You’ve done it. You’ve worked hard, created your own business, and now it’s finally time for you to retire. But it’s not as easy as passing off the keys and saying “So long, folks!”
Chances are, you’ve still got a good amount of life to live even after calling it quits–people are staying active longer, and it’s important to go into your retirement with some foresight. So, before you jet off away from your business for the last time, here are a few things to consider to truly enjoy your golden years.
Get Your Business Up-To-Date
If you’re getting ready to sell your business–or you’re about to pass off the reins to someone else–you don’t want to leave the new owner with a relic. Make changes to modernize your company before you leave in order to ease the transition for your employees. If you start the changes before you leave, you can walk them through new protocols and procedures. Leaving it in the lap of your successor doesn’t only make things stressful for them; too much change at once can be stressful on your employees, and that runs the risk of poor work and people leaving.
As for how to modernize, there’s plenty you can do with technology in today’s business world. Look into the leaps and bounds businesses are making to streamline and improve profit margins. Consider investing, for instance, in a cloud-based platform for all your communications, or hopping on the AI train with automated virtual assistants and chatbots on your website. You might also look into productivity boosting products to help your employees keep doing their best, even after you’ve retired.
Think About Alternate Incomes
You probably have a pretty nice nest egg saved up, but did you know that 50% of Americans aren’t able to maintain their lifestyle after retirement, even with social security? So it’s not a bad idea to have another form of income lined up post-retirement.
One area you can look into is monetizing your hobby work. Now that you don’t have a business to attend to, you can dedicate yourself to an area like woodworking, crocheting, or painting–things that you enjoy and can be quite lucrative with the right amount of effort. Plus, it keeps you busy–something a lot of retirees struggle with.
You can also look into more passive areas of income. Real estate is an especially lucrative form of passive income. Short-term rentals, like Airbnb and VRBO, typically have a better return on investment than long-term rentals. And, with the right property management service, you wouldn’t even need to worry about any extra work–they take care of your guests, and you enjoy the rewards.
Consider Where You’re Going To Live
Now that you don’t have your business to worry about, the timing might be perfect for you to move houses–or, at least, to start thinking about it. If all your kids have moved out, then downsizing could be a great idea–and you could even keep your old house as a rental, giving you a source of passive income. You could finally make that move to the place you’ve dreamed of living in for years, whether that’s a sunny beach house or a cozy cabin in the mountains.
Or, maybe you’re thinking even further ahead–after all, getting older is unavoidable. Whether you look into a nice 55+ community or want to make sure your home is safe, it would be a great idea to talk to senior management services now rather than later–by making decisions while you’re still in your prime, you can avoid difficult conversations down the road.
Think About How You’ll Spend Your Time
Boredom is a big issue for those who retire–there’s only so much golf you can play, after all. Before you fully retire, it’s a good idea to think about all the things you said you would do once you retired. Do you want to travel? Hone your talents in a hobby? Volunteer or jet off on cruises?
Make a plan on what you would need to do to make that happen. Budget, plan your time, and start researching now, so you’ll be ready once you’re fully retired.
Make A Plan For Your Finances
Given the statistics of how many people can’t afford to live on their retirement savings, it may not be a bad idea to have a chat with a financial advisor before you retire. They may have some ideas on what more you can do to make sure you have enough money to live and do the things you’ve always planned on doing–whether that’s buying a cabin or going on cruises.
You can go through your bank to find an advisor, or seek out an accountant. Or, if you already have a personal financial advisor, chat with them in-depth about your plans for retirement and get their opinions on them. It never hurts to hear a professional opinion, and you’ll be able to go into your retirement with a set plan so you can fully enjoy it.
Tie Up Any Loose Ends With Your Business
Finally, before you fully take the plunge, be sure to tie up any loose ends you have at your business. Give the promotions and raises you were planning to, because it may not get done otherwise. Finalize deals, and ensure everything is squared away so your successor can have the best shot possible at carrying on your legacy–and you don’t have to worry about what state your business is in now that you’re gone.
Retirement is a massive milestone in many people’s lives, and you should enjoy yours as thoroughly as you possibly can. That’s why it’s of the utmost importance to take care of everything you need before you retire. By planning ahead before you finally take off from the business you’ve worked hard to create, you’ll be able to have a retirement that’s genuinely relaxing.
Don’t spend your golden years stressing and asking “What next?” when it comes to finances or the business you’ve left behind. You’ve worked hard, so you deserve the best retirement possible.