Downloaded 14 times
More Related Content
Similar to Pre-retirement-Preparing for a New Beginning.pptx
More from Olusegun Mosugu
![SecurityBoat_Service_Pitch_Deck[24158].pdf](https://cdn.slidesharecdn.com/ss_thumbnails/securityboatservicepitchdeck24158-260121113056-452683e3-thumbnail.jpg?width=640&height=640&fit=bounds)
Pre-retirement-Preparing for a New Beginning.pptx
- 1. BRIG GEN AIADEDIGBA (rtd) psc fdc(+) MNIM MSPSP Ph.D A PAPER DELIVERED AT NDC 11 SEPTEMBER 2023 1
- 2. Imagine your ownretirement. . .
- 3. 3 What Did YouImagine?
- 4. 4 What Did YouImagine? Travel
- 5. 5 What Did YouImagine? Sleeping late Travel
- 6. 6 What Did YouImagine? Sleeping late Golf Grandkids Travel
- 7. 7 What Did YouImagine? Sleeping late Golf Grandkids Volunteering Travel
- 8. 8 What Did YouImagine? Sleeping late Golf Grandkids Volunteering Hobbies Travel
- 9. 9 What Did YouImagine? Sleeping late Golf Grandkids Volunteering Hobbies Travel Change of Career
- 10. PURPOSE To assist prospectiveretirees in preparing their Personal Retirement Plan for a healthy, secure and fulfilling life upon retirement 10
- 11. To assess earlypreparation for post service life with a view to outlining way forward AIM 11
- 12. Assist retireesto make a smooth transition from their current working lifestyle to that of life after retirement Create awareness of challenges in life after retirement Equip retirees with enough information on managing important aspects of their lifestyle Overcome anxiety and concerns about this major change in their lives Identify issues that need to be addressed for a fulfilling retirement Approach retirement positively and enthusiastically as event to be looked forward to, welcomed and enjoyed Prepare a Personal Retirement Plan for implementation Learning Outcomes 12
- 13. PRE-RETIREMENT MODEL CURRENT STATE (Where am I now? ) DESIRED FUTURE STATE ( Where I want to go? ) PERSONAL CHANGE AGENDA ( How do I get there? ) My Personal Retirement Plan Where I will be Housekeeping Retirement Readiness Assessment 13
- 14. Retirement to Peopleat Different Ages It's a distant dream It’s not a concern It's a minor concern For those 50 and beyond, it's a reality that must be dealt with 14
- 15.
- 16. Nancy K. Schlossberg,Counseling Psychology Professor, University of Maryland, What is Retirement from Service? "Retirement implies that you're just leaving something" "But it is really a career change. You are leaving something that has been your primary involvement, and you are moving to something else." 16
- 17. What is Retirementfrom your Company? "Retirement can be a roller coaster because you are changing so much about your life - your work role, your relationships, your daily routines, your assumptions about yourself" "All that is in flux, and it takes awhile to get comfortable with a new life." Nancy K. Schlossberg, Counseling Psychology Professor, University of Maryland, 17
- 18.
- 19. Dark colours? Sad looking faces Inactive or boredom? No more freedom? No purpose in life? The future is gloomy? Picture Your Retirement What does your Picture look like? 19
- 20. Bright colours? Happy looking faces Full of activity? New freedom? New purpose/challenge? The future is bright? Picture Your Retirement What does your Picture look like? 20
- 21. How many more yearswill I live? What kind of lifestyle do I expect? What kind of lifestyle changes do I have to make? Where do I want to live? Can I outlive my money? Where am I now in my journey toward retirement? Do I need 100 million Naira to retire well? What do I want my retirement to look like ? What kind of mental and emotional changes will come with my retirement? Is retirement the beginning of an inevitable decline in health, wealth & independence? Do I dread retirement - worry about getting old & being a burden on my family? Key Retirement Questions 21
- 22. Designed & Developedby : Wong Yew Yip ~ Updated 1 August 2021 Fear of Retirement 22
- 23. Older adultswho categorize themselves as old and frail encourage attitudinal and behavioural confirmation of that identity “If people think that they are old and frail, they will act like they're old and frail.” Study conducted at University of Exeter Medical School (April 2013) Retirement Study 23
- 24. Optimum Strategies forCreativity and Longevity By Sing Lin, Ph.D. 林星雄博士 National Taiwan University AlumniAssociation – Greater New York March 2002 Age at Retirement Average Age At Death 49.9 86 51.2 85.3 52.5 84.6 53.8 83.9 55.1 83.2 56.4 82.5 57.2 81.4 58.3 80 59.2 78.5 60.1 76.8 61 74.5 62.1 71.8 63.1 69.3 64.1 67.9 65.2 66.8 Optimum Strategies for Creativity & Longevity 24
- 25. WORRIED & TIRED AGELESS EXPLORER COMFORTABLE & CONTENTED LIVEFOR THE PRESENT Four Faces of Retirement 25
- 26. LIVE FOR THEPRESENT • Dream of having time, to do things they did not have for earlier in life • Ready for something new & exciting • Burden with worry & regret they did not adequately prepare financially for retirement • Worst possible scenario for retirement • Expect little out of life • Living anything but their golden years • Days are filled with anxiety • Life is simply winding down WORRIED & TIRED AGELESS EXPLORER • Living life of activity & independence • Freedom, flexibility, recreation & personal growth • Not fearful about retirement years • Like a good pair of shoes, it fits just right • Content simply to relax & enjoy the golden years • Stress free • Relax, travel or play but not work • Independent, secure & perfectly happy with life as it is COMFORTABLE & CONTENTED Four Faces of Retirement 26
- 27. 1. Financial Planning 2.Working Options 3. Social Support 4. Lifestyle 5. Health 6. Time Management 7. Estate Planning 8. Housing EIGHT CATEGORIES 27
- 28. Why is changeneeded? Many times, in order to survive we have to start a change process We sometimes need to get rid of old memories, habits and other past traditions Only freed from past burdens, can we take advantage of the present 28
- 29.
- 30. The eagle hasthe longest life-span of its’ species 30
- 31. But to reachthis age, the eagle must make a hard decision. It can live up to 70 years 31
- 32. Its’ long andflexible talons can no longer grab prey which serves as food In its’ 40’s 32
- 33. Its’ long andsharp beak becomes bent 33
- 34. Its’ old-aged andheavy wings, due to their thick feathers, become stuck to its’ chest and make it difficult to fly. 34
- 35. Then, the eagleis left with only two options: die or go through a painful process of change which lasts 150 days. 35
- 36. The process requiresthat the eagle fly to a mountain top and sit on its’ nest. 36
- 37. There the eagleknocks its’ beak against a rock until it plucks it out. 37
- 38. After plucking itout, the eagle will wait for a new beak to grow back and then it will pluck out its’ talons. 38
- 39. When its’ newtalons grow back, the eagle starts plucking its’ old-aged feathers. 39
- 40. 30 more years Andafter five months, the eagle takes its’ famous flight of rebirth and lives for 40
- 41. Many times, inorder to survive we have to start a change process. Why is change needed? We sometimes need to get rid of old memories, habits and other past traditions. Only freed from past burdens, can we take advantage of the present.41
- 42.
- 43. Eight Ways toPrepare for Retirement Review & Plan Finances 1 Review Will & Trust 2 Review retirement needs & goals Personal Retirement 3 Plan 4 Getting Along with People 5 Develop healthy lifestyle 6 How to spend your time Personal Development 7 Next career move 8 43
- 44. Personal Retirement Plan Review & Plan Finances 1 ReviewWill & Trust 2 Review retirement needs & goals 3 4 Getting Along with People 5 Develop healthy lifestyle 6 How to spend your time Personal Development 7 Next career move 8 1 Review & Plan Finances Seek a professional Financial Planner to review and plan your finances 44
- 45. What is FinancialPlanning? Financial planning is designing a roadmap for your assets to support your present needs and to help you to meet your future long-term goals Financial planning is not just for the rich; Indeed it is more important for everyone who is not so rich Although you can do your own financial planning, it is advisable that you seek help from a financial planning professional Source: Kanyi Daily News 45
- 46. 3 Simple Stepsin Financial Planning 3 Decide where you want to be 1 2 Find out where you are now Plan how to get there 46
- 47. Decide Where YouWant to Be 1.Set Goals 2.Prioritize 3.Investment Attitude 47
- 48. 2 Find OutWhere You Are Now 1. Personal Balance Sheet 2. Personal Spending 3. Personal/Family Survivor Needs Analysis 4. Financial Independence Analysis 5. Children Education Planning Analysis 6. Investment Analysis 48
- 49. 3 Plan Howto Get There 1. Set financial independence goal 2. Customized Personal Financial Plan 3. Implementation Steps prioritized 4. Appropriate products and programs 5. On-going communication 6. Review, update, monitoring program 49
- 50. ₦ Do Iknow my financial standing - my assets & commitments? ₦ Can I determine my retirement expenses? ₦ Can I determine how much I need to maintain the same standard of living after retirement? ₦ How can I develop a Retirement Income Plan? ₦ How do I conduct a personal financial analysis? ₦ How can I decide on what to do with my retirement funds? ₦ Do I know what are the best investment options? ₦ How do I review my insurance coverage - life, health, homeowners and auto insurance policies? ₦ How much should I set aside emergency funds? Questions You will be Asking 50
- 51. How can aFinancial Planner help? Spend time with you in thinking through your priorities A gatekeeper to help you spot where not to invest Remind you to stick to your goals and values Paint financial pictures for you so that you can see your financial future Help you work through how much to leave to your children Tailor made solutions to your constraints and problems Source: Getty Image 51
- 52. Review & Plan Finances 1 ReviewWill & Trust 2 Review retirement needs & goals Personal Retirement 3 Plan 4 Getting Along with People 5 Develop healthy lifestyle 6 How to spend your time Personal Development 7 Next career move 8 2 Review Will & Trust Seek professional Wills & Trusts services to review your Will & Trust 52
- 53. What is aWill? A legally binding document by which an individual signifies his wishes as to the distribution of his estate A Will will ensure efficient distribution of assets and may include specific instructions to specific persons and cater for special circumstances 53
- 54. Concept of aWill Beneficiary Testator Executor One who makes a Will Person appointed by testator in his Will to carry out/execute the directions and requests therein Person named in the Will to receive property or benefit A Will is a valuable document and should be kept in a safe place or deposited with a Custodian for safe-keeping 54
- 55. What is aTrust? A legal relationship that begins when a deed of trust is signed The Settlor (client) transfers the assets to the Trustee The Trustee holds the assets and administers the same in accordance to the deed for the benefit of Beneficiaries The Settlor The Trustee The Beneficiary 55
- 56. ₦ Do Iknow the why and how a will can protect my assets and help reduce estate taxes & other costs? ₦ Do I know why the need and how to set up a trust? ₦ Do I know why the need for Estate Planning? ₦ How can I review beneficiary designations to make sure that me and my beneficiaries are appropriately protected? Questions you will be asking 56
- 57. Review & Plan Finances 1 ReviewWill & Trust 2 Review retirement needs & goals Personal Retirement 3 Plan 4 Getting Along with People 5 Develop healthy lifestyle 6 How to spend your time Personal Development 7 Next career move 8 3 Review Retirement Needs & Goals 57
- 58. Work vs Retirement WORKINGLIFE Revolved around a fixed routine of getting up early and beating the traffic to get to the office on time Each day is filled with tasks, meetings, appointments or meeting customers What needs to be done is more than what we can handle and we are worn out by the time we reach home after going through another round of traffic congestion A boss to look over ourshoulders We are in a rat race We wish we have more time and less stress We are so used to the daily work routine for the past 30 years 58
- 59. RETIREMENT FEARS 1. Toomuch time/not enough tasks to fill days 2. Clock seems to tick slower and each day seems longer than usual 3. At a loss as to what to do with all the free time at our disposal 4. Whole world has abandoned us and we yearn to be at work - never mind stress 5. That we are no longer in demand irks us 6. No more phone calls/emails from colleagues 7. Feels insignificant and failure of sorts Work vs Retirement Source: Yourlifechoices.com 59
- 60. RETIREMENT REALITY 1. Ourwishes to have more time and less stress are answered 2. Getting away from it all and get a well-deserved rest and enjoy the fruits of my life 3. Our mind is free at last and can start planning all the things we wish to do 4. We treasure our new found freedom and do what we like 5. It's time for self-discovery Work vs Retirement Source: Getty images 60
- 61. 2 Elements ofRetirement Needs & Goals 61
- 62. Retirement Needs &Goals Matrix NEEDS • Buy a new car • Renovate the house • Draw up will • Improve business skills • Spend time with family • Financial peace of mind • Loss weight • Be more computer literate • Look for part-time work • Exercise daily • Invest more intelligently • Take up a hobby • Go on long overseas holiday • Reconnect with old friends • Play more golf • Write a book • Help siblings financially • Do charity/voluntary work • Take part in singing contest N O W L A T E R WANTS 62
- 63. Complete Your RetirementNeeds & Goals Matrix NEEDS What are your NEEDS NOW What are your NEEDS LATER What are your WANTS NOW What are your WANTS LATER N O W L A T E R WANTS 63
- 64. Review & Plan Finances 1 ReviewWill & Trust 2 Review retirement needs & goals Personal Retirement 3 Plan 4 Getting Along with People 5 Develop healthy lifestyle 6 How to spend your time Personal Development 7 Next career move 8 4 Getting Along with People 64
- 65. Why the Needto Get Along with People? Retirement changes the dynamics of relationships At work, you need to get along with your boss and your subordinates need to get along with you Upon retirement, all these change More importantly, this affects your relationship with your spouse and children 65
- 66. Characteristics of SocialStyles • Reserved or composed posture • Actions controlled or careful • Wants facts or details • Serious gaze/minimal gestures • Limited facial expression • Little sharing of feelings, personal information or storytelling • Shares information about task TASK DIRECTED • Uses voice to emphasize ideas • Loud, clear and direct • Quick or fast-paced • Makes statements more often than asks questions • Tends to lean forward TELL DIRECTED • Seldom uses voice to emphasize • Quiet and indirect • Deliberate, studied or slow-paced • Asks questions more often than makes statements • Tends to lean backward ASK DIRECTED • Relaxed posture • Wants acknowledgement /support • Friendly gaze/varied gestures • Animated facial expressions • Shares feelings, tells stories, reveals personal information • Limited discussion of facts • Focused on relationship issues PEOPLE DIRECTED vs vs 66
- 67. Pleasing Personality Your pleasing personalityis your greatest asset or liability It embraces everything you control, your mind, your body, and your soul Source: Getty Images 67
- 68. 20 Golden Rulesfor Getting Along with People 1 2 3 4 5 6 7 8 9 10 68
- 69. 20 Golden Rulesfor Getting Along with People 11 12 13 14 15 16 17 18 19 20 69
- 70. Designed & Developedby : Wong Yew Yip ~ Updated 1 August 2021 For the next 4 Ways, there are 100 Things you can do! 70
- 71.
- 72. Energize Your Life- 25 Tips 72
- 73. Energize Your Life- 25 Tips 73
- 74.
- 75.
- 76. Dream what youwant to dream Go where you want to go Be what you want to be Because you have only one life And one chance to do all the things You want to do Source: Getty Images Living in Retirement 76
- 77.
- 78. Life LongLearning is about a learning continuum and an ongoing acquisition of knowledge and skills throughout your life Life Long Learning is in preparation for, and in response to, the different roles, situations, and environments that you will encounter in the course of your lifetime In short, Life Long Learning is “Learning Forever” Life Long Learning Personal Development 78
- 79. Commit topursuing own learning and development needs Invest time, energy and resources required to develop own potential Always have a book to read when you have the time Develop a “To Learn List” Get more intellectual friends Learn in groups Teach others Unlearn assumptions Start a project Follow your intuition Life Long Learning Personal Development 79
- 80.
- 81. Just the closingof one door of happiness Retirement from Service is. . . Another door of happiness opens, but often we look so long at the closed door that we don't see the one which has been opened for us Next Career Move 81
- 82. Retirement will indeedno longer signal the end of working, but more so a career and lifestyle transition, where the retiree has multiple options Continuing to work (though perhaps at a different pace) Returning to classes for additional training/education Changing careers Venturing into entrepreneurship Becoming involved in volunteer work Simply enjoying leisure and travel possibilities Next Career Move In short, it's a mix of working, learning, relaxing, and trying new things 82
- 83. Use the MPSProcess Using MPS Process, ask yourself 3 crucial questions: The MPS Process was created by Harvard professor and best- selling author, Dr Tal Ben-Shahar, and was published in his book, "Happier.” What gives me PLEASURE? What gives me MEANING? What are my STRENGTHS? Source: Getty Images 83
- 84. Use the MPSProcess Here are the answers someone came up with: Meaning Pleasure Strengths Helping team members who are struggling with their work. Teaching others new skills. Working through difficult problems. Classical music. Running. Meeting new people. Reading. Being organized. Helping others. Solving problems. Being empathic. Staying calm in a crisis. Obviously, there are overlaps between helping team members, helping others, and being empathic. You can craft a role that combines all of these to find fulfilment 84
- 85. 1 What areyour skills? 2 What can you do? 3 What can't you do? 4 What fields would you like to work in? 5 What lifestyle do you want to have? 6 Do you want to work from home? 7 Do you want to travel as part of your career? 8 Do you want to work in a structured setting like an office? 9 Would you rather work for yourself? 10 What salary fits your needs? 11 How much money do you need to live now, and when you retire? 12 Can you take a pay cut? 13 If so, how much of a pay cut would you be willing to take? Choose a career you can enjoy, not just a new way to make money Discover Your Strengths and Weaknesses 85
- 86.
- 87. Prepare your Personal Retirement Planfor a healthy, secure and fulfilling life upon retirement YOUR BEST DAYS ARE AHEAD OF YOU!!! My Retirement Plan 87
- 88. Specific Attainable Measurable Enjoyable Use “SAME” Principle(instead of SMART) 88
- 89. Financial Planning 1.Create a budget 2. Organize your finance 3. Savings Plan 4. Improve your credit score 5. Financial emergency 6. Eliminate credit card debt 7. Early loan settlement 8. Retirement Planning 9. Investment 10. Insurance 11. Estate Planning 12. Education Action Plans - SELF 89
- 90. Financial Planning EXAMPLES 1. Savea certain sum for my retirement 2. Buy a bigger house 3. Settle all my loans 4. Save enough funds for my children’s education through university 5. Accumulate for my emergency fund 6. Choose a regular savings and investment plan 7. Purchase appropriate types & amounts of insurance coverage 8. Make a will and estate plan Action Plans - SELF Source: Alamy 90
- 91.
- 92. 1. Body MassIndex (BMI) level 2. Frequency of medical check-up 3. Key health readings - pressure, sugar, cholesterol 4. Stress level 5. Happiness level 6. Hours of exercise per week 7. Mental health exercises to boost thought process 8. Balanced diet - healthy eating habits & supplements Wellness Action Plans - SELF Source: Getty Images 92
- 93. Emotional intelligenceis the ability to manage our emotions and those of others Our emotions affect how we think and act Our emotions affect others In your personal life, your reaction to stressful situations might be to start shouting, cursing or getting angry Managing your Emotions Action Plans - SELF 93
- 94. These typesof behaviour could seriously harm your professional reputation, as well as your productivity The most common negative emotions experienced are: Frustration/irritation Worry/nervousness Anger/aggravation Dislike Disappointment/unhappiness Managing your Emotions Action Plans - SELF Source: shutterstock 94
- 95. 1. Love 2. Affection 3.Time 4. Happiness 5. Care 6. Appreciation 7. Family activities 8. Home 9. Food 10. Encouragement 11. Security 12. Safety 13. Car 14. Holidays 15. Rewards 16. Pocket money 1. Love 2. Affection 3. Time 4. Happiness 5. Care 6. Appreciation 7. Family activities 8. Trouble free 9. Cleanliness 10. Tastiness 11. Thrifty 12. Understanding 13. Trust 14. Loyal 15. Demanding 16. Independent me family FOR THE FAMILY FROM THE FAMILY Action Plans - FAMILY 95
- 96. Amount ofcontributions raised/made to charity No. of hours of voluntary/community service Help associations for people with disabilities Pints of blood donated No. of children adopted No. of students sponsored for further studies No. of traffic offences committed Teach life skills for free Recycling Pay tax promptly Register as an organ donor Social Action Plans - SOCIAL Source: Kevin J. Beaty/Denverite 96
- 97. Be theexpert - never stop perfecting your trade Set realistic, achievable career goals for yourself Learn through your mistakes and never allow the fear of making one hold you back Have an open mind and learn to embrace the corporate culture Maintain a positive attitude even in moments of stress - makes you appear confident and in control Career Action Plans - CAREER 97
- 98. Never giveup on a task - learn to readjust your approach when necessary Find a mentor to advise and counsel you Broaden your circle of influence and network of contacts Work smart Be passionate Career Action Plans - CAREER 98
- 99. 3 things youCAN'T do if you hope to have a happy and contented retirement 1. MAINTAIN A STATUS QUO Life-as-usual mindset. If you do not eliminate fear, uncertainty and doubt from your life... and replace it with a true "Ageless Explorer" mindset, there is no possible way to have a happy and contented life. Believe that you can and you will. Simply take the actions winners take. 2. WISH AND WAIT FOR THINGS TO CHANGE It's not that times are changing. It's that times have already changed. If you do not find a way to grow in this brutal environment... any hope for success will die on the vine with you. The key is to embrace this change and grow with the flow. 3. GO IT ALONE If you attempt to achieve your hopes and dreams on your own, you could loose all hope and find yourself in the self-fulfilling prophecy of turning GLOOM into DOOM. You need your family, close relatives and close friend to help and guide you along. 3 Things You Can’t Do 99
- 100. Why doI exist? How can I make a difference? How can I be remembered? How can I add value to the lives of others? What legacy I leave behind? How do I want to live? What is most important to me? What is my deep driving desire? My Life’s Purpose Source: Getty Images 100
- 101.
- 102.