For many, retirement is about freedom – having the time and, hopefully, the monetary resources you need to enjoy life on your own terms. Unfortunately, we too often focus solely on the financial side and overlook many of the other important aspects of retirement. Below are a few tips to help you retire on good terms:
1. Create a Post-Retirement Plan
Retirement isn’t just about leaving your job; it’s about moving towards something meaningful. Instead of just retiring from work, think about what you’re retiring to. It’s essential to retire to something that gives you purpose and fulfillment.
Many people struggle with this major transition because their jobs are a big part of their identity. Start preparing for this challenge now by spending time planning what you’ll do after you retire. Whether it’s picking up new hobbies, volunteering, or starting a new project, having a plan can help you stay engaged and fulfilled.
2. Start Business Succession Planning Early
If you own a business, planning early for the transfer of the business is key to preserving its legacy. There are several paths you can take when making this decision. Some options include passing it to family, transferring it to trusted employees, or selling it to someone outside the company. Each choice has its own challenges and benefits, but starting to plan early can make the transition smoother.
Remember, your legacy isn’t just about what happens while you’re in charge but also about how well the business does after you leave. Invest time in setting up a solid plan to leave your company with a foundation for success after you’re gone.
3. Know When to Step Down
Lastly, it’s important not to overstay your welcome. Retiring at the right time allows you to leave on a high note and helps ensure that the business or workplace can continue to thrive without you.
Whether you’re passing on a business or stepping down from a career, exiting at the peak of your performance helps solidify your legacy and paves the way for the next generation. While you may have to work longer for financial reasons, do your best to retire on a high note.
Conclusion
In summary, retiring on good terms involves thoughtful planning, both personally and professionally. By retiring to something fulfilling, planning your business succession early, and knowing when to step away, you can help set the stage for a smooth and successful transition into retirement.
If you’re feeling the pressures of retirement planning, you are not alone. Contacting a Certified Financial Planner™ for guidance can be helpful.
At The Welch Group, our mission is to transform the way you experience financial management and enrich your life by easing the complexities and stresses that come with it. We’re here to help you identify, pursue, and achieve your financial goals with confidence. Our dedicated team of advisors is committed to guiding you with care and expertise, helping you navigate every step of your financial journey. We specialize in crafting personalized strategies tailored to your unique circumstances and aspirations. Ready to take the first step? Schedule an introductory phone call with us at 205-879-5001.
For more helpful content delivered directly to your inbox, sign up for our newsletter at the bottom of the page.
Marshall Clay CFP, J.D., is a Partner and Senior Advisor at The Welch Group, LLC, specializing in providing Fee-Only investment management and financial advice to families throughout the United States. Marshall is a graduate of the United States Military Academy in West Point, New York, the Cumberland School of Law in Birmingham, Alabama, and is a CERTIFIED FINANCIAL PLANNER™. In addition, Marshall is a frequent guest on local television stations as an expert on various financial planning matters.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC [“Welch”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Welch. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Welch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Welch’s current written disclosure and Form CRS (Customer Relationship Summary) discussing our advisory services and fees is available for review upon request or at www.welchgroup.com. Please Note: Welch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Welch’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.