Frank Beamer’s Retirement Game Plan

March 7, 2019

“RETIRE WITH INTEGRITY” PODCAST

The Principle:

Join us as we feature legendary Virginia Tech Football Coach Frank Beamer. He outlines the importance of having a game plan for retirement.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:20] – Sometimes, You Have To Adjust Your Game Plan.  

  • Beamer shares the importance of having a game plan. However, he stresses the importance of being ready to adjust your game plan.

[1:47] – Plan Ahead. 

  • Coach Beamer planned to retire before the 2015 season ever began. This gave his coaching staff ample time to find a replacement. This illustrates the importance of planning ahead for your retirement. Take time to get your finances in order, and when the time comes to retire, do so with peace of mind.

[3:09] – Assemble A Staff To Execute Your Game Plan.

  • Beamer had a large coaching staff. It took a team to run his football program effectively, and they had to communicate with one another along the way. In retirement, you might have several moving parts in your financial game plan, and you need a team of experts to help you put everything into place.

[4:00] – How Retirement Is Treating Beamer.

  • Beamer shares the latest with his family, and he hints at whether his son might try to coach at Virginia Tech one day.

[6:34] – Coach Beamer Shares Thoughts On The State Of Football.

  • College football has become a full-fledged business. Beamer discusses his feelings on current transfer policies for athletes who want out of a program.

[8:39] – Your Life Experiences Shape You.

  • Beamer shares how his life didn’t turn out how he thought it would; it turned out better. He discusses the importance of following the Lord’s plan in life instead of holding fast to your own.

[9:52] – Tricky Transfer Situations.

  • Some prospects find themselves in a tricky situation when their coach leaves for another program before they ever arrive on campus.  Beamer suggests players should have a chance to reevaluate their situation as circumstances change during the recruiting process.

[11:58] – A Word Of Advice On Pensions.

  • Investopedia suggests people who have pensions should do their homework before taking a lump-sum buyout. Pensions are confusing, and some companies don’t even offer them anymore. Lump-sum payouts occur when companies choose to discontinue their pension plans. They offer to write a check to their employees, and they’re able to rid themselves of the liability associated with a pension. The trouble with a lump-sum buyout is that they often don’t pay as well as consistent monthly income. Before you can determine whether you should take a buyout, you need to run the math.

[15:12] – A Note On Survivor Benefits.

  • If you have a pension with a company, they’ll ask you to add on a survivor benefit for your spouse. Brian explains house the survivor benefit basically functions as life insurance.

Today’s Truth:

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The Host:

Brian Bowen – Contact