Having a strategic plan is key for new retirees

Retiring is not a subject normally discussed over dinner. It is particularly difficult for entrepreneurs and executives, many of whom do not accept the notion that their organizations can exist without them.

In their minds, the fact their organizations can do without them means their contributions must not have been significant. If they stay on and do not retire, however, they feel their value cannot be questioned.

I have heard many entrepreneurs say they are reluctant to retire and let their children take over the business because the kids do not have the requisite experience. Of course, what they really fear is that if they leave, they no longer will be important.

In my experience, it is a small group of folks who are able to retire, walk away without looking back or having any regrets, and enjoy a prosperous retirement.

People who struggle with the retirement process fall into two groups. First, there are those who call it quits with no planning and expect to have a magnificent retirement. Then there are those who are fearful of retirement and do everything they can not only to avoid talking about it, but also avoid starting it.

A “working retirement” is the solution for both of these groups.

When we are working, we are producing something of value, but working in your company is not the only way to contribute. It has taken me a long time to figure this out, but if you approach retirement like any other challenge you face while running a business, you can deal with just about anything.

When I say “working retirement,” I mean you work at retirement the same way you worked at your job or vocation. You must develop a plan for what you want to do when you retire, and there are a few things that are key to retiring well.

First, do something to help others in retirement. Contributing something of value makes you feel good, and I can attest to how fulfilling that is. I have been teaching a course about starting a business at Gadsden Correctional Facility for about six years. These women are so appreciative of the knowledge I am sharing that it makes me feel great to do it.

A second critical element your working retirement should include is doing something for your body to ensure you stay healthy. From walking to climbing mountains, there are so many ways to do this.

Team activities – ensuring you have plenty of social interaction – also are important in a working retirement. When you retire, you lose those working relationships that were such a big part of your daily life. It is vital your retirement plan includes interactions with people. For me, it’s getting out with friends and walking in nature.

Finally, it is vital in a working retirement that you find a way to continue doing some work in your area of expertise. Not everyone will be able to do this, but if you can, it will give you a sense of worth – and some money, too. Most importantly, it will show that you still have value.

When you boil it down, planning for retirement is just like running an organization in that you need to have goals, objectives and strategies for accomplishing them.

Essentially, you need a strategic plan for retirement.

This story was originally published February 9, 2017 at 12:08 PM with the headline "Having a strategic plan is key for new retirees."