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Welcome
CIFPs 11th Annual National Conference
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Who We Are
The Retirement Education Centre Inc. is an education, advocacy and research company dedicated to teaching the retirement transition
Our clients are corporations and unions who sponsor our program for their employees and members
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Who We Are
We do not sell nor do we recommend financial products We do not give advice
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Lifestyle Transition Planning
Helping people visualize and clearly define their lifestyle goals by providing a process that makes them think through the retirement issues in an organized fashion
Housing, volunteering, working, travel, hobbies, family time, semi-retirement, location and many others
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What’s In It For You?
My goal is to provide you with some ideas and concepts that will help you offer a unique approach to your clients regarding the transition to retirement
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What’s In It For You?
Helping your clients clearly define their lifestyle goals will tie them closer to you because you’ve made them think about issues they didn’t know they needed to think about
In order to achieve their lifestyle goals they may have to increase their retirement savings 6
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What’s In It For You?
A more educated client is a better client
You will have helped them reduce their stress level
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A transition approach to planning works
because……
It’s lifestyle driven…clients need to develop a vision of the life
they want before they can know how much is enough
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Relationship Between Work and Retirement
Retire to Something…
…Not from Something
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What is the “New” Retirement?
Traditional retirement (does not exist anymore)
The “New” Retirement
Any new life structure or change Working part-time
Back to school New career
Hobbies New business Volunteering
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Individuals Need Life Structure
“ … for many people, a job is crucial psychologically, over and above the
paycheck. By making clear demands on their time and energy, it provides an element of
structure around which the rest of their lives can be organized.”
Develop a “Game Plan”
~ Alvin Toffler, ‘The Third Wave’ 11
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Understanding Life’s 3 Stages
Grow and Learn
Work and Learn
Do what you want!
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The 5 Functions of Work
1. Financial stability
2. Time management
3. Sense of utility
4. Socialization
5. Status
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The Relationship Between Work and Life Motivators What makes us get up in the morning?
Recognition
Express myself Problem solving
Be listened to Compete/win
Be creative Learn
Organize Make decisions
Lead others Take calculated risks
Socialize/work with others
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The Need for Life Structure
“ If you are what you do, then when you don’t you aren’t.”
~ Dr. Wayne Dyer
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Change & Transition William Bridges – Managing Transitions
“It isn’t the changes that do you in, it’s the transitions.”
Change is not the same as transition
Change is situational: new home, new job, new baby
Transition is the psychological process people go through to come to terms with the new situation
“CHANGE IS EXTERNAL, TRANSITION IS INTERNAL.”
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William Bridges’ Transition Model Must Bookmark the End
END of One Thing
Neutral Zone
Beginning Of the Next
END of ORDER
Chaos Creativity
Beginning of
New ORDER
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Key Questions… Clients need to ask themselves :
What will I do?
Will I have enough?
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The “Vision” Comes First
Clients need to develop a vision of the life they want before they can know how
much is enough.
This approach will help to differentiate you from the competition 20
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Retirement - For me?
Can I
afford it?
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The Real Questions
How will I spend my time?
What do I really like to do?
What will keep me motivated?
How will I react to not having a job?
Is part-time work an option for me?
How will my family be affected by my retirement?
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Lifestyle Planning Issues
Help define clients’ personal qualities & abilities
Why ?
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Lifestyle Planning Issues
As a result of retiring what new career or job opportunities might they consider?
Is part time-work an option?
What volunteer activities might they consider ?
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Part-time Work
Lifestyle Financial
Practising full retirement: transition from full-time work to full-time other
Replacement of day-to-day expenses, but
no longer saving for retirement
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Lifestyle Planning Issues
Where to live? What is the preferred option?
What is the least expensive option?
Will this have a financial impact?
If so, what is the estimate of the financial impact?
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Lifestyle Planning Issues
Hobbies and Interests What types of hobbies and exercise activities
may they get involved in?
What about travel?
considerably more?
to the same degree?
Less?
Is there a financial impact?
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Lifestyle Planning Issues Special Life Events
What special life events may have a financial impact?
Children’s education/ wedding
Travel
New car
Buy cottage/boat
Buying first home
Starting a business
Home repairs
Downsizing home
Long term health care
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Lifestyle Transition Planning
Making choices
Planning for the transition
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For a Satisfying Retirement
Clients need:
A vision of the next stage of their lives
A structure that will help them satisfy their needs and motivators
You to help them create a game plan to assist them in making the transition
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Other Important Lifestyle Issues For Clients
to Consider
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Powers of Attorney
Wills
Long Term Care
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“Our accountant says we need to revise our retirement
plan. At age 65, we should get divorced and marry
people who planned better.” 33
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THANK YOU!
It has been a pleasure
Questions?
www.iretire.org
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