The average age today when people enter retirement from the corporate grind is 62, not 65, according to the 2022 Employee Benefit Research Institute survey. That fact kind of set me back. I was under the impression that most of us had a work life expiration date of 65 embossed on our foreheads.
9/11, the 2008 housing crisis, the COVID-19 shutdown of 2020, and now most likely the supply chain boomerang of 2023 have all contributed to a smaller workforce. These events put in place a reaction that calls for all-hands-on-deck and 40% over the side in order to “right the sinking ship.” With that, a disproportionate number of senior executives are being cast aside in favor of less experienced, less expensive younger execs that can be schooled to take on the senior roles once the economic turbulence subsides and growth is on the horizon once again.
This concept, for the over-the-side guys, is called a layoff—but it really becomes an unexpected retirement. Yes, some do find employment once again over the next six months, but the majority do not. What emerges for many is the nagging fear that they, in their early sixties, have aged out of the executive corps.
It’s in your best interests to speak with a certified professional retirement coach
You probably have engaged a financial advisor. Now it’s time to get a handle on the next chapter—and a MeLife Retirement Plan can help you do just that.
A MeLife Retirement Plan which includes a plan for the coming decades:
Your Reflective Fifties
This is an examination of the things that set up your template for your retirement years. Issues covered include:
- Where do I want to spend my retirement years and with whom?
- What is my new purpose in life and how do I get there?
- If work is important, what will that look like, and do I desire to continue to be associated with my current employer, in a consultative role?
- If giving back is important, do I get on non-profit boards now?
- What steps do I need to take, from a lifestyle perspective, to enhance my physical and mental health for the long term?
- I need to start thinking concretely about how much wealth accumulation I will need to finance my retirement along with an equal focus on health appreciation. (Remember, a well-financed retirement life can only be enjoyed if your body will let you.)
Your Second Career Sixties
This is a thoughtful analysis of the importance work plays in deciding your purpose in life moving forward.
In the previous session of developing your MeLife Retirement Plan, you identified major and maintenance expenses on a forward-looking basis. With that, a second career may become necessary to help further finance your financial goals. Or, it may be prudent to continue to work so you can delay having to touch your nest egg until a time when it isn’t something you have to do.
A retiree’s biggest fear later in life is running out of money. Continuing to acquire wealth in your sixties can help with your purpose in life, as well as give you a nice glidepath from your current employer to either a consultative role with that employer, buying a business you have always wanted to run, or investing in a franchised business model to fill your days.
Your Bucket List Seventies
This next decade focuses you on bucket list travels, changing social circles, and the importance of establishing long-term relationships that will bring peace when certain aging aspects kick in. Work becomes less important and hopefully not as necessary, while a real appreciation for accomplishing certain aspects of your life purpose become the driving force.
This can be a decade of real change as it involves facing certain inevitabilities. We can help with suggestions on how to deal with those changes.
Your Aches and Pains Eighties
This is the decade when your body can really show wear and tear if you have not prepared for this time of life. This is why paying attention to nutrition and exercise both cognitively and physically from your 50s onward is so important.
Obesity is the incubator of many cancers, so the right body mass index is important. This is also when your cognitive abilities can lessen if your main daily activity has been watching television, or seeing your favorite barkeep/therapist for lunch each day before a midafternoon nap. Now is when health appreciation becomes king, and your relationships so very important.
It’s the age when your living and eating situations, as well as certain daily activities once taken for granted, are no longer available. But it is also a time where other opportunities long-dismissed become welcomed partners.
Your Last Hurrah Nineties
While many do not reach this decade, many of the things that need to be put in place are so important. Your last hurrah really centers around your legacy, and your legacy answers the questions regarding the way you will finance your later-in-life healthcare, what you leave to your heirs, and how you will want to be remembered.
These are known as “end-of-life” decisions which a fair amount of people ignore or wait to make until it’s too late. Through our process, we speak bravely and authoritatively about this subject and make sure that your final succession plan is completely built out.
All this encompasses the elements that you would consider in doing a Retirement Lifestyle plan or “MeLife” Retirement Plan. This plan will dovetail perfectly with your Retirement Financial Plan so it may well call for some refinements with your Financial Advisor.
At Retirement Lifestyle Coaching, we believe the retirement lifestyle of your dreams is within reach. You just need some extra support and guidance to connect with your dreams and create an action plan that will transform them into your retirement reality. If you’re feeling lost or unsure where to begin when it comes to designing a retirement lifestyle that embodies who you are and what you want out of life, we’re honored to join you on your journey.
Get started with our signature MeLIfe Retirement Plan today, to start unlocking the doors that lead to the retirement of your dreams.
Bob Foley is your Certified Professional Retirement Coach and you can reach him by email at firstname.lastname@example.org or simply by scheduling time on his calendar here.