Retirement Planning for Senior Executives

It’s not all about financial security!


Quite often retirement is viewed as a thirty-year long weekend. An opportunity to spend even more time travelling, on the golf course or at the cottage without the demands of work responsibilities. Unfortunately, that thinking has made the transition into retirement a difficult one for many executives.

If you are a senior executive who is contemplating your retirement plans, here are some things that you should consider:

The things that made you successful in your work career can help you take some of the stress out of your transition into retirement. Senior executives exercise control in the workplace and are used to creating plans and establishing goals. In addition, they are normally “self-starters” that make things happen rather than waiting for others. One of the keys to making a successful move into retirement is having a sense that you are in control of this new life—not much different than when you were working.
Don’t assume that prolonged leisure is your ideal retirement goal. In your career, your weekends and holidays have been a welcome break from the demands of your work. You can do the kind of things that you want, though if you are like a lot of successful people you may have had a hard time putting work away when you took your breaks. The good news about retirement is that you won’t likely have to think about work at all and can now really enjoy your leisure. The surprise for many, however, is prolonged leisure also demands a break. This may explain why so many former executives seek work replacements such as volunteering, consulting or joining a board to increase leisure enjoyment.
Another key to retirement success for senior executives is to find replacements for those things you liked about work. Your work provides you with some positive stressors that “get you going” and give you satisfaction. You may like what you do because it gives you status, a sense of utility, creativity or structure—when you retire, you will want to find new activities that will give you the same satisfaction. It is tough for many high performers to walk away completely from things that provided positive energy in the mistaken belief that they will become a ‘new person’ in retirement.
The nature of your relationship with your spouse or partner may undergo change now that you aren’t working. There will be a normal adjustment in your home life now that you aren’t going to the office every day. After all, you have normally been a weekend or evening visitor and now you are at home full time! This is worth a discussion with your spouse or partner and your family to find ways to ease the transition for everyone.


Here are some planning ideas that can make your transition into retirement as successful as your business career:

Create a clear vision of the kind of life that you want after you leave the workplace. Many senior executives are clear on what they are retiring from but not clear on what they are retiring to.
Focus your retirement plans on the key areas of your life that will make up your retirement picture. I recommend that you look at five different life areas that should have a plan in place and that many senior executives have not paid as much attention to while building their careers:
Your health which includes both your mental and physical health
Your work which is where you can find those replacements for the things you liked about work
Your relationships (including both family and friends) which may need to be nurtured or supported
Your leisure activities and hobbies which will add to your enjoyment in retirement
Your home and vacation properties, which should also include some thoughts about snowbird lifestyle, travel plans etc.
Put your retirement plans in motion as soon as possible and ready to go at a moment’s notice. Generally, the clearer your plans for retirement, the easier the transition will be. Executives who are in control of the timing of their retirement tend to do better than those who find retirement suddenly thrust on them unexpectedly. Given the reality of the workplace today, however, your move to this next phase of your life may not always be in your control. You can take some of the stress out of sudden retirement if you have both a financial and lifestyle plan ready to go.
Maintain a sense of “financial comfort” throughout your retirement. You want to ensure that you have a flexible financial plan in place that will enable you to:
Enjoy your lifestyle
Help your family
Plan for the unexpected
Create a legacy


Your retirement should not be a time to worry about your money. Your financial plan should focus on how you will generate tax-efficient income, growth and safety of your retirement nest egg.


At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.