July 21, 2020
Your investments are an important aspect of your retirement strategy. Stepping back from the purely financial, so is your psychological portfolio – your mental readiness for the next phase of your life. Preparing for retirement also means readying yourself to explore new opportunities and pursuits, and new friendships or relationships, perhaps even a new sense of purpose. For some retirees, this is relatively easy. For others, it takes time and reflection, which is why it may be useful to think about it before selling your business or concluding your career.
Today, only a minority of workers are making phased transitions into retirement, and some are retiring earlier than they had expected. So, think today about what your daily life might be like once you are retired – not just the days filled with adventures and trips, but also your daily routine. Keep in mind that your retirement may evolve over the years. New hobbies, pursuits, relationships, and challenges might make you rethink how you spend your time and even how you view yourself.2
Keep in mind: this article is for informational purposes only. It’s not a replacement for real-life advice, so make sure to consult a financial professional before modifying your retirement strategy. Also, please consult your tax or legal professional before making any decisions regarding the sale of a business.
