What's your financial game plan?
By Brett Anderson
St. Croix Advisors
Don’t throw in the towel! Align your expectations with your financial game plan.
Taking a look at your finances and making a plan to proactively prepare for your retirement years is easier said than done. Knowing your personal financial game plan used to be easy. In the past, most people would have said, “I want to retire by age 60 with $2 million in savings.”
Today, both retirement goals and life objectives have changed. This can be attributed to a number of factors, one of the most significant being longer life expectancy. Most people now can expect to live well past the age of 65 and may be retired for a decade or more.
Along with living longer, most of the individuals we talk to are not ready to “throw in the towel” at age 60. It used to be that you would retire from your job at 60, and then find an appealing place to live out the remainder of your golden years, with your retirement funds providing for all your financial needs. But as a society, our attitudes toward retirement have changed drastically.
It’s not about money as much as it used to be. Instead life has become about relevance in our golden years. The only way to stay relevant is to stay in the game of life longer.
Many business owners are finding they don’t want to sell their business. Instead, they want to create a new infrastructure and strategic plan to remain involved at some level, enjoying the intellectual challenges and sense of accomplishment that comes from running your own business. Chances are it’s never been more exciting to run your business than it is right now.
There’s not a right or wrong way to retire or to step into a new role in your company; there is only your way. No two business owners are going to approach retirement or planning for their business in the same way. I work to listen to goals and objectives first, and then set up the best financial game plan for not just you, the business owner, but your family and your business as well.
What creative solutions have you seen for business owners ready to relinquish the helm, but not quite jump ship?