Living Well: Exploding The Retirement Myth

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Living Well Exploding The Retirement Myth
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Next Chapter VISION!

• We will develop plans to support ourselves in a
  Next Chapter career of giving our gifts and
  skills to the church and community to live Gods
  dream for this world! Gods dream is that people
  will come into relationship with Him and that
  everyone will have enough!

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Purpose, Process and Benefit

• Purpose
• Generate new thinking for business owners and
  professionals about how we approach our Next
  Chapter.
• Process
• Presentation and discussion
• Benefit
• Experience a new freedom and excitement in Next
  Chapter PLANNING WITH A PURPOSE!

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Outline

• Take a snapshot of how the larger culture looks
  at retirement
• Consider how God might look at retirement
• Think about steps we can take to a purpose filled
  Next Chapter

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Snapshot of the Larger Culture
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Generational Groups

• GROUP BORN NUMBER
• Silent Generation 1925-1945 75 Million
• Baby Boomers 1946-1964 80 Million
• Generation X 1965-1980 46 Million
• Generation Y 1980-2002 76 Million
• Credit Employee Development Center

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Silent Generation 1925 - 1945

• Influences
• Great Depression, Roaring Twenties, World War
  III, G.I. Bill, Social Security, etc.
• Characteristics
• Patriotic, loyal, waste not/want not, faith in
  institutions, military influenced top-down
  management approach in the workplace.

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Silent Generation - Cont.

• Value logic and discipline
• Dont like change
• Want to build a legacy
• Key Word Loyal

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Baby Boomers 1946 - 1964

• Influences
• Suburbia, TV, Vietnam, Watergate, protests,
  human rights movement, drugs, rock n roll
• Characteristics
• Idealistic, competitive, question authority

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Baby Boomers Cont.

• Me Generation
• Money, title, recognition
• Want to build a stellar career
• Key Word Optimistic

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Gen X 1965 - 1980

• Influences
• Sesame Street, MTV, Game Boy, PC, divorce rate,
  latch-key children
• Characteristics
• Eclectic, resourceful, self-reliant, distrustful
  of institutions, highly adaptive to change and
  technology

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Gen X Cont.

• Possibly most misunderstood generation
• Need a balance between work and life-freedom
• Flexible and motivated
• Want to build a portable career
• Key Word Skepticism

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Gen Y/Millennials 1980 - 2002

• Influences
• Expanded technology, natural disasters,
  violence, gangs, diversity
• Characteristics
• Globally concerned, realistic, cyber literate,
  personal safety is number one concern

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Gen Y/Millennials Cont.

• Value diversity/change
• Been involved entire life with technology
• Want work to be meaningful
• Key Word Realistic

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Silent Generation Heard The Marketing of
Leisure
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• Sun City West, Arizona

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The Marketing of LeisureThe Story of Del Webb
and Sun City, AZ

• 1958, bypassed 80 of the housing market to build
  the first 55 retirement community in Sun City,
  AZ
• Emphasis on the leisure lifestyle.
• New Years, day, January 1, 1960, Open House for
  Sun City, AZ.
• 10,000 people expected for the weekend open house
• 100,000 showed up for the open house, largest
  traffic jam in Arizona history.

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Silent Generation Heard the Message of The
Marketing of Leisure!
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Silent Generation The Leisure Years

• Remember their cultural influences
• Social Security at its best
• Defined benefit plans
• Medicare
• Lived fairly conservatively for the most part and
  enjoyed considerable wealth accumulation
• Enjoyed the best health of any previous
  generation
• Some continue to work part-time
• Many do some volunteer work
• Charitably inclined to give to institutions

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Baby Boomer Cultural Messages About Retirement?
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• Optimism

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• But Concerned

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Baby Boomers Cultural Messages

• The ME generation
• Social Security?
• 401Ks, not pension plans
• Medical costs rising
• You will live forever
• Spend it before you earn it
• The Number!
• Active
• Generational warfare!

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Cultural Message of Fear

• 2006 local newspaper advertisement for a
  financial
• planning seminar led by a respected name in
• financial planning
• Title Im Dying As Fast As I Can
• Lingering parents, empty trust funds, and the
  growing tension between generations

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Del Webb Baby Boomer Report

• 2003 Survey
• Target Group
• Ages of 44 through 56
• Full time employed or seeking full time
  employment
• Average age of expected retirement was 63

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What Are Baby Boomers Doing About Planning for
Retirement?

• The Number
• 2,000,000 needed to retire!
• Risk here is planning paralysis
• Wealth transfer-how many TRILLION?
• Reality check 2001 avg. inheritance received
  was 48,000 (AARP Survey)

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What Are Baby Boomers Doing About Planning For
Retirement, cont.?

• 401K Participation EBRI 2003 Survey
• 25 aged 40-59 have 100,000
• 2/3 say they are confident of having a
  comfortable retirement
• Hewitt Associates Study 12/2003
• 1/3 of job changers aged 50-59 cashed out their
  401K rather than transfer to another plan

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Why Arent Baby Boomers Planning?

• Could it be that in the end the reason we dont
  plan is because we dont have anything meaningful
  to plan for?
• Lee Eisenberg, The Number, p.31

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Without a Purpose, were only motivated by reward
and punishment! (Jim Whitt)
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Tremendous OpportunitiesJust Do It!

• The Baby Boomer Generation
• Grew up in a culture with greater wealth on a per
  capita basis than almost any culture in history
• Will live longer than previous generations
• Healthier than previous generations
• Multitude of choices/opportunities for the Next
  Chapter
• In the 50 years, people move into a deeper focus
  on meaning and purpose in life

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Consider How God Might Look at This
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What Does The Bible Say About Retirement?

• I appeal to you therefore, brothers and sisters,
• by the mercies of God, to present your bodies
• as a living sacrifice, holy and acceptable to
• God, which is your spiritual worship. 2 Do not
• be conformed to this world, but be transformed
• by the renewing of your minds, so that you
• may discern what is the will of God--what is
• good and acceptable and perfect.
• Romans 12 1-2 NRSV

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Gods Dream For A Purpose Filled Next Chapter

• And God is able to provide you with every
  blessing
• in abundance, so that by always having enough of
• everything, you may share abundantly in every
• good work. II Corinthians 98
•   

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How Much Wealth Do We Enjoy?

• http//www.globalrichlist.com
• Website with an income comparison calculator to
• compare ones income to the rest of
• the world.

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Its Healthy To Be Involved!

• gerontologists are telling us that active
  engagement and strong social networks are the
  cornerstone of sustained health and well-being in
  later life.
• PrimeTime, Freedman p. 64

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Holistic Stewardship
Time
Relationships
Talent
Faith
Health
Money
Be therefore complete, as your Father in heaven
is complete. Matthew 5
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Steps We Can Take to A Purpose Filled Next Chapter
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Special Issues Business Owners and Professionals

• Strong Ego/Social Rewards with Career Role
• Career defines who I am, so who am I when Im
  not doing this anymore?
• Where do I find meaning in life?
• Relationships tied to work environment
• Need to build new network
• Travel and perks disappear
• Prestige and authority associated with the role
  diminish
• Authority and decision-making opportunities
  disappear

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Special Issues, Cont

• How does the transition happen?
• Business Owners - Is there a succession plan in
  place?
• How/Where will I contribute in the future?

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Next Chapter Transition Strategy Parallel Career
Business Owners Professionals Career Tracks
20 30 40 50 60 70 80 Age
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Next Chapter Planning Steps

• 1. Write down your values (Values Clarify
  Purpose)
• 2. Clarify your Mission and Passion
• 3. Explore Next Chapter volunteer opportunities
• 4. Develop Your Next Chapter plan
• 5. Implement and revise your plan

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Values Definition

• Values are a matter of what guides you through
• every day, every task, every encounter with
  another
• human being. Yet, we are often unaware of what
  our
• values are.
• What Color Is Your Parachute? Bolles p. 217

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Mission and Passion

• Mission
• task or responsibility that one is destined or
  fitted to do or specially called upon to
  undertake. Synonyms Calling and Vocation
• Passion
• What we are enthusiastic about! Our mission is
  aligned with our passion. (Network Assessment)
• What Color Is Your Parachute? Bolles, p. 337

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Explore Next Chapter Opportunities

• Check out organizations aligned with your mission
  and values
• Church organizations
• Business Groups MEDA!
• Community organizations
• Start something new
• PrimeTime examples
• Might be something completely different from what
  you are doing now.
• Explore these possibilities on a small basis

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Develop Your Next Chapter Plan

• Business Owners
• Develop a succession plan for the business
• Determine Funding Needed to Support Your Next
  Chapter Plan
• Work with a financial planner who understands
  this approach.
• ENOUGH Book

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The Funding Plan
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The Funding Plan - Continued
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How Do They Come Up With The Number?

• Numerous Variables
• How long you live
• Age of retirement
• Retirement fund rate of return
• Part time work
• Withdrawal rate
• Health issues Long Term Care Insurance
• House paid
• Lifestyle assume will live at current level

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Next Chapter VISION!

• We will develop plans to support ourselves in a
  Next Chapter career of giving our gifts and
  skills to the church and community to live Gods
  dream for this world! Gods dream is that people
  will come into relationship with Him and that
  everyone will have enough!

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Steps to Plan for Our Next Chapter

• 1. Write down your values
• 2. Clarify your Mission and Passion
• 3. Explore Next Chapter volunteer opportunities
• 4. Develop Your Next Chapter plan
• 5. Implement and revise your plan

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Hope without a plan is denialMother Teresa
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Life is not a problem to be solved, but a gift to
be lived!