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t he retirementality challenge

t he retirementality challenge. retirement . sit back & relax done the duties, enough of slog Freeee … dom An artificial finish line, superficial The 3 rd innings – Vanaprasth ashram . retirement . The distribution phase Consumption from the accumulated funds Pension income

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t he retirementality challenge

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  1. the retirementality challenge

  2. retirement • sit back & relax • done the duties, enough of slog • Freeee…dom • An artificial finish line, superficial • The 3rd innings – Vanaprasth ashram

  3. retirement • The distribution phase • Consumption from the accumulated funds • Pension income • Philanthropy • Rest for the next generation • Redefining • Rewiring

  4. ideas about retirement • Some are in a hurry to put down the bats – IT • Some play the whole game till the last ball –SK • Few have no choice, are retired hurt – by compulsion – ML/Tx, SSR • And a few would like to keep batting and RIP with their boots on – RTD +++

  5. the drivers - outcomes • Clarity of purpose – what next – Capt Nair, Zest for life. MTU, MTV • Longetivity

  6. without drivers outcomes • boredom • Ill health • Strained relationships • I am no more wanted

  7. retirement planning (rp) • Cost of living • Inflation • Money should outlive & not vice versa • Longetivity • Hereditary & pre existing issues • Distribution

  8. (rp) the curious ones • Inquire • Both philosophical & fiscal • inspire

  9. the philosophical inquiry • Intellectual engagement, personal growth • Leisure/recreation (MMK) • Health care and physical fitness • relationships – close, community and social • Home and location • Financial wellbeing

  10. case • a 67-year-old retired executive lamenting about his boredom and subsequent disillusionment with not being needed anymore- sadder than the person nearing retirement with an insufficient nest egg. • It is one thing to lack money––it is altogether another to lack purpose.

  11. case II • The wife of a retiree confided to her advisor that her husband was driving her nuts sitting around the house all day. She also feared that his health was declining.(JP, MBN)

  12. meaning over money • The most satisfied retirees have anticipated their lives in retirement and not just their cash flows. Consequently, they are living the best years of their lives—instead of being disappointed

  13. author &journalist John Wasik • Instead of absorbing an obsolete view of retirement, we should consider what I call the New Prosperity. This includes a flexible life plan that provides for your financial, vocational, physical, emotional, and spiritual needs. Unless you look at your future holistically, merely saving up a pile of money will be a meaningless act.

  14. Challenges • GEREATIC CARE – attitude to prolong • The American story

  15. The American challenge • 4 million - 46% with less than $1000 as savings • Taxing the system & competing with you in the job market • Estimated Retirement Research - GAP – $ 6.6 Trillion • 1 in 6 already below fed defined poverty line • 90 million by 2050 • Bankruptcy between age 65 to 74 up

  16. The American challenge • Early retirement – only 23% now, 1991 –above 50 % • Retirement Holiday - AARP - 40% expected to leave the world with their boots on • 56% have debt

  17. the way to go • As you can see, financial wellbeing is only part of a successful second half. • it’s important to have a defining conversation with clients to understand what they need more than the means—they need meaning - they will live a more fulfilling life

  18. Q & A • Steve’s mantra “stay hungry stay foolish”

  19. Thank you

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