Golf is not a retirement strategy, although talk to any about-to-retire man and you might think it is. After two to three weeks of playing golf, that feeling of being on vacation leaves as the stark reality called "life" sets in.
Established by Mark Lee CPA, MBA and Karen Benz, MS, “Certified Professional Behavioral Analyst”, Business Legacy Consulting is based in North Attleboro specializing in strategic exit planning for businesses. The firm takes a close look at the negative ramifications of unrealistic retirement planning and how to prevent them.
According to research by Dave, Rashad, and Spasojevic (2006), retirement increases depression by 6 to 9 percent, illnesses by 5 to 6 percent, and difficulties associated with mobility and daily activities by 5 to 16 percent.
Several studies show that this is due to how retirees might view their retirement. What was once a fulfilling, meaningful life suddenly becomes a job loss and disconnecting from productive activity and social integration. It can mean withdrawing from society and sometimes socially isolating oneself from others.
Benz explains that it starts with creating a vision for what life will be like after retirement. What do you see yourself doing? What types of activities have you always wanted to do but never had the time or money to do? Who are the people you wanted to spend more time with but couldn’t because you were always working? What are you passionate about? What are your talents? These are the types of questions to ponder in order to create your vision.
Creating a vision helps focus on what you are moving to rather than on what you are losing. Looking at fears is equally important. What are your fears about the future? What are your fears about retirement? What do you think you should do to better prepare yourself for retirement? The more you face your fears, the more you will reduce your anxiety when retirement comes.
Changes are the events which cause us to transition. Transition is a process, and it is stressful.
Leaving a business legacy is an important consideration. Many men have contributed a great deal to the business world and can teach those coming up through the ranks. There are boards, teaching opportunities, volunteer assignments, and more that can position retirees to continue meaningful work beyond retirement. Nearly half of all retirees (48 percent) volunteer in an organizational setting at some point during their retirement, (Cornell Report on Retirement and Well-Being, 2000) and approximately two in five (42 percent) retirees not currently volunteering estimate a better than one in two chance that they will volunteer at some point in the future.
Financially, the transition can be just as difficult. The reality of a regular paycheck is gone. Concerns about having enough money to live the life you want to live are front and center. This predicament screams for comprehensive planning.
The situation for men who used to own their own businesses can be even more difficult. It is not unusual to find that the business paid for expenses that now need to be paid for directly. Health insurance, entertainment, and automobiles would be examples of benefits that now have to be funded by the retiree. Some former business owners will be surprised by the amount of expenses that their business used to cover for them.