The reality that faces many senior executives working in the corporate world as their mid 50’s approach is one a fear. You spend 30 plus years building a career, showing your worth the a company, only to find yourself replaced by a younger model.
It is almost a unspoken of truth, the chatter around the water cooler becomes ‘when is someone’s time up?’
Time and time again I see the stark reality of this, the personal fall out and the financial uncertainty.
For those in their 30’s and 40’s who are on this extraordinary career trajectory, it is a case of planning to be financially secure by your mid 50’s, so if you get the tap on the shoulder you are the one in control. You need to learn to make the most of the high salary while it is available and make every dollar count.
For those who are lucky enough to be the fortunate 15% who make it to the end without the tap, there is no harm in creating this safety net. It will provide you flexibility and take away the fear for you and your family.
For those facing this reality without a financial safety net I have a few simple tips:
- Don’t stick your head in the sand, the situation is rarely as bad as you think it is.
- Seek advice, whether from myself or another qualified financial planner. This is vital to making critical decisions such as, can you afford to keep the family home, when should you start accessing your super and, how long will what you have accumulated last.
- Review your career options. Chasing down another high paying corporate role can be a demoralising process. Understand what it is you need to earn to get to where you need to be financially. Don’t put your pride in the way or put yourself under too much pressure. Remember the majority of people come through redundancy, a year later look back and say ‘it was the push I needed to get the life I now have have’.
- Put in place a plan for any debts you have, such as your mortgage, and remember your lender wants to work with you. After all they still make money on the interest you own them.
If you have any questions, want to understand more about what financial planning is, or simply want to set up a time to have a quick phone call do not hesitate to contact me.