KEEP YOUR BENCH AT THE READY

Another football season has finally ended (except for all-star games, drafts, lawsuits, scandals and anything the paparazzi and the lawyers can turn up.) If you've been a fan, you've been aware of the importance of having your bench---your second string---in good health and ready to jump into the fray on very short notice. If you've not been a fan, then this article might help you prepare for some of the most important games you'll ever play. Our family doctor just retired. He's worked hard for decades and he deserves his time in the sun. He's been our go-to guy for over 15 years, and we knew we could always depend on him. But in all honesty we never thought of him NOT being available to us. Like, retiring! We wish him well, of course, but we have been faced with the task of replacing him. And trust me, that's not fun. He was a solo practitioner, so there was no back-up roster of younger docs on immediate call to stand in his shoes. He worked hard to find someone to take over his practice, but, alas, the new person was not to our liking. So we went out into the local medical marketplace to find a suitable replacement. We live in a relatively affluent community with a good roster of medical personnel, but you can't just throw darts at a yellow-page listing and take what comes. You want someone with the right personality, good credentials, a billing system compatible with your insurance, an efficiently run office, a good reputation, the right hospital privileges, reliable back-up, and, needless to say, one who is accepting new patients. That's a hefty check-list, and because your health is at stake you have to pay attention to each and every item. No short cuts allowed. It took some interviewing, some grapevine inquiring, some near-drastic bad judgment calls and some crossed fingers, but we've found a new doctor who we're quite pleased with. (Odd, isn't it, that when you find a professional you like, you hope you never, or rarely, have to see him or her.) WHO YOU GONNA CALL? NOT GHOSTBUSTERS! The point of this little personal dilemma is critically important during your retirement. It applies not just to your doctors, but also to your lawyer, your banker, your financial advisors (investing, insurance, taxes) and, yes, even your handy-man, plumber, electrician, auto mechanic and computer fixer-upper. Any or all of these peope upon whom you depend on might have to be replaced at a moments notice. They move away. They retire. They become disabled. They die. They sell their business or practice to a stranger. Or, in some cases, for whatever reason, they simply become someone you no longer have faith in. Each category has its own criteria---availability, affordability, reputation, credentials, etc. You have to do your own evaluations as they apply to each person. Think about it. Please. What would you do if any one of these support-people was suddenly no longer available to you. Hopefully that would occur when there is no urgent rush to find a replacement. But you can't count on that. It can take a long time to build up a rapport, a level of trust, with any of these folks. If you're caught in a crunch you might make decisions based on impulse rather than studied judgment. If you don't have a suitable replacment at the ready on your bench, you could face unnecessary costs, frustration, confusion and delays. Do a self-survey, and try to determine who you'd want on your bench. Recommendations from friends can be helpful. Local professional associations can give you referrals. The local Better Business Bureau and any appropriate state or federal licensing agencies can help disclose any demerits on someone's record. It might be helpful---although admittedly delicate---to ask your professionals who they might recommend as a possible replacment. You might even want to do some preliminary interviewing. Ghostbusters can't get the job done. You're on your own to find your own bench, and it can be a most worthwhile effort. The sooner the better. This article supplements Chapter 16, pages 551-554 of Personal Finance. Access the textbook by clicking on the box in the right column.