The importance of agility when it comes to your RetiremeantTM Plan
Covid has taught us many things, both personally and professionally. It has taught us how to be adaptable, it has taught us how to be flexible, and it has taught us how to be agile. According to the Oxford dictionary, the word agile means the ability to move quickly and easily and the ability to think in an intelligent way. At Chartered we swiftly learnt what it meant to be agile when we went into Lockdown, as we had to set up all our staff to work from home while enabling them to still do their jobs effectively. Our clients also had to be agile when it came to having meetings and attending events over Zoom. But, this agility has had to extend to other areas of the business as well.
Each year we meet with all of our clients to review their RetiremeantTM Plan. This is so we can make sure that their plan is still serving their lifestyle. This process requires adaptability and agility so that we can grow through the change. Covid, however, has required us to be more agile than ever before.
Take the example of the doctor who is a specialist. Covid has had a huge financial impact on his practice. He thought that the only solution was to close his practice, a thought that was extremely devastating to him, as he derives so much pleasure and purpose from his work. Closing his practice wasn’t the ideal solution, so instead his RetiremeantTM Plan was adapted, and he cut his costs of running the practice to the bare minimum. Personally, he made the decision to spend more time with his wife instead of focussing all his energy on the negatives, and stressing and discussing with everyone about how bad business is. Instead, he decided to see this period as a sabbatical, and use the time to upskill, learning new skills that may keep him more future fit. He also decided to implement a daily gratitude practice. Currently his plan has a year of no earnings, but will start again when things improve and when more people go back to seeing specialists. Yes, he may need to work a bit longer in order to prepare for his retirement adequately, but isn’t this a better alternative than experiencing so much stress that your health gets impacted?
Next was the client, who was retrenched at 60, a result of Covid. He was spending all his energy sending out his CV in the hope of finding a job. After a discussion with him, he realised that with his specialised skills, he could be involved in numerous projects at once, and have multiple income streams. The focus shifted from having a permanent, full-time job until his official retirement in three years, to planning on working for another ten years. By doing this, it would take the pressure off of having to earn a lot in a very short period. While he potentially may earn less in the short -term, the flexibility would make his work more like a “playcheque.”
It is easy to get despondent during this time, and it is difficult to think out of the box when you are faced with a crisis. Remember that we are here to assist you, so please reach out to us if your RetiremeantTM Plan needs adjusting.