The work is almost done. You've accumulated a nest egg that will assure the retirement lifestyle you planned for. The golf course beckons, as does that year-long world cruise. You're happy...right?
We need to address a disturbing trend - traditional retirement often fosters decay and depression. Human beings are goal oriented. Self-worth and identity are crafted through those future plans, which bring clarity and focus to our daily lives.
In his book, Man's Search for Meaning, Viktor Frankl describes the difference in both mental states and physical longevity amongst concentration camp prisoners during the Second World War. Those who regularly verbalized hopes and positive scenarios were physically hardier and displayed lower levels of depression. Retirees who dedicate themselves to charitable pursuits live more fulfilled lives.
One of the privileges of financial success is the ability to leverage your time and talent to make a difference in the lives of others.
The common questions we should be addressing are:
1. How many years do you think you have left? You can't help others unless you keep physically and mentally fit.
2. What have you done to financially insure those years? That way, if you run out of contributing years before you have fulfilled your vision, your work will not perish when you do.
3. What lessons have you learned from the role models and mentors who shaped your own character and subsequent success in life? Duplicate their efforts in making a mark in the world?
4. Make a commitment to make a daily difference rather than a massive difference. It brings clarity.
5. What charity or cause do you admire the most? How can your experience and social network help secure their work for generations to come?
6. What do you feel is the greatest good that can come from your own wealth? Work this into your retirement and estate plan.
7. What's your legacy? What will you have "gotten done" at a local level through your volunteerism or financial influence?
8. What plans have you made to pass along your wisdom? Which community leadership group could use you on their board or in their executive activities?
9. What treasured experience would you give to lift the spirits of someone in need?
10. What number do you have in mind to leave behind in your estate? Have you consulted the appropriate specialists to secure that number through tax-efficient structures?
There is a lot we can all do, regardless of our financial means. Who we are in the present is determined by the difference we hope to make in the future.
Richard Vetter, BA, CFP, CLU, ChFC, is a certified financial planner and owner of WealthSmart Financial Group.
