Retirement planning should be a holistic experience, not just a financial one. Retirement gives you time to let go, move forward, learn new things, grow your comfort zones and have new experiences. It is your chance to have that gap-year you always wanted without ever needing to go home. You can start a new hobby, go back to school or even start a new business. Being retired isn't about being inactive. Keeping yourself growing and involved with life is as important as your finances. If someone close to you asks what are you going to do with your extra time after you retire, you probably don't want to have to tell them, "I plan to binge watch more television and get more involved in arguments on social media." Use your imagination. Retirement is your time!
Sometimes it helps to write everything down - big dreams and small goals. Be specific. Get in shape or travel more is not a plan. Run a 5k or see the sunrise at Angkor Wat is more like it. Actionable things. Call it a 'Bucket List' if you want, but your goals should be acted on, and the list should be flexible and ever growing. Just saying, "It is on my list" doesn't mean a thing if you don't act. While you are retirement planning, make sure to involve the people who are important to you in your plans as well. Couples over 50 is the segment of society with the fastest growing divorce rate. Discuss plans in an open and frank manner and if you aren't on the same page, find a way to get that way. Openly and honestly discussing plans early in the planning process will avoid a lot of conflicts when retirement arrives. Don't put it off.
Money is a tool for accomplishing things. Yes, all things being equal, having more money is better than having less. But, it is a balancing act. As we get older and our financial assets begin to grow, we often forget how our most valuable resource is being depleted. That is why we need to ask ourselves not only how much money do I need to last me through retirement; we need to be asking how are we going to allocate our most precious resource of all - our time.
Obviously, your business plays a vital role in your retirement picture, or even just the next 5 years of your income. SA Capital Partners helps business owners in the lower middle market at every step of their business’ life cycle, and whether it being buying, selling, or simply needing a bit of advising, SA Capital Partners is here for you.
About SA Capital Partners:
SA Capital Partners is an innovative financial services firm that specializes in mergers & acquisitions advisory and capital raising for lower middle market businesses. We aspire to give all the tools necessary to complete any transaction. SA Capital Partner’s financial services industry specialists provide comprehensive, integrated solutions to banking transactions. Our breadth of services and industry knowledge allow us to understand each client’s unique business needs. Our goal is to make all financial services available to every small business.