Pope Benedict, 85, is reportedly the first pope to retire in almost 600 years, which made his decision all the more momentous. But since the pope believed his health issues were impacting his job, the decision seems relatively clear-cut.
For the growing number of retirement-aged professionals who are still hale and hearty, however, the decision gets more complicated.
Many were surprised at the recent announcement by Pope Benedict XVI to step down from his post. This decision is sure to go down in history, and it triggers an important question in those with lifelong careers – when is the right time to retire?
While you may not have the same problems or responsibilities as the Pope, have you reflected on your own future and when may be time to step down? This especially is true if you have no mandatory retirement age for your position.
A recent Marketwatch article titled “Retirement lessons from Pope Benedict” explored this timely issue. Whether you are the Pope, a business owner, or even a CEO there is always the question of succession. Aside from the business aspects, on a personal level make sure your advance health directives are current in the event you became infirm or incapacitated. While you are at it, a good top-to-bottom review of your estate planning likely is in order.
Whether you are responsible for millions or just a few, the take-a-way is the same - always be prepared! Seek appropriate counsel regarding your retirement and/or succession plans.
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Reference: MarketWatch (February 11, 2013) “Retirement lessons from Pope Benedict”