Want It Done Right Journal 4Q 2008

Feature Article • Delegation Dr Daily Dose • Corner Crack-up • WIDR Products & Services • My Virtual Manager^TM

Feature Article

Do You Have a Psychological

Retirement Plan?

With the baby boomer generation advancing in years more people are thinking, and talking about, retirement. While this conversation often focuses on the financial side of this decision, many people are in a quandary about whether or not to retire for reasons that are other than financial. For example, many people continue to work because they don’t know what else to do. Work has been their life. Work has been their identity. Without work, what would they do? How would they spend their time? Who would they be? While they may have created a financial retirement plan, they never created a psychological retirement plan.

Someone I met recently described his struggle with retirement. He told me he doesn’t know what to do with himself or his time. His wife still works so he can’t count on her companionship during his days. He said he often wanders aimlessly around the house or watches the tube. He’s gained weight and generally feels unhappier than he’s ever felt in his life. He’s bored, isolated and depressed. He retired without knowing who he was outside of work and what to do other than work. Without a psychological retirement plan, his financial retirement plan wasn’t doing him much good.

In over two decades of consulting I’ve seen many CEOs who say they want to retire but can’t extricate themselves from their companies. Many stay not only because they don’t want to leave what they created in the hands of someone else but because they don’t know what else to do. Starting and building a company has been who they are and what they do. Unfortunately for many of these CEOs, the longer they stay the more havoc they wreak. They dive in and stir things up so they have something to do, then step back and blame their staff for the lack of success. They’re caught in a time of transition. They can’t go back and they can’t go forward. While they may not need to actually retire, what they do need is a “Plan B”—a new goal to refocus on. Since they were so good at idea generation and starting one company, perhaps the best thing they can do is create a new idea and start another company, thereby allowing the original company to continue its growth path and keeping themselves vitally occupied. However, when these CEOs do decide it’s time to retire they’ll still need a psychological retirement plan. And now is a good time to start.

What does a psychological retirement plan involve? First, start before you retire. Think of all the things you’ve wanted to do but never had time to do and write them down. Start a log. What are the hobbies you find too little time to enjoy? What hobbies have you always wanted to pick up but never had the time? What interests do you have? What outlets are there to pursue these interests? What have you always wanted to learn? Note the classes you’d like to take. Maybe there are some hobbies you’d acquire if you tried a class. What are some goals you’ve had in the back of your mind for years that you didn’t have the time or energy to pursue? What are the dreams you’ve never dared to try? How would you like to make a mark or give back? What kinds of people do you find interesting and where might there be clubs or organizations where you might find them? How much have you thought about, or paid attention to, your health? Would you like to start an exercise program? If so, what kinds of exercise might you enjoy? These questions will help you brainstorm what you might like your psychological retirement plan to contain.

Now that you’ve identified your hobbies, interests, classes and dreams, you’re ready to prioritize your list. What takes top priority? What would you regret never having tried or done? Rewrite the list to reflect these priorities so you end up with an “A” list, a “B” list and a “C” list, or prioritize your list however makes the most sense to you to do so. You now have an even better start on identifying how you can ensure your time in retirement is filled with what brings you the most meaning and reward in your life.

Working from your prioritized information, write an action plan on your top priority items. What will it take to actually do what you’ve outlined? When will you start? What will be the first thing you do the day, week or month after you retire? (I highly recommend building a “transition trip” into your plan. A “transition trip” is a vacation —minimum of one week— you take starting one or two days after you retire. It will help transition you from the routine of getting up and going to work everyday to getting up and doing something different.) Once you’ve written your action plan you’re ready to take the Nike approach and Just Do It!

With your life dreams and goals outlined along with an action plan to accomplish them, you have your psychological retirement plan. It’s as simple as that. It’s always a good idea to have a variety of interests and activities to choose from. That way if you encounter serious obstacles with one option you always have a backup plan.

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Corner Crack-up

A young boy befriended his elderly neighbor. One day as they sat talking the elderly man told the young boy, “In a few weeks I’ll have it made.”

“What happens in a few weeks?” the boy asked.

“In a few weeks I’ll turn 100 years old,” the old man explained.

The little boy stared at him in awe and asked, “Why will you have it made when you turn 100 years old?”

“Because,” the old man replied, “very few people die after 100!”

Delegation Doctor’s Daily Dose

Change your life in 2009! Does that sound like an insurmountable task? It isn’t! But if you d like your life to be different or better, there’s only one person who can do anything about it —you! So rather than bemoaning your circumstances, try these steps to a new you.

1. Define your purpose. Instead of sitting and wondering what your purpose is here on earth, define it for yourself. Think about what’s important to you. What’s unique about you? What would you like to accomplish in your lifetime? How will ensure you leave this life with no regrets? What legacy would you like to leave? Answering these questions will give you a hefty start on defining your purpose. Once you’ve listed a few key points, craft these ideas into one sentence you can remember. Use language that inspires you to fulfill it.

2. Create your vision. Once you’ve defined your purpose you have more clarity on what you would like your future to hold. Jot down a bulleted list of what you’d like your future to look like. Try to stick with changes that are within your control and that help you fulfill your purpose. Using your bulleted list, design a vision statement that captures your chosen future.

3. Outline your plan. With your vision created you can now outline a plan— a set of objectives that will help you achieve it. Identify 3 – 5 things that will move you in the right direction. Start with small, even baby steps, especially at first. Make sure to write your goals using the SMART method – specific, measurable, achievable, realistic and time-based. With each goal you should know when it’s been accomplished.

4. Work your plan. Review your plan daily the first month, weekly the second and third months and monthly thereafter. Update your plan when you’ve accomplished your initial goals, building on them to set new ones.

5. Reward your successes. Make a list as long as you can of what you find rewarding. For example, indulge in an ice cream cone; take a day for yourself; go to the zoo or a play. Include a wide array of choices – some that cost money, some that don’t, some that take a lot of time, some that don’t, some little wishes, some big wishes. With a long and diverse list you’ll have a reward for every occasion and no excuses. Just make sure you reward yourself when you’ve earned it!

6. Repeat steps 1-5. If you start this process in 2009, repeat it in 2010. Repeat it again in 2011, 2012 and ever year thereafter. Always keep focused on who you want to be and what you want your life to be.

If you continue this process and truly commit to your plan you will change your life. If something huge comes your way, rewrite the script. While none of us has complete control over our lives and circumstances, we do have the power to change ourselves. Only we can.

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