My professional colleague, Scott Armstrong, is the creator of the Mind Switch program, a highly successful approach that has helped thousands of individuals transition from their careers, in strength, to create a next phase of their lives that is as uniquely compelling as they are – by reinventing what retirement can be. I am thrilled that he agreed to be my guest blogger today. In this post, he makes the case for why retirement planning should be more than just about the numbers.
Helping your people fully prepare for retirement
Transitioning to retirement, or work-optional life, is arguably one of the most impactful events in a life, and yet so little preparation is done by the individual, and by many employers. Yes, annual financial workshops are often held to discuss TFSA’s, RSP’s, pensions, benefits – and the list goes on. All very important topics for sure, but something is missing. The several key foundations to build upon what should be another two or three decades of vibrant and purposeful life are notably absent.
Counter-intuitively, the work many crave to see only in the rear-view mirror actually provides essential elements to keep them vital; elements such as purpose, structure, mental growth and social connections. Left without these key elements in their daily lives, most retirees’ mindsets stall within a few months of leaving work. Recent UK studies have identified significant mental and physical deterioration in as little as two years.
You have likely helped prepare your valued team members financially for their retirement. But, wealth without health, purpose and connectivity only provides a portion of what each retiree needs. As leaders in your companies, it is easy to expand your retirement preparation programs to include resources to help your people create pathways for after they leave your employment. Pathways to help them develop intentional aspirations, and set goals that will keep them learning, physically active and socially connected. Beyond taking up a new hobby, many successful retirees look to further their education, start a life-style business, mentor others, or explore part-time opportunities and volunteer work.
What is the return on investment?
So, what is your ROI in investing to help your staff successfully cross their bridge into retirement?
- When people are engaged in creating an exciting future path, they remain more vital, including while they are still working
- Such programs show your team that you really support them, no matter what stage they are at, and can be used as an employee retention tool
- Keeping your retired team more vital and healthier has been shown to reduce long-term medical costs
- Many below-average performers stay longer than desired because they are fearful of the unknown. This helps move them along.
Retirement can be one of the most beneficial or damaging events in a person’s life. We only need to look around at the people we know to see examples of both. As a leader, you can help significantly increase the odds your people will fully cash in their winning lottery ticket – that is an exciting and vital retirement.
You can learn more about Scott and Mind Switch at his website: www.MindSwitch.ca.