Network - Winter 2010 - (Page 25)

O Feature Retirement Is About More than Just By Jim Yih Money you spend your money; it’s also about how you spend oney; it s about about o sp your time. W hen you hear the word “retirement ” what do d “retirement,” you think of? If you were to get a retirement plan done, to whom would you go? Would you go to a bank? A financial advisor? Most people would, because we can’t help but relate money with retirement. Because of that, there is a real financial bias when it comes to retirement planning. Most of the information about retirement comes from the financial industry. Think about it—when you ask people if they have prepared for retirement, most people immediately assume you are asking if they’ve saved enough money. Although money is important to retirement, it is not everything. If you don’t believe me, think about people in your own lives who are successfully and happily retired, without millions and millions of dollars in their bank account. In my 20 years in the financial industry I have also worked with people who have lots and lots of money but are not happy in retirement. Why is that? It’s because a successful retirement is about more than just money. Retirement Is Changing Thirty years ago people retired at 65 and statistically lived till 72. Retirement happened literally because you were old. But times have changed. People are not only retiring earlier but they are also living longer. Retirement is no longer about sitting on the couch and watching TV. Retirement today is about keeping busy doing what you love to do. Society cultivates the notion that we should all strive to retire early—“Freedom 55.” What many people have discovered is that early retirement is not all that it’s cracked up to be. The upcoming retirees will be the healthiest group of retirees in history. The 55- to 65-year-olds of tomorrow will still be young. While golf and tennis and naps have their places, they’re not enough for most boomers. They will be capable of so much more and the last thing they want in retirement is to become bored, depressed, take little pills and die grumpy. As humorous and blunt as this may be, it is a real risk! The Best Years of Your Life So what’s it going to take to make retirement the best years of your life? If it’s not just about money, what’s it about? For me, successful retirement is about the harmonization of two issues—money issues and lifestyle issues. Far too often these things are not in sync. For example, one might live “big” without enough money. If you think about it, how can you really know how much money you need if you have no idea what lifestyle you want? If you want to travel as a retirement goal, there is a big difference between travelling to the coast for a few weeks versus taking a two-month trip to Europe first class all the way. It is critical for people to understand that you cannot properly plan for retirement without some consideration for lifestyle issues. It’s not just about how NETWORK O Winter 2010 O 25

Table of Contents for the Digital Edition of Network - Winter 2010

Network - Winter 2010
HRIA President’s Message
HRIA Board of Directors
The Legalities of Mandatory Retirement
Unwanted Early Retirement
Baby Boom or Bust Strategies for Dealing With a Rapidly Aging Workforce
Retirement: Private Savings Plan Contributions Decreasing
Baby Boomer Steps
Retirement Is About More Than Just Money
What‘s Happening Here? HR’s Evolving Role in Dealing With Different Generations
Retirees Need a Game Plan
The HR Office
Index of Advertisers

Network - Winter 2010