Retirement Planning For Brothers

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As an executive, you won’t be working forever.

You need to begin your retirement planning while you’re still working.

So when you retire, are you going to play golf, spend more time with your family, and travel to all those destinations that you enjoyed going to when you were working, or are you putting it off until retirement to visit?

Are you going to focus on your health and spirituality? Are you going to sit on paid board roles and volunteer boards in order to stay active and make an impact on those coming up behind you while still making some good money, or are you simply going to positively impact the lives of others?

Whatever it is, you don’t want to be the brother that retires and dies two years later because your entire identity was wrapped up in your work, and now that that’s gone, you don’t have a reason to live.

It’s called retirement planning; we’re talking more from a social angle than a financial one.

Now, of course, you need to take the time now, whether you’re 40, 45, 50, 55, or 60, to make sure that you are earning more than $400,000 a year in order to truly have the financial abundance needed to retire in a healthy way here in the United States of America.

As you know, retirement is not a game; it’s when many times the real health complications kick in and much of your nest egg goes toward home care, special treatments, cancer treatments, different infirmities, and the rest.

It gets quite expensive in retirement, especially if you don’t have a portfolio that’s generating quite a bit of passive income or if you don’t have quite a few assets that you can sell. You might find yourself with a fairly limited income compared to what you were used to in your working years.

This is a reason why if you're not bringing in a healthy total compensation package and connecting that to your investments, right now you’re making a huge mistake, and you should be staying up late nights, worried as hell, trying to figure this out.

Let me be the one to tell you, as no one else has, that it’s not OK, it’s not all right, it’s not going to work itself out, and it’s not going to go away because you stop thinking about it in terms of your financial retirement.

With that out of the way, this newsletter is about what you’re going to do with your time when you retire.

I want you to start planning for that now. Why is that? You might need to make certain connections in order for that lifestyle to make sense when you actually retire.

You may need to make some of those changes now in order for your identity to grow into the roles that you take on once you retire. As a Black man, the country clubs don’t exist the way they exist in the white community for you to buy a membership and jump into; these are things that you have to actively create.

Now you can go and join white country clubs, and if you feel comfortable doing that, I would recommend that you do so due to the amount of access to investments and other opportunities that will likely come your way. You know that over here we’re fans of having a Black and white network, and we know that these are absolutely essential for anybody working in the corporate world with a W-2 role.

Have your white networks: have your friends who are Indians, colleagues in China, colleagues in the Philippines, colleagues in South Africa, and colleagues in Dubai. Do not block the international support that’s waiting for you beyond the Black community for you and your family to succeed. Do not let the philosophy of Black nationalism alone take away from your ability to receive money, support, investments, job opportunities, social opportunities, friendships, travel opportunities, and the rest because you think you can only talk to other Black people or only be a part of the Black community. If you want to operate that way, that’s fine. But do not believe that you have to operate that way because it’s simply not true.

Let your service and participation in the Black community be an aspect of what you do and who you are that feeds you and connects you to a story that’s greater than your own personal narrative, then become a global citizen that has connections and can learn from people all over the globe.

Doing so may open up opportunities for your retirement planning on a social level. You may tap into organizations, movements, communities, causes, and financial opportunities that you would not have known of otherwise and in which you can continue to participate throughout your lifetime.

Gentlemen, this newsletter is about taking off the blinders and opening you up to a world of opportunity that is waiting for you to step in, see it, and claim it as you move from your working years into your retirement years. And if you’re the brother that wants to sit down and read a book and drink your green tea on the sofa for the next 20 or 30 years after you retire, then good for you; that’s an excellent plan. Just think about it now and give it some attention.

Written by Jewel Edward Love, Jr.

Founder and Executive Coach, Black Executive Men

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