The best way to get ready for the show—and the only way to really understand how the show will go—is during dress rehearsal. (Photo: Shutterstock)
At my college reunion a few years back, a classmate came up to me with his wife and adult children. He had a beaming smile. He proudly introduced me to his family as the man who changed his life. I had no idea.
In the course of everyday life, what is often considered routine to us can be significant—even life-changing—to others. For professionals who work daily in the forest of finance, the exciting becomes routine and the routine becomes numb. We find ourselves traveling a road that's as familiar as the back of our hand. We become less impressed with our knowledge, sometimes to the point we assume everyone knows what we know. They don't.
Christopher Carosa, CTFA, is chief
contributing editor for FiduciaryNews.com,
a leading provider of essential news and
information, blunt commentary and practical examples for
ERISA/401(k) fiduciaries, individual trustees and
professional fiduciaries.
That's where we can best help.
When it comes to advising employees on what they need to do to increase the odds they will retire in comfort, experience shows us strategies and tactics exist that go far beyond merely saving more. We know this, but the typical retirement saver doesn't.
Adequate preparation means more than merely finding the company with the best benefits or working multiple jobs. Yes, financial preparation remains a keystone to a comfortable retirement, but putting all one's eggs in that single basket will leave one frustrated. There's more to retirement than simply creating a bucket list of items to spend on and having the money to pay for that spending.
Those who advise current retirees see this firsthand. It therefore makes sense to share these observations with people before they retire. There's the rub.
We speak in a language of familiarity on the subject, but it's a language the intended audience generally isn't conversant in. To break through this communication barrier, I suggest using the following metaphor.
Most people are familiar with acting, if only because Shakespeare is required reading in high school. They know actors practice by reading the lines. That's how they prepare for their performance, but it's not the only way. For those who have been actors, they'll tell you it's not even the best way.
The best way to get ready for the show—and the only way to really understand how the show will go—is during dress rehearsal. In dress rehearsal, everything is exactly like it will be when the curtain goes up. The only thing missing is the audience. Without an audience, actors have no fear of missing their cues, forgetting their lines, or breaking character.
Saving for retirement is like an actor practicing the lines of a play. It's necessary, but it's not the only thing. Retirement savers should have several “dress rehearsals” for retirement immediately prior to retirement.
How can they do this without knowing anything about the actual show? By getting advice from someone who has seen the show plenty of times.
That's the adviser.
Who knows? Years from now, someone may come up to you and say, “You changed my life.”
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
