HRPAN - PowerPoint PPT Presentation

Title: HRPAN


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Welcome

• HRPAN

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Presented byAv LiebermanforThe Retirement
Education Centre Inc.

• Preparing Your Employees for the New Retirement

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Lifestyle Transition Planning

• Traditional retirement (does not exist anymore)
• The New Retirement
• Any new life structure or change
• semi-retirement
• new career
• new business
• volunteering

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Relationship Between Work and Retirement

• Retire to Something

Not from Something
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Develop a Game Plan
Individuals need life structure.
Alvin Toffler, The Third Wave

• 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.

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Understanding Lifes 3 Stages
Do what you want

Work Learn

Grow Learn
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The 5 Functions of Work

• Financial Stability
• Time Management
• Sense of Utility
• Socialization
• Status

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The Relationship Between Work and Life Motivators

• What makes me 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 dont you
  arent
• - Dr. Wayne Dyer

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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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Personal Goals Exercise

• Life Choices

Knowing Your Strengths and Transferable Skills

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Lifestyle Transition Planning

• Making Choices
• Planning for the Transition

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The New Retirement

• is a new beginning
• (Transition)

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AgendaTwo Questions

• What will I do?

Will I have enough?
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Lifestyle Transition Planning Question 1

• What will I do?

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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?
• Part time work, is it for me?
• How will my family be affected by my retirement?

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Letter to Yourself

• 10 Years from now,
• I will be...

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Lifestyle Transition Planning
The next 30 years of your life amounts to 262,800
hours of your time. How well do you want to live
it?
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Researchers Say...
A study of life satisfaction looked at twenty
different factors that might contribute to
happiness. Nineteen of these factors did matter,
and one did not. The one factor that did not
matter was financial status. Hong and
Giannakopoulos 1995
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Lifestyle Transition Planning

• The earlier you begin the planning process, the
  more life choices (options) you have!

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To Develop A Satisfying Retirement

• Develop a vision of the next stage of your life
• Develop the structure that will help you satisfy
  your needs and motivators
• Develop a game plan to help make the transition

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(No Transcript)
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Lifestyle Transition Planning Question 2
Will I have enough?
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Monthly Income Lifestyle I Want

• A pension plan
• not a retirement plan.
• intended to provide for
• basic necessities.
• Day-to-day expenses
• Corn Flakes

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Capital Lifestyle I Want

• Capital
• to Fund Special Life Events

• Childrens education and weddings travel
  cottage home renovations new car.

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Lifestyle I Want

• Special Life Events

• Monthly
• Income

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Day-to-Day Retirement Amount
Family Income 80,000 40,000 (Bill) 40,000
(Barb) Family Taxable Income 66,000 (line
260)

• Less
• Tax Payable (line 435) 16,000
• Mortgage (P. I.) 15,000
• Bank Loans Credit Cards 5,000
• Children Expenses 6,000
• Equals CORN FLAKES 24,000

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Learning about YourselfNew Career
Ideas/Volunteerism

• As a result of retiring what new career or job
  opportunities might you consider?
• Is part time work an option?
• What volunteer activities might you consider as
  an activity in retirement?

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Learning about YourselfWhere do I want to live?

• Where do you want to live when you retire?
• What is your preferred option?
• What is your least expensive option?
• Will this have a financial impact?
• If so, what is the estimate of the financial
  impact?

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Learning about Yourself Hobbies and Interests

• What types of hobbies and exercise activities may
  you get involved in or further consider in
  retirement?
• Will there be any financial impact?
• Do you plan to travel
• considerably more than you currently travel?
• to the same degree as you currently travel?
• less than you currently travel?
• Is there a financial impact?

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Learning about Yourself Special Life Events

• What special life events may have a financial
  impact?
• Childrens education/ wedding
• Travel
• New car

• Buy cottage/boat
• Buying first home
• Starting a business
• Home repairs
• Selling home

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Purpose of Lifestyle Transition Planning

• Financial
• Ability to support what you
• want to do

• Lifestyle
• Ability to do the things you want to
  do

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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.
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Employers Fiduciary Responsibility as a Pension
Plan Sponsor

• Why?
• Whats happening in the U.S.?
• Industry observers say it is only a matter of
  time.

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Employers Fiduciary Responsibility as a Pension
Plan Sponsor

• Education is the link
• between Information and Advice.
• Education
• Information
  Advice

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Capital Accumulation Plan Guidelines (CAP)

• Adherence is voluntary BUT
• Regulators/courts will likely use as a benchmark
  to judge the operation of your CAP

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Capital Accumulation Plan Guidelines (CAP)

• The guidelines are an invaluable tool for
  analyzing if your governance structure is
  sufficient or deficient.

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• THANK YOU
• It has been a pleasure