by Thomas Casey, Managing Principal
As Baby Boomers contemplate retirement there is the inevitable question being contemplated-“what do I do next”?
A recent CNBC segment referred to 2012 retirement planning as the “no huddle offense”. Essentially there is a need to accelerate not only the economic preparation for retirement: but also the determinants as to how one would spend their time.
Tammy Erickson’s books on Shifting Demographics forcefully remind us that traditional perspectives regarding retirement are outmoded. In point of fact Boomers are likely to remain active by engaging in multiple activities.
A recent Pulse Survey of over 2000 executives conducted by Discussion Partner Collaborative posed2 questions. “how far evolved are your retirement plans” and “how will you spend your retirement time”?
The overall answer on preparation was of concern as it indicated that while there had been some time spent “thinking” there was an absence of “planning”.
The top 4 answers on “time commitment” were as follows:
- Generate income through part time employment
- Spend time with the family
- Focus on physical well-being primarily by playing golf
- Seek Board opportunities
The focus while clear was not supported by disciplined thinking regarding the “how” other than playing sufficient “golf” in the pursuit of lowering ones handicap.
This was particularly true regarding affiliation as a Board member. The survey participants while clear on what they could offer as a Board member were less clear as to how to go about securing positions.
The good news is that Boards are valuing the talents of Boomers as an example the October 2011 edition of HBR suggests the rules are being broken in respect to the age of Board Members whereas in 1987 only 3% were age 60, now 30% are 64 or above indicative of both the shifting demographics and enterprise desire for the preservation of institutional memory.
However, for those whom have never been a Board member, it is not analogous to a Field of Dreams “if they know I am available they will come”!
Based upon our experience we would recommend for both NGO and/or Commercial Board opportunities the following steps:
- Proactive networking with all in your “Rolodex”
- Establishment of relationships with entities which match Board needs with aspirants capabilities
- Explore Social Networking sites on NGO’s with the “assumption” that a need exists for advisory support
- Play a lot of Golf while you are securing the opportunity!