New Horizons Retirement Readiness
Retirement planning is an exciting task, although we understand it can be intimidating for some. The many opportunities and options for a great future can be overwhelming. It is important to take the time to make the best plans and decisions possible for one’s happiness and well-being. It’s for this reason KerberRose Human Resources’ New Horizons Retirement program always begins with a comprehensive assessment – producing a Retirement Success Profile™, developed by Richard P. Johnson, Ph.D., which identifies an individual’s preparedness for every facet of retirement. This profile helps individuals and their Certified Retirement Coaches focus on strengths, as well as areas where they are least prepared by measuring an individual’s retirement readiness across 15 different functional areas.
Mapping Your Path to Retirement
Why is this assessment the cornerstone of our retirement planning coaching? Using this assessment allows our program participants to:
Gain immediate access to personal, practical, and relevant information; something often missing in a generic retirement planning course.
Evaluate their skills, values, interests, strengths, and other parameters important to them in their life and work. This process can create a new sense of self-esteem.
Ask the right questions – questions to foster an individual’s deeper understanding of who they are and what makes them happy. This also helps individuals to recognize and honor how a spouse or partner might find happiness in a different way.
Begin to envision the future by stepping back from busy, day-to-day activities and look at who they are today and who they would like to become in retirement.
Work from a truly objective third-party viewpoint, allowing our coaches to work more effectively with participant from the outset.
Understand how individuals react and behave in certain situations, and how unhealthy behaviors might derail success.
Pinpoint and brainstorm options for a ‘new retirement’ and/or field when considering their transition into retirement, while providing organization of the factors impacting participants’ current life direction.
How Organizations Benefit from Employee Retirement Planning
We are in the midst of a major demographic career shift. Baby Boomers are retiring earlier than any previous generation with the average first age of retirement at 57 and the average second age of retirement at 64. Every day, 10,000 Baby Boomers retire and exit the workforce. With looming retirement turnover, organizations are concerned about maintaining the high quality of talent they have relied on for decades. They recognized the threat of a “brain drain,” the loss of tacit knowledge which organizations worked so hard to cultivate. Many organizations are facing 35-40% of their workforce retiring in the next seven to10 years and are seeking ways to: support their valued employees as they prepare for retirement, limit the loss of knowledge, and implement succession plans filling potential vacancies.
Because 47% of males and 35% of females between 62-64 years of age are still looking to work in at least a part time capacity, boomers are open to flexibility in work options which would allow them to ‘scale back’ slowly into retirement. With such a high level of employee retention, organizations not considering creative solutions to this purge are facing retirement losses across all levels of the organization. Most have done a wonderful job in preparing their employees well financially by offering 401(k)s and financial education, allowing for earlier retirements. However, truly strategic and visionary organizations are looking for ways to partner with their employees and provide coaching to help ease the transition into retirement on all fronts.
Through the implementation of the New Horizon Retirement program, employees are better equipped to evaluate and plan for life after retirement. It also provides management and human resources advanced notice as to which employees are leaving the workforce, thereby allowing for proactive succession planning in high priority roles; mentoring and leadership development opportunities; creative scheduling in production areas; and open communication across all levels in an organization.
For more information about our New Horizons Retirement program, reach out to a KerberRose Trusted Advisor and let us help you and your employees plan for a new retirement.