President's Blog September 2017 - Does retirement seem like a lifetime away?

Does retirement seem like a lifetime away?

As a retired hotel general manager I didn’t just want to just ride into the sunset and “retire” in the true sense of the word, which is what others expected me to do. Instead, I wanted to do some good and give something back to the industry that was good to me, so I started the International Association of Hotel General Managers (IAHGM).

I believed that first and foremost the association should concentrate on providing a comprehensive benefits platform to support general managers through various situations where I faced challenges myself over the years. For example, healthcare, life insurance, income protection, and retirement savings planning are all key components of the value proposition.

If we’re lucky, we all reach our 60s one day. Like it or not, fight it as much as you like, but ageing is a fact. Yet our research shows that over 50% of GMs who reached retirement age were not well enough prepared and wished they had done a better job of planning for it. Because of this poor planning, their choices were limited when they did reach the big “R”.

As you mature your idea of retirement can change a lot compared to the one you envisioned when you were younger and if you don’t have any flexibility you can find yourself suddenly restricted.

Some major questions that need to be asked when you’re young and planning for retirement include:

Where am I going to live (with family or otherwise)?

What if we change our minds when we reach that age? Does my planning allow me that flexibility?

Will my healthcare system cover my needs when I am over 60 and my requirements increase with age?

Have I saved enough money to live the lifestyle I want to live, wherever I choose to live it?

Do I still want to have a revenue stream?

Am I giving this aspect of my life the attention it truly deserves?

Just think, at 60 you can live for another 20 years or more but you can’t get another job. Rarely do companies employ anyone over 60. Cruel isn’t it, all that experience going to waste!

And retirement isn’t the only career curveball you might face. I thoroughly recommend watching the film “The Company Men” with Ben Affleck, Kevin Costner and Tommy Lee Jones, about how the three men struggle when they’re faced with company downsizing. All different ages and with different family situations, it shows what can happen to us all when life takes an unexpected turn.

IAHGM can help you prepare for all of these situations during your career as well as after, and our benefit plans (provided by a range of leading international providers) can be tailored to your needs. We also give retired GMs the opportunity to become a consultant for the association and help younger colleagues succeed in their careers.

Believe me, your future deserves the right attention so take a look at our member benefits and see how we can help.