Retirement readiness port feb2018

2/28/2018 WWW.ABOVEORBEYONFJM.COM 1
Rethinking
Retirement
DR. LEAHCIM SEMAJ
ABOVEORBEYONDJM.COM

Dr. Leahcim Semaj
Dr. Sandra Palmer
28/02/2018 WWW.ABOVEORBEYONDJM.COM 3

Re-Thinking Retirement
The Origin of Retirement
(it was no intended to work)
THE AGINGPARADOX Today
Jamaica elderly dependency ratio
The Play-Offs Begin at 60
Retirement is a Challenge that can be met
The pension is not enough
Coping with Old Age in Jamaica
The Psychology of Ageing
Stages of Adult Development
Stage 6. Early Adulthood: Identity vs. Role Confusion
Stage 7. Middle Age: Generativity vs. Stagnation
Stage 8. Old Age: Integrity vs. Despair
Wellness: The Best Preparation for Retirement
Retirement is Like The Play-Offs - The Final Series of
Games
New Path to Affluence in Jamaica - The tried and the
proven
What Retirement Was?
What is Retirement TODAY

Re-Thinking Retirement
What will you do with the extra 5840 hours
each year after you retire

The Critical
Questions
What’s Your
Perception of Age?
How Do You
Experience
Change?
How is Your Family
/Social Support
Network?
Living Your
Passion? Living
Your Purpose?
Working Hard? /
Playing Harder?
Living Healthy?
(physical,
emotional and
spiritual)
Are You Financially
Comfortable?
Encore Career(s)
Identified?

WHAT STAGE ARE YOU?
Stage 1: NEEDS MAXIMUM ASSISTANCE IN PREPERATION - Now is a good time to start planning for
your future. There are actions you can take right now that will help you position yourself for a
more successful “rest of your life”.
Stage 2: NEEDS SOME ASSISTANCE IN PREPERATION - While you have done some planning
regarding your future you might want to focus on the categories where your scores were the
highest and develop a plan to lower those scores where possible.
Stage 3: NEEDS MINIMUMASSISTANCE IN PREPERATION - You have thought about your future
and are doing what you can to ensure you are successful.
LET’S TAKE YOU TO THE NEXT STAGE

Workgroups & Discussion
HOW WE PLAN TO PROCEED

Chapter #1

The Origin of Retirement
German Chancellor Otto von Bismarck
◦(in office from 1871 to 1890)
introduced Germany’s first social security
system in 1889
◦the world’s first old-age social security program
◦Initially set at age 70
◦Lowered to 65 in 1916
◦ https://www.ssa.gov/history/ottob.html

This
meant
that
A German employee would
work his entire life and near
the end would enjoy a
relatively brief "sunset of life,"
financed by the solidarity of
all workers

THE ORIGIN OF RETIREMENT
1891 by Bismark
Then life expectancy was 45 years
By the same rule, today's retirement
should be at 95 years

THE AGING PARADOX
1900 4% OVER AGE 65
TODAY 13% OVER 65
TODAY 4.5 WORKING TO PAY EVERY PENSIONER
IN 2030 1.7
Jamaica elderly dependency ratio: 13.6 (2016)

THE AGING PARADOX
Worldwide ratio of
workers between
ages 15 and 64
to retirees over age 65
◦2000 - 9:1
◦2050 - 4:1

The USA
Today
73,000 persons over 100 years old
Fastest growing age group
Tripled in the last 20 years
That number is up 44% from 2000, when
there were only 50,281 centenarians.
(Jan 22, 2016)

It's Time to Say It: Retirement Is Dead.
The tired old notion of retiring is absolutely
the wrong way to think about the most
important part of your life.
By Thomas Koulopoulos
FOUNDER, DELPHI GROUP@TKSPEAKS
HTTPS://WWW.INC.COM/THOMAS -KOULOPOULOS/ITS -TIME-TO-SAY-IT-RETIREMENT-IS-
DEAD-THIS-IS-WHAT-WILL-TAKE-ITS-PLACE.HTML

2/28/2018 www.AboveorBeyonfJM.com 17
When it to comes to the topic
of retirement,
The old rules no longer apply.

USA: Then
and Now
In 1935, when
the Social Security act
was passed, the age of
retirement was set at
65.
Then the average life
expectancy was 61!
Today, average life
expectancy is just
under 80 years.
Thats how outdated
the views and
mechanisms for
retirement are.

Now and
Tomorrow
The percentage of the workforce
representing workers over 65 has doubled
since 1992.
That trend is expected to continue unabated.
If you plot the increase in life expectancy along with the
increase in work-life expectancy (that's the average age at
which people stop working), the two actually merge in
2100.
If the work-life trend line continues on its
trajectory after 2100, we'll all be working
after we're dead.

Advances in
Longevity
are making supporting
retirement for another 20
to 30 years impossible for
90% of all workers.
We are heading for an
economic disaster by
ignoring the implications
of increased life and
work-life expectancy.

The Numbers are startling:
In the US, 34% of workers have
no savings whatsoever;
another 35% have less than
$1,000;
of the remaining 31%, less than
half have more than $10,000.
Among older workers between
50 and 55, the median savings is
$8,000.
The Singapore-based EconomyWatch.com
website indicates that Jamaica’s Gross
National Savings, as a percentage of its
Gross Domestic Product (GDP) in the year
2013 was 15.9%. For Trinidad and Tobago
the figure was 24.7%, while for China it
was 47.1%.
http://www.jamaicaobserver.com/news/Ja
maica-among-countries-with-lowest-
savings-rate-worldwide----report

In Contrast
Experts say you should have
8 times your preretirement
annual salary saved
◦in order to retire by 65 and
continue a reasonable quality
of life,
◦commensurate with what you
have become accustomed to.

The Retirement Myth
The truth is that we are doing an
enormous disservice to society
by setting retirement as an end
goal to a long career.
Advances in longevity are making
supporting retirement for another
20 to 30 years impossible for 90%
of all workers.
◦ (US Social Security only pays from an average of
just over $1,300 per month to a max of just over
$2,600 per month).

Reality or Con?
Paid media ads that talk
about retirement planning
seem to be everywhere,
The reality is that very few
people are actually
benefiting from retirement
savings or planning.

/
Research on Aging & Retirement
Research conducted on 2,956 people who were part of
the Healthy Retirement Study...
•Healthy retirees who worked a year longer
(over the age of 65) had an 11% lower all-
cause mortality risk.
Even the unhealthy group reduced their likelihood of dying
by 9% if they delayed retirement.

Retirement and Health
There is growing evidence that working
longer, especially at something you love
to do,
◦ contributes to a sense of well-being and
purpose that may increase longevity and
certainly the quality of your life.

The good new
in all of this?
TIME FOR A WAKE-UP CALL TO
CHANGE THE WAY WE LOOK AT
RETIREMENT.

Your Third Act
Every financial institution's white
paper, study, or promotional piece
about retirement planning is missing
one critical thing:
◦any mention of continuing to work!

We need to
wake up.
Rather than perpetuate the
mythology of work as
penance and retirement as a
time to be liberated from it,
what if you replaced the
concept of retirement with
that of a third act in which you
can continue to create value
and receive value for those
things that you truly love to
do,
while you also establish a
balance with other personally
fulfilling activities you may
want to do more of?

Work vs. Retirement?
Why are we stuck on the zero-sum proposition of
work is bad and retirement is good?
The answer is absurd, and it's at the core of every failed strategy to paint
the future with the same worn-out brush we used to paint the past.
We desperately need to innovate the notion of retirement to catch up
with the rest of the world.

Planning for a third act
Something that everyone should seriously
consider, whatever his or her economic
situation,
◦ (entrepreneurs have that luxury in a way few
people do).
Time to build a business and a brand.
You are the ultimate authority on where and how to
invest your time and energy.
In the same way that you would invest in a new
product or service, why not invest regularly in
preparing for your third act?

When to Start?
Start doing it any which
way you can and as
soon as possible.
It takes as long to build
a successful third act as
it does a successful
business, about 5 to 10
years.
However, I've yet to find
anyone who cannot pull
it off with a sincere and
committed effort.
You likely have a good
30 to 50 years for your
third act--perhaps even
more!
So, isn't that worth a 5-
year investment of
time?

Your Third Act
will not only create an ongoing revenue stream,
which you can modulate up or down as needed
for the rest of your life,
it will also allow you to use the knowledge,
wisdom, connections, and perspective that you've
gained over a lifetime in a meaningful way.

The bottom
line is that
the old rules were built for an
economy and a society in which
retirement was seen as a release from
bondage
• the liberating act from a lifetime of work.
They were built for time when most
work was manual and labor
intensive,
• when brains were less valuable than brawn.

The New Rules
are for a world in which
knowledge is the universal
currency for creating value,
a world in which you can use
the experience of a lifetime
◦to create what may well be the
greatest experience of your life.

1. IS THE OLD RETIREMENT MODEL DEAD?
2. JUSTIFY YOUR ANSWER
3. WHAT IS THE MODEL YOU IDEALLY DESIRE?

Chapter #2

Jamaica's Latest Fad
‘Getting Old’
SENIOR CITIZENS
THE FASTEST-GROWING AGE COHORT

Jamaica
Has more than 1000 centenarians living among its
2.8-million-strong populace
Over 700 of them on the voters' list
Persons in the over-60 age cohort, especially those
above 80 years old,
◦ were the fastest-growing demographic
At age 60,
◦life expectancy is approximately 25 years
392/28/2018 WWW.ABOVEORBEYONFJM.COM

Retirement
10% of the population
◦approximately 280,000 persons
already at, or had exceeded the
official retirement age of 65 years

Retirement is a Challenge
A challenge that can be met
Even though for many of the retirees
◦The pension is not enough

The Cultural Factors
◦ The African Worldview (the past)
◦ Denial, Faith (The Lord will provide)
◦ Hand-to-mouth existence
◦ Children as pension
◦ Bad experience (with insurance agent)
Some Women
◦ Hotness is forever
◦ ‘Pu**y pension’, ‘hairy bank deposits’
Some Men
◦ Parasite, Predator

44
Mental and Emotional
changes during
adulthood are due
more to your individual
experience
◦than to ageing

45
Some achieve success
and satisfaction with
their career
Some hate their jobs

46
Some have a happy family life
Some never found that good man/woman

47
Life is what
we make it!

 Two Basic Needs
1. WORK
2. INTIMACY
2/28/2018 www.AboveorBeyondJM.com 49

 Stage 1 - Boy/Girl:
At this first stage your quest is to figure out
“how does the world work?”, “Where do I fit”?
We are the product of the socialization process
but not necessarily in a linear model

 Stage 2 - Male/Female:
 This is the adolescence years.
 Now you are largely defined by your external genitalia and
internal hormone secretions.
 The process of finding a partner begins.
 Many don’t get past this stage psychologically - resulting
in a fixation on sex and sexuality,
 at the expense of the rest of their life.

Stage 3 - Man/Woman:
You are now defined by your expression of
independence and interdependence.
You can sustain self and contribute to
collective survival of family, tribe, nation,
world.

CHILD
ADOLESCENT
ADULT
Boys and Girls
Males and Females
Men and Women
WORK
INTIMACY
PARENTING
53February 28, 2018

DEVELOPMENTAL STAGES:
Teenagers have 'girlfriend'.
Contraception failure result in 'babymother'.
Big man make commitment and have 'wife'.
Dr. Leahcim Semaj
ABOVEorBEYONDJM.COM

55
Stages of Adult Development
6. Early Adulthood: Identity vs. Role Confusion
7. Middle Age: Generativity vs. Stagnation
8. Old Age: Integrity vs. Despair

56
Stage 6. Intimacy Vs. Isolation
Early Adulthood: Friends, Partners
Favourable outcome
Love
Ability to commit
self to others
Unfavourable outcome
Avoidance of Commitments and Love
Distancing of self from others

Love

58
Stage 7. Generativity Vs Stagnation
Middle Adulthood: Spouse, Children
Favourable outcome
Care
Widening concern for what
has been generated by love,
necessity or accident
For your children, work, ideas
*Self-Indulgence
*Boredom
*Interpersonal
Impoverishment

59
Stage 8. Integrity Vs Despair
Favourable outcome
Wisdom
*Detached concern for life itself,
*Accepting what has been
*Assurance of the meaning of life
and one’s own life
*Acceptance that one will die
*Disgust with life
*Many regrets
*Despair over death

Wellness: The best Preparation for Retirement
An active process of becoming aware of and making choices toward a
healthy and fulfilling life.
"...a state of complete physical, mental, and social well-being,
◦and not merely the absence of disease or infirmity."
◦ - The WorldHealthOrganization

Definitions of Wellness
The pursuit of a healthy,
balanced lifestyle
for an optimal state of
health
Facilitating a healthier
workforce
and a higher quality of life
2/28/2018www.LTSemaj.com 62

PUT ON
YOUR
MASK
FIRST
2/28/2018 www.AboveorBeyondJM 63

If You Don’t Take care of
Your Body
Where are you going to live?

HOW DO YOU RATE YOUR SELF?
2/28/2018 www.AboveorBeyondJM 65

Gym Fees Cheaper

Wellness

AGE should not be a CAGE

1. HOW DID YOU PARENTS HANDLE AGING?
2. WHAT DID YOU LEARN FROM THEIR EXPERIENCES?

Chapter #3

Retirement is Like The
Play-Offs
The Final Series of Games
2/28/2018 www.AboveorBeyonfJM.com 71

THE REALITY
1. How are you going to live for the
next 30 years?
2. How are you going to cope with inflation?
3. Will anyone hire you after 60?
4. After 50?
5. You have no choice

6 Paths to Affluence in Jamaica
The Best & the
Brightest
The Tried & the
Proven
The Fittest &
the Fastest
The Dangerous
& Desperate
Health &
Wellness
The
Resurrection of
Ganganomics

6 Paths to Affluence in Jamaica
1. The best and the brightest – only way to get a job today
2. The tried and the proven – no more retirement
3. The fittest and the fastest in the world – our natural resource
4. The Dangerous and Desperate – Productive or destructive
5. The resurrection of ganganonics- Our green gold
6. Health & Wellness - Health, Agriculture & Education
 2/28/2018 WWW.ABOVEORBEYONFJM.COM 74

Path 2 to Affluence in Jamaica
The tried and the proven - no more retirement
http://www.aboveorbeyondjm.com/pag
e/services?q=content/tap-talent

What Retirement Was?
Our parents saw retirement as an abrupt transition
from a life dominated by work to one exclusively
focused on leisure activities.
For those of us approaching retirement today, needs
and requirements are vastly different than previous
generations.
We live and work longer and play more.

Retirement today
is a gradual process in which work, family,
volunteering, and play is blended to meet individual
needs.
Such a complex transition requires planning to
integrate all of the key components that constitute
a successful retirement.
If you make it to 60 years,
◦your life expectancy is now 85 years.

What are your plans
Do you have a plan to move from a full work
environment
◦to a mix of work, volunteer and/or leisure activities?
Are you ready to make some changes in your
approach to work?
What will you do with the extra 5840 hours each
year after you retire
◦when you’re not sleeping?

THE STAGES OF LIFE
1. 0 - 30 years
2. 30 - 60 years
3. 60 - 100 years
1. Learning
2. Employment
3. Self Employment

Baby boomers approaching retirement
are coming upon
possibly the biggest
change in their lives

Why?
With the permanence, stability and
perhaps boredom of the long work
week gone,
◦the possibilities are infinite

As with any major life change,
there are a lot of different options available,
◦from relaxing and enjoying your grandkids
◦to going back to school
◦or starting a new business

Which choice you make
depends on
◦your financial situation,
◦your interests
◦your willingness to take risks

As Before
"It's very much like when you graduated from high school or
college,
a few people knew exactly what they wanted to do, but the
majority have no idea,"
◦Nancy K. Schlossberg,
◦a professor emeritus at the University of Maryland
◦the author of
◦ Retire Smart, Retire Happy: Finding Your True Path in Life

Schlossberg divides baby boomers
into 6 main types
Some people may fit into more than one
category
over time,
◦people will likely shift from one type of
boomer to another

1. The Easy Glider
Takes each day as it comes
These are the boomers who just
bought a house near the beach
and are happy to relax there with their
spouse
◦take walks in the morning and cook
dinners together

The Easy Glider
They enjoy every day and have no interest in going back
to work.
Usually financially secure and do not have to worry
about long-term retirement costs.
VERY Few Jamaicans in this category

2. The Adventurer
makes daring changes with his or her life
They may have retired from one career,
◦then gone back to school and started
another career

The Adventurer
The longtime teacher
◦who becomes a massage
therapist is a good example,
or the accountant
◦who earns a culinary arts degree
and begins catering parties

Adventurers
may be motivated by financial needs
If they have not saved enough for
retirement,
◦they need to figure out another source of
income

3. The Continuer
continues to use existing skills,
interests and activities
◦but modifies them to fit retirement

The Math Professor
who retires from the
university but
continues to tutor
students in math

The Realtor
who sells her busy and
demanding practice
but continues to
occasionally list houses
for friends or relatives

A Continuer
could be someone who
worked as a preschool
teacher
◦who now cares for
young children

4. The Searcher
Tries out different careers or hobbies to find
something that will bring him or her happiness
Perhaps they've started making pottery through
a ceramics class
◦but then find themselves drawn to a class about
writing mystery novels

The Searcher
Maybe they're taking up
fishing again,
or some other activity they
haven't had time for in years

This searching
also occurs on a spiritual level
Retreats involving prayer, meditation
and a deepening of faith appeal to
searchers
◦who are reflecting on what they have
learned in their lives
◦and how they want to spend their
remaining years

Most boomers
will have a "searching" phase
during or after retirement

5. The Involved Spectator
cares deeply about the world
They love their family members,
◦feel connected to their faith and care about their
community
However, because of illness or other
circumstances,
◦they are not as involved as they used to be

The Involved Spectator
Someone who has been very
involved in her church for
many years,
but now can only manage
spending a few hours a week
helping on Sunday mornings

The Involved Spectator
Another is a grandfather
who was always very
involved with his
grandchildren's lives,
but who sees them less now
because of his health
concerns

6. The Retreater
is the only negative category of the six types
They are confused and upset about retirement
The change may have been traumatic for them
They miss their former coworkers and have not
been able to make new friends

The Retreater
Retreated to their home to watch TV,
withdrawing from friends and family
Although a person might be in the
"retreat" category for a while
◦he or she can also transition from this
into a more positive stage and become a
"searcher"

1. WHAT OPTIONS ATTRACT YOU?
2. WHY?

Chapter #4

2/28/2018www.AboveorBeyonfJM.com106
Retirement
Planning
WHAT’S YOUR PLAN?

What’s Your Plan?
Most of us spend more time planning for a 2 week
vacation
◦than we do in planning out our time for the next 20-30
years!
Having worked with individuals and families in transition,
we have found that
◦the following eight (8) areas all have a significant impact on
the success of “Retirement”.

After reading each sentence,
rate it from 1 – 5 based upon your agreement
with the following statements:
5 – strongly agree
4 – somewhat agree
3 – neither agree nor disagree
2 – somewhat disagree
1 – strongly disagree

Retirement Readiness Averages
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
(6) Health (physical,
emotional and spiritual)
(1) Perception of Age (5) Work / Play (8) Encore Career (3) Family / Social Support (4) Life Meaning, Passion
& Purpose
(2) How you Experience
Change
(7) Finances

(1) What’s Your Perception of Age?
IS AGE A CAGE?
ARE AGING OF SAGE-ING?
ARE YOU GETTING OLDER OR WISER?

(1) Perception of Age
_____I feel good about how old I am and what I look like.
_____For someone my age, I feel I have done well.
_____Age is a state of mind.
_____I live in the present and not the “good old’ days”.
_____I ask for senior discounts when applicable.

(2) How Do You Experience Change
“We did not come
to fear the future.
We came here to
shape it.”
- Barack Obama

(2) How you Experience Change
_____Retiring represents a new phase in my life and my ability to contribute in a
different way.
_____I can’t wait to retire so that I can fulfill all my dreams.
_____I can’t wait to be old enough so that I don’t have to impress anyone anymore.
_____I want to be in control of my schedule not my boss and others.
_____I am excited about the variety of opportunities that retirement brings.

(3) How is Your Family /Social Support Network?

(3) How is Your Family /Social Support Network?
_____I am glad that my children are all out on their own
and not dependent upon me.
_____My parents are elderly and have already structured
ways for them to take care of each other as
they get older.
_____I have a strong network of friends outside of work.
_____I am involved in a variety of outside activities.
_____I look forward to spending a lot of time with my family.

(4) Living Your Passion? Your Purpose?

(4) Life Meaning, Passion & Purpose
_____I spend a lot of time focusing on myself and/or
deeper meaning.
_____I know what my purpose is in life and I am ready to
pursue it.
_____I do volunteer work and feel I am doing something
important.
_____I am looking forward to writing my biography to
share with my kids and grand kids.
_____I am driven to achieve certain things in life that will
make a significant impact on others.

(5) Working Hard? / Playing Harder?

(5) Work / Play
_____I want to do some sort of work well into my
70’s and 80’s.
_____I have lots of outside activities and interests.
_____I am ready to do things differently …work
and play.
_____My life has been fairly balanced between
work and play.
_____I have lots of friends outside work.

(6) Living Healthy?
(physical, emotional and spiritual)

(6) Health (physical, emotional and
spiritual)
_____I have a good support network of family
and friends.
_____I exercise regularly and eat healthy foods.
_____My family history of longevity is high so I
should live a long time.
_____I have faith in a higher power.
_____I have a positive attitude.

(7) Financially Comfortable?

(7) Finances
_____I have an up to date will.
_____I believe I will have enough money to
retire comfortably.
_____I won’t need to work to pay for health
costs.
_____My finances are reviewed regularly to
ensure maximum returns.
_____I don’t have a lot of debt.

(8) Encore Career(s) Identified?

(8) Encore Career
____I am keeping up to date with the trends in my area of work.
____I am always willing to learn new skills.
____I have identified the skills that I have that will enable me to
earn as long as I am healthy.
____I have identified a business/ career that I will transition into.
____I have started making the plans for a business/ career that I
will transition into.

Scoring:
40 – 119: STAGE 1: NEEDS MAXIMUM ASSISTANCE IN PREPERATION – 29 (31%)
Now is a good time to start planning for your future. There are actions you can take right now
that will help you position yourself for a more successful “rest of your life”.
120 – 159: Stage 2: NEEDS SOME ASSISTANCE IN PREPERATION – 35 (37%)
While you have done some planning regarding your future you might want to focus on the
categories where your scores were the highest and develop a plan to lower those scores
where possible.
160 – 200: Stage 3: NEEDS MINIMUM ASSISTANCE IN PREPERATION – 31 (32%)
You have thought about your future and are doing what you can to ensure you are successful.

Retirement Preparation Distribution
DISTRIBUTION
STAGE 1: NEEDS MAXIMUM ASSISTANCE IN PREPERATION Stage 2: NEEDS SOME ASSISTANCE IN PREPERATION Stage 3: NEEDS MINIMUM ASSISTANCE IN PREPERATION

WHAT STAGE DO YOU NOW SEE YOURSELF IN?
Stage 1: NEEDS MAXIMUM ASSISTANCE IN PREPERATION
Stage 2: NEEDS SOME ASSISTANCE IN PREPERATION
Stage 3: NEEDS MINIMUM ASSISTANCE IN PREPERATION

Leahcim Semaj, Ph.D.
Chief Ideator & Resultant
The JobBank/ Above or Beyond
2/28/2018 133
Keep In Touch!
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Retirement readiness port feb2018

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