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Explore the Retirementality Challenge and how to sit back, relax, and enjoy the third inning of life in Vanaprasth ashram retirement. Discover the distribution phase, pension income, and philanthropy as you redefine and rewire ideas about retirement. Gain insight into financial wellbeing, longevity, health care, relationships, and leisure in retirement planning. Learn from case studies and challenges such as GEREATIC CARE and the American retirement dilemma. Understand that retirement is more about purpose than just money. Join the conversation on achieving a fulfilling second half of life with the New Prosperity approach.
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retirement • sit back & relax • done the duties, enough of slog • Freeee…dom • An artificial finish line, superficial • The 3rd innings – Vanaprasth ashram
retirement • The distribution phase • Consumption from the accumulated funds • Pension income • Philanthropy • Rest for the next generation • Redefining • Rewiring
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 +++
the drivers - outcomes • Clarity of purpose – what next – Capt Nair, Zest for life. MTU, MTV • Longetivity
without drivers outcomes • boredom • Ill health • Strained relationships • I am no more wanted
retirement planning (rp) • Cost of living • Inflation • Money should outlive & not vice versa • Longetivity • Hereditary & pre existing issues • Distribution
(rp) the curious ones • Inquire • Both philosophical & fiscal • inspire
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
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.
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)
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
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.
Challenges • GEREATIC CARE – attitude to prolong • The American story
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
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
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
Q & A • Steve’s mantra “stay hungry stay foolish”