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 a CEO, there is always the question of succession. This is true in your personal life as well. It is important to have a line of succession spelled out in the event that you become unable to make or enunciate decisions regarding your assets or your health care.
Whether you are responsible for millions or just a few, the take-a-way is the same - always be prepared. You and those you care about will benefit from your taking the time to focus on the "what ifs" and put appropriate measures in place.