Sharon Custer may ditch her watch.

Rob Givens wants to explore Civil War sites.

Mike Phipps would like more fellow CEOs to share retirementinformation.

Steve Winninger emphasizes the words “part-time.”

That's just a quick glimpse of what some credit union CEO's setto retire in the next few months are thinking. Their ranks areexpected to hit record numbers. Their strategies vary, but all ofthem have spent time planning and talking with their families. Noneof them will simply walk out the office door and mumble, “Iquit.”

Sharon Custer
Custer, who will retire in May 2012, has been CEO of BMI FederalCredit Union in Columbus, Ohio, for 25 years, and began workingthere 40 years ago. About five years ago she initiated in-depthplanning for her retirement.

“I started thinking seriously about what my retirement was goingto be,” Custer said. “Talking to my husband, talking to my board, Iknew in my mind and heart that it was going to be an appropriatetime.”

“My husband is ecstatically happy. We have the good fortune ofhaving many friends. We have travel plans. We have things we wantto do here in our community. I will be 62 when I retire, and I'vebeen very blessed with good health. I want to have time to enjoyretirement.”

Many people approaching retirement have seen their 401(k)shrivel and the value of their homes–which they had planned to selland downsize with a nest egg left over–shrink. So the economy hasforced them to keep working. Custer said that really wasn't afactor for her.

“I'm very fortunate in that with the planning we did, we feelvery comfortable. While everyone looks at their 401(k) and cringes,the fact is you are not going to withdraw the entire amount the dayyou retire,” she pointed out.

Does being a financial professional make retirement planningeasier? Not really, Custer said. However, running the numbers andprojecting ahead is in the normal course of what she does. It'spretty much an extension of what she typically does everyworkday.

At this point Custer and her husband plan to retain their homein Dublin, Ohio,

“I can see us going south for maybe a couple months during thebad winter weather here,” she said. “We don't have anyhard-and-fast plans for major changes. A friend of mine retiredfrom a credit union about five years ago. I kept asking her, 'Whatare you going to do?' She said, 'We'll figure it out when ithappens.' She's a very happy retiree today.”

“We do want to try new things. If we find a place in anotherpart of the country that seems to be the right move, we'll considerit. I have no plans to do anything related to the credit unionindustry. I'll turn that page and close the book.”

“I have several former directors who are retired, and I watchthem. They're busy and having fun. They're my inspiration. I'velaughingly said one of the first things I may do is take off mywatch and see how long I can go without wearing it.”

Rob Givens
Givens, who will retire in January after more than 10 years as CEOof Mazuma Credit Union in Kansas City, Mo., is another credit unionCEO who won't immediately post a “For Sale” sign on his currenthome.

Like Custer, Givens and his wife–who just retired–want to traveland enjoy retirement while they are still healthy. When he firstarrived at Mazuma, he and the board put in place a retirementpackage anticipating he would retire when he reached 66 and a halfand became eligible for full Social Security.

“I've been with the credit union movement for 25 years, ”Givens noted. “As the CEO, and I think this would be true ofother CEOs, we get a chance to become involved in the community. Iam on a number of boards and committees, and they have approachedme about continuing. As long as the role is based on me rather thanmy position here at the credit union, I hope to stay engaged in thecommunity.”

A couple years ago, the slumping economy might have affected hisretirement schedule. But Givens indicated he has put asidefinancial reserves over the years, and when his mother died a fewyears ago she left some additional resources.

Does that suggest financial professionals such as credit unionCEOs pretty readily put together an adequate retirement plan?

“It's a very individual issue,” Givens answered. “I was raisedwith parents and grandparents who invested in the stock market andtalked about thrift and savings and building your retirement. But Iknow other CEOs who, in spite of their positions, either have notor could not put together a retirement package. I know CEOs who arechoosing to work longer because they don't have the resources.”

Much of what Givens plans in retirement is pretty typical.Travel to see children and grandchildren. Volunteer at the church.Sharpen his golf game. But less common is his interest in the CivilWar. He looks forward to visiting the sites of key Civil Warbattles.

Mike Phipps
With full Social Security and a retirement plan in place, Phipps atEvansville Teachers Credit Union in Indiana will retire early nextyear after 22 years as CEO.

“I've noticed in my career, people retiring but not leaving. Idon't want to ever be accused of that. We don't have room for thathere.”

His plans include golf, travel, and simply being able to spendmore time with his wife. He thinks background as a financialprofessional helps in retirement planning. But is also causes someconsternation.

“Challenges are there,” Phipps said. “The secret is to have some form ofpost-retirement health care and to be debt-free. In my case, mywife is younger than I am and will need to be covered under sometype of health insurance.”

Phipps would like to see credit union executives more openlyshare information about their retirement packages.

“Credit union executives sit around and talk to each other atbreaks during conferences and other meetings. How often does anyonetalk about their retirement benefits? 'I don't want to tell youbecause I'm afraid maybe I have something unusual.' For the life ofme, I've never been able to understand why people don't share moreinformation about their benefits such as pensions,” he said.

“Credit unions have insurance providers we primarily deal with.We rely on them to tell us what products are out there. Sometimesyou might rely on your provider a little too much. That's whathappened to me. I had failed to look outside to find what might beavailable. I was kind of surprised what I found. People need to bemore proactive.”

Steve Winninger
Steve Winninger at LakeTrust Credit Union in Michigan picked his retirement date 15 yearsago. If that sounds as though it was the result of applying somesophisticated algorithm, it wasn't.

By early next year he will have served 20 years as CEO, and thatsimply seemed a good, solid number. He turned 65 after 19 years asCEO, but somehow 19 didn't sound the same as 20. He did think aboutissues such as paying for his children's education, but they arenow 26 and 30, therefore that responsibility is past.

Winninger changed jobs a number of times early in his career,so he wasn't vested in any plan before coming to Lake Trust.

“Of course, we've seen the stock market and investments fall,and home prices dropping. It caused us a little bit of concern, butwe're going to have what we'll have and we'll find a way to make itwork.” he said.

“I also plan to do some consulting after retirement. But my newoperative words for next year will be 'part-time.' I would love todo some part-time consulting. I really want to take a short restand think about a consulting practice helping boards and CEOs workmore effectively. We're moving past the notion of asking whethersomeone can come to meetings and is willing to serve. The bar isbeing raised. There's a whole new awareness of the liability ofbeing on a board.

“I also want to get active with the Glen Erin [bagpipe] bandagain, which is a 501(c)3. I played the piano professionally formany years, so I will do that again. I'm interested in reactivatingmy pilot's license. I've got my Minis [British cars] to work on,and a barn full of woodworking equipment,” Winninger said.

“I've got many, many things to do.”

Also on the list is spending time at a vacation home they own atCanadian Lakes, a popular recreation retreat about an hour north ofthe Lansing area where the Winningers' live. But retirement willeliminate the need to drive home Sunday afternoon with all thetraffic generated by people heading back from what Michiganderscall “Up North.” 

Although he believes background as a financial professionalhelped in retirement planning, he also sought professional helpfrom Member Financial Services. The typical credit union CEO, heindicated, is too busy to learn, for example, all aspects of thetax laws that may apply.

Like other retirees, he doesn't want to outlive his money. Hisgrandmother lived to almost 101, and he expects to live to about100. Yes, in his later years he probably won't spend as much, andhis earning capacity won't drop to zero the day he retires.

“The nice thing is I don't have to be as concerned about feedingthe kids. Whatever I do now will be for fun. I played musicprofessionally since high school. I always did it until it wasn'tfun, then I stopped. How many people can go out to a bar onSaturday night and come home with more money than they had whenthey left home?”