Here's an issue you probably are facing and you may not even know it. There's a very good chance you're not saving enough. Why don't you spend a few minutes watching this video. You'll get some great ideas on what you need to be doing to make sure you do save enough and get to retire on your terms.
Too often we go through life thinking that things are going just fine. There are warning signs along the way but we just don't pay attention to them. I'm going to bet that most of you have had this problem at least once in your life.
Here are 5 things I would like you to think about to make sure that your plan doesn't let you down.
If you own a business there's a very good chance your business is not going to provide enough money for you to retire. If you believe this (and if you don't watch the video) then you're going to need to save more outside your business in a tax advantaged manner.
Several years ago I met Brian Mayne. He introduced me to the concept of Goal Mapping. This is where we take a general goal, something like making your life better and putting specifics in place that help you move towards your desired outcome.
There are four parts of goal mapping. All four are equally important. Doing a goal map in a specific order helps improve and speed up the process. When I start an engagement with a client I always start with a goal map. When I combine a goal map with our alignment process we get great results.
My sister has a saying, “I’m not on that committee.” In my opinion, that’s something you should never say when you’re talking about your family.
For me, the truth is I’ll be on that committee with my kids for my entire life. You see, I’ve lived a lot longer than they have and there is a certain amount of wisdom that I think I can pass on to them.
I bet you’re in the exact same position as I am.
You can help mistakes from happening.
One of the raging arguments in the financial services business is whether advisors like those of us at Stage 2 Planning should act as fiduciaries with you, our clients. As you'll learn in the video below a fiduciary as a legal obligation to put their client's interest first.
A large part of the work we do at Stage 2 is helping our clients manage risk. In the investment part of our business that would mean investment management.
That’s not the only type of risk we help you manage. I think a more important risk is what I’m starting to call retirement risk. These are risks besides investment risk that we should be helping you think about.
Here are 6 things for you to consider.
Let’s start with health.
Your business that is……
One of the big questions every business owner who is doing an internal transition must answer is when do I turn the reins over. You certainly don’t want to do this too early and if you do it too late there’s a good chance the people you want to run the business will have left.
This is something I went through with my father when I bought his business and merged it into mine.
Don’t make this a conflict ridden process.
You might be thinking that is time for you to retire. So my question to you would be, “Retire to what?”
Retirement is supposed to be a joyful time of your life. For some, this is true. At the same time there are too many people who retire or sell their business and wish they never had. I don’t want you to be one of them.
How are you going to fill your time?
Transitions can be painful. Unlike change, transitions take a fair amount of time to complete. Because they take lots of time, we often get impatient and we don’t understand how they affect our decision-making ability and keep us from getting outcomes that we really want.
Here are some solutions to what I call the transition dilemma.