Over the past weeks, we have taken up several issues regarding various aspects of retirement planning. Similar and different issues have to do with what we should be thinking and doing at various stages of our careers. The purpose and objective of everything we have taken up thus far is for us to think through, plan, prepare for and ultimately live good lives in retirement in accordance with our aspirations.
Today, we will bring out what specific actions we should be taking in the last few years, months, and weeks to the day of our retirement. The whole of this ‘terminal’ period, is what we call ‘the days before’.
You may or may not be ready: Regardless of how well or poorly we have been planning and preparing for our retirement, we will, almost naturally, have no option but to begin to think even more seriously about the impending day that colleagues will throw some party in our honour to send us off, or ‘forth’, into another stage of life. If we have been doing very well in the planning and preparations, we should within this period, be fully on top and alert to all our matters on finances, health, and specific future plans. If we have not, we should remain calm and begin to plan and do the best we can to put in place what we need to over the years and months that might remain. Remember what I said earlier? “The best time to start retirement planning is our first day at work. The next best day is today.’ In both cases, in ‘the days before’, more than at any other time, we should be clear about the following:
Purpose: An interesting, even if not surprising thing that I find common in my retirement planning training and advisory programmes is that as individuals age, they begin to get more interested in ‘being of service to other people’. I think that is great. During the terminal periods of our working or business careers, we should ensure that we are clear about the purpose and meaning our lives should have in retirement: What do you want to do? Of what value would you be to yourself, your family, and others? What will be your daily, weekly, monthly and annual routines? Our purpose at every stage in life is key to giving us meaning, excitement and hope. It is crucial you are crystal clear about it in advance. For some, it might just be a continuation or extension of what they have been doing. For some others, it might be a new ‘adventure’. Whatever it might be, think through, plan and prepare for it in a way that you can give your best to it.
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Networth: As in all stages of our lives, we need to know what we are financially worth. It is not necessarily about how much that is important but what we may need to do as a result of whatever our net worth might be. Understand the composition of your assets and liabilities and give both a close monitoring. Assets need to be protected to provide the income, cash flow, overall wealth protection and growth that you may require out of it. A clear and workable plan for the liquidation of liabilities should be put in place. As much as is possible we should not go into retirement with debts except those that may be tied up to transactions and/or income-generating assets and the repayment of which is clearly planned without jeopardizing personal and family well-being.
We should at this stage have our monthly retirement budget in place. Obvioulsy, inflation can wreak havoc on such plans, but we must have one nonetheless and address unforeseen matters as they arise.
Health: We should be alert to our health situation: What issues, if any, do we have and what is expected of us in respect of them? What do we need to do to remain in good health? What health insurance or alternative plans for medical services do we have? What medications are we on and what are our plans for a steady supply for the period we are expected by our doctors to be on them? Are there are any tests that we will need to be having from time to time? How are we going to ensure that we continue to have them?
Documents, whether physical or soft, are very important in our lives. Land titles, ownership of shares, identification, contracts and agreements, etc. are all important in protecting us and our assets. Things can and do go wrong. When they do, often it is documents that can save us embarrassments, difficulties and losses. Have your physical documents protected; Have them scanned and saved on different failsafe platforms and systems. Make those that should know to be aware of the documents and how and where they could get them.
Doing the best: I have always worked hard and smart as an employee, contributing to the best of my abilities. But I remember clearly that when I gave a required three-month notice of resignation, I got superbly more punctual, hardworking, and active in meetings and the discharge of my duties. I continued to fully discharge every bit of my responsibilities brilliantly, creditably and passionately. As a signatory to our corporate accounts, the last thing I did was to willingly sign a cheque at about the last minute I was to leave my office. No hangups. No hesitations. It was all in a day’s, even if last, work!
We should always be serious, committed and responsible in our work and businesses. But as our retirement approaches, we need to be particularly more active and committed to further discharging our responsibilities with more dedication, competence and honour. This is a period, to give more of our best. Like first impressions, last impressions also last! As you go about doing all these, keep your head and a smile on your face!
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