Last week I was sitting with a client that had just received a “Golden Parachute” from his company. I have known him for several years. To me he is more than a client, he is my friend. Over the years we sat and discussed budgets and what would be like when he did retire. But, like most things it’s all just abstract until the time is just right. His original plan was a June retirement, but his company made his choices easier by offering an early retirement package or as we call it (Golden Parachute). He told me about the myriad of thoughts that he had gone through making his decision.
He told me that the uncertainty of his future and what would his life be like because he would no longer have to be on a “working schedule”. The unease that he felt just not working anymore after 30 plus years of doing his job. He also asked himself what he was going to do in the next part of his life. I’m sure he was thinking do I have enough money to live on. Will it last me the rest of my life?
He then told me that when he went in to sign his paperwork that it felt like a huge weight was lifted off his shoulders. Although for the first few days, it was weird getting out of bed and not getting ready for the workday. I asked him what his plans were now, and he told me that he was going to wait a year and then decide. I thought that was a great idea. Mentally I kicked myself for not giving him that advice.
After he left, I thought about him and the way he made his decisions. I saw how relaxed he looked and at peace he was with his new life. But he also has many other things going for him in the years to come. He is a very talented wood worker; he makes these great figurines from wood. Their faces have so much character. He also loves to play golf. (I should know because he always takes my money on the beer hole.) He has good friends in his life. But most important, he has a fantastic wife that is also his best friend.
I feel that because of the planning that we had done together over the years, the money part of this scenario is a very small worry and he is more than ready to have a great retirement and enjoy his life.