Baby Boomer Retirement Promises Not Being Fulfilled?

I read the headlines earlier on two articles recently, Tips That Will Put You on Track For a Happy Retirement, and Set the Record Straight on Retirement: 6 Myths Debunked.  I know, they are both “sponsored content” meaning it’s all about educational sales.

And why not, lots of companies do it.  But do the titles sound too promising, and not limiting?  What is it about financial planning and promises that sometimes just don’t jive? How about this: Freelance Workers Have a New Way to Save for Retirement?

Hmm, maybe I should ask for a fee for promoting their sponsored content.  Perhaps not.  Don’t get me wrong, I really enjoy reading the content and picking up ideas – but I know in speaking with others that I need a plan for my retirement – and It’s more than a financial plan.  And that brings to mind my passion and practice!

Transitioning

When you’re moving from one place to another it’s a journey.  When your ending something and beginning something new, you transition into it.  Sometimes well – and sometimes not so well.  When William Bridges called the area between the end and beginning the “neutral zone” I guess he understood the need for a plan to successfully pass from the end to the beginning by embracing a process to guide the change successfully.

Promises Are Planned

That’s right.  Good promises get planned and implemented. Otherwise you make promises you can’t keep, and with that comes disappointment, frustration, and perhaps a reluctance to make promises again.

Challenges In Making A Plan

It’s not unusual to see future planning efforts detoured by the experience of failed past planning efforts.  For instance, a baby boomer business owner planned his retirement to transpire after he sold his business.  He was counting on the sale proceeds to fund his retirement – travel, new home, recreational activities.  Yes, he sold his business, and 75% of the proceeds went to pay off accumulated debt, receivables, and negotiated compensation packages to keep his key employees in place for the new owners.  Now, I’m not arguing that the process he used was smart or not. I’m just saying that perhaps, just perhaps, he could have planned the business transition strategy and process a bit better.

Another example: a business owner planned to spend time traveling in retirement, after she sold the business.  Her bucket list seemed long – Europe, African safaris, China, Australia – and money was not going to be an impediment.  And it was not.  Her frustration – she had accomplished her bucket list with so much enthusiasm that after 2 years she had an empty bucket – and nothing else was planned.  Did she think about volunteer or philanthropy? Nope.  How about developing a new social network – Nope.

So What’s In A Plan?

That’s simple.  It all begins with a process, methodology to guide you step by step. First by understanding where you came from, who you are, and how you got there. Second by addressing all those subconscious things that are holding you back from thinking and making clear decisions.  Yes, it’s a process that requires guidance, impartial support, sound listening skills, and interactions with someone skilled in bringing your through to your future, purposeful life.  That’s a Transition Planning Consultant’s joy – and purpose. Helping people develop a meaningful future life filled with purpose.  Maybe you aren’t ready to retire, you want to sell one business, slow down, start another business – but have a sense you want it on your terms.  Where ever you are in your career – you can develop meaningful, successful, and safe passage on your transition through the neutral zone.

Here are some addtional articles we think you might like:

The 10 Best Things About Personal Transition Planning For Business Owners

Personal transition planning for business owners involves emotional, mental, and practical steps for life after business.

Want An Easy Fix For Your Managing Employees? Read This!

If you want to understand how to manage employees you will need to think about what motivates your employees.

How Can Business Owners Exercise a Succession Strategy?

As I have mentioned previously, owners can elect amongst at least ten (10) strategies, each of which requires thoughtful planning.

Succession Planning and Executive Search

Succession planning is discussed with business owners prior to starting an executive search to find a CEO to run their company.

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