Getting ready to reinvent planning your future
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A workshop for those seeking a second career, making a career change, wanting to achieve their dream, or just looking to reinvent after retirement. Good for individuals or groups.
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Getting ready to reinvent planning your future
- 2. WHAT IS REINVENTION? • To invent again…to remake or make over as in a different form • For you – it could be a second or encore career, a complete change in your lifestyle, whatever your dream – plan for it
- 3. WHAT IS RETIREMENT? Retirement is wonderful If you have 2 essentials: Much to live for; and Much to live on Anonymous
- 4. WORKSHOP OBJECTIVES By the end of this workshop, you will be able to: • Utilize a reinvention process and tools to develop a plan to reinvent yourself • Evaluate your financial needs and resources, including future sources of income Plus, you will have made • New connections to support you in your reinvention and/or retirement plans
- 5. WHAT’S ON THE HORIZON? • Traditional ‘work to age 65 and then retire’ plan is disappearing • People want the 3 C’s in retirement • Choice • Control • Continuity • Demographic changes and challenges • Impact of the internet and e-commerce on the world of work and opportunities • Business owners are planning to sell or retire their company within the next 5 - 10 years
- 6. YOUR REINVENTION STYLE EXPLORER • People-oriented • Enthusiastic • Animated, outgoing, spontaneous • Think outside the box INITIATOR • Task-oriented • Fast-paced, direct • Hard working, ambitious • Decision makers • Take charge STABILIZER • Task-oriented • Indirect, slower pace • Analytical, detail-oriented • Prefer predictability • Problem solvers ADJUSTER • People-oriented • Easy going, indirect • Friendly & cooperative • Value relationships • Excellent listeners
- 7. HOW WE SPEND OUR TIME Work Leisure NEXT STEP Work Leisure TODAY FUTURE Work Leisure
- 8. LIFESTYLE PLANNING PROCESS 1. Conduct a Self-assessment 2. Answer the Big 4 questions 3. Assess your options and set your goals - FINANCIAL PLANNING - 4. Determine when to transition 5. Revisit and revise your plans
- 9. FINANCIAL PLANNING PROCESS The average 60 year old man will live another 27.3 years. The average 60 year old woman will live another 29.4 years. That means you need to plan your finances to age 90.
- 10. FINANCIAL PLANNING PROCESS • Where does your money go now? • How much money will be enough? • What sources of income will you have?
- 11. HIERARCHY OF FINANCIAL NEEDS DREAM GIFT FREEDOM SAFETY SURVIVAL M. Anthony, The New Retirementality
- 12. RESOURCES Service Canada • CPP • OAS Canada Revenue Agency • RRIF Government of Canada • Old Age Security
- 13. MANAGING YOUR FINANCES How will you fill any shortfall? • Increase savings • Delay or adjust your reinvention plans • Increase investment risk • Reduce expenses • Any other ideas?
- 14. MANAGING YOUR RISK How can you eliminate or reduce risk? • Death • Longevity • Disability • Health issues and costs • Investment performance fluctuations The goal of risk management is to reduce the impact of financial loss.
- 15. LIFESTYLE PLANNING PROCESS 1. Conduct a Self-assessment 2. Answer the Big 4 questions 3. Assess your options and set your goals - FINANCIAL PLANNING - 4. Determine when to transition 5. Revisit and revise your plans
- 16. WHEN TO TRANSITION In making the decision on WHEN to move to the next stage of your life, it is best if you reinvent when the Pull Factors are greater than the Push Factors. Why? Because then you are looking forward to the next stage of your life (being pulled toward reinvention) as opposed to going ‘from the frying pan into the fire’ (being pushed into reinvention).
- 17. REVISIT YOUR PLANS •You will not be doing the same things throughout the entire next stage of your life. •As long as your reinvention plans continue to satisfy your needs, skills, interests, and likes, you do not have to make adjustments. •However, if/when your plans do not satisfy your needs, skills, interests, and likes, and/or your circumstances change, you may have to change course. •Repeat this process of self-assessment and assessing your options as often as required.
- 18. COUNTDOWN TO REINVENTION • What are they doing now? • Know your transition style • Complete your plan
Editor's Notes
- FAYE LARGE GROUP DISCUSSION 8:30 – 9:45 (75 minutes over next 2 slides) How do we spend our time currently? Today – most of us probably spend more time at work and less at leisure Our Next step – will be to try to balance the time we spend at work with the time we spend on leisure Future – more time on leisure, less time on work Over the next phase of our lives, we will likely see the percentage of time we spend in work versus leisure change. For some of us, that change may be less than others however we can expect that over time, the work and leisure aspects of your life will likely merge into one. As you can see, the change is typically less of an on/off switch and more like an hourglass in which the amount of work and leisure will flow and change over time. The key to reinvention happiness is finding alternate activities to satisfy needs previously met by work.