The Emperor's New Clothes.

• Author: YEAGER, C.V.

Getting baby boomers dressed for retirement

The executive empties his desk, packs away the pictures and stores the memorabilia. After 40 years of long days, intense pressure and numerous decisions, one chapter of life is closing and another is opening.

The Emperor is leaving his empire. What now?

Recall, in the childhood story, the Emperor was respected, feared and honored by all. As the story goes, he wanted the finest and the best suit known to man. Along comes a salesman (a con artist) who recognized "the condition of the Emperor," and spun a tale about magic thread.

The outcome, as we all know, was that the Emperor bought into the "spin" and believed that the magic thread would create the finest outfit in the empire. Of course, the magic thread was a figment, not a filament, and the Emperor paraded throughout his empire naked. That alone could be a story, but the most important lesson was that everyone was intimidated by the power of the Emperor and no one had the courage to be honest with him about his nakedness.

The modern version of this story is prevalent among baby boomers--those that are "emperors" in their own domain. They are the leaders of industry: doctors, attorneys, entrepreneurs and other self-employed professionals who were born in the '40s, raised in the '50s and '60s, and ruled in the '70s, '80s and '90s. These emperors are at the threshold of facing their subjects naked, and this is their story.

Retirement planners and financial advisors have the privilege and the challenge of advising "emperors." As we have matured with them, we have observed several common traits. Emperors are competitive, talented, and are achievers. But along the way, they are duped into thinking "what you are is what you do."

The office is now dark and empty, the retirement party over and the Emperor leaves the empire. He parades naked and vulnerable in front of his "subjects." "If I am what I do, then what am I when I stop doing it?" He is stripped, so to speak, of his power and influence.

As the Emperor parades into the next chapter of life, and before he honestly faces his circumstances, he normally experiences several emotions and reactions.

Threatened: When the Emperor leaves his empire, he leaves behind much of his security. After all, it was his domain. He called the shots and was respected and admired by all. Now he feels thrown away.

Denial: Often the Emperor plans his retirement. It is a celebrated event, one that is marked by parties...