keller Graduate School. He can be reached at csilve1013@aol.com.
