How to Kickstart Your Retirement Savings Goal

Freedom to Do What You Want in Retirement

by BlogRetirement
How to Kickstart Your Retirement Savings Goal

Freedom to Do What You Want in Retirement

Retirement is an opportunity and a gateway to new possibilities. This empowered perspective on retirement celebrates a new chapter and a new beginning to rediscover one’s autonomy and pursuit of novel interests. It’s a time filled with avenues of self-discovery and fulfillment. So, how can you ensure that your retirement continues to be a rich tapestry of experiences that continue to build your own legacy?

Finding New Purpose Post-retirement

Retirement is a significant life event that brings about lifestyle changes from a structured work life to a more flexible phase. This shift opens opportunities to start new hobbies, interests, or activities that allow individuals to do things that may have been neglected during their careers. These objectives can include learning new skills, travelling, or pursuing further education. From the perspective of family enterprises, it could be contributing to the business’s growth in an advisory role, mentoring the next generation, or pursuing entrepreneurial ventures that complement the family business.

Engaging in activities that retirees are passionate about brings a sense of fulfillment and joy. Consequently, these can lead to innovations, fresh perspectives, and a rejuvenation of the business model, ensuring its relevance and sustainability over time.

Cultivating Legacy and Connection in Retirement

Embracing retirement doesn’t mean severing ties with the vibrant community you’ve built through your business endeavours. Embracing retirement offers a chance to contribute your wealth of experience and industry insights to a broader network. Engaging in industry events, forums, and local business associations not only keeps you abreast of market trends but also allows you to share your expertise and stay connected to the pulse of your family business.

Retirement offers a golden opportunity for entrepreneurs to become stewards of their own legacy through mentorship. Sharing the wealth of knowledge accumulated over decades not only benefits the next generation but also provides a profound sense of purpose and continuity. Through mentorship, you contribute to the sustained success of your family enterprise, ensuring that the values and insights that shaped your business endure. This cyclical exchange of wisdom not only strengthens family bonds but also fortifies the foundation upon which your entrepreneurial legacy stands.

In essence, retirement becomes a transition from hands-on leadership to a role of influence and mentorship, enabling you to contribute to the growth of the family business while ensuring the longevity of the legacy you’ve painstakingly built.

Family Offices and Retirement

It is crucial to prepare for your post-retirement financial flow. For ultra-high-net-worth families, this preparation and subsequent conversations are often facilitated through a family office, helping you to plan your exit, secure your future post-exit, and prepare the next generation. With the family office, your future financial security can be explored through various strategies and tools, such as retirement accounts, investment portfolios, and annuities. Diversifying investments and consulting with wealth advisors are integral steps toward securing a retirement free of financial worry. Creating a realistic budget plan that aligns with post-retirement goals, expenses, and anticipated lifestyle choices is pivotal. This involves reevaluating one’s current financial situation, identifying potential areas for reduction if needed, and allocating resources towards these now-identified future objectives.

Understanding potential income sources post-retirement is equally crucial. Whether through pensions, social security benefits, dividends from investments, or rental income, comprehending these income streams and how they supplement post-retirement financial strategies is essential. Ensuring your family business’s financial stability prior to your exit helps to not only secure your future but also the legacy and continuity of the enterprise itself.

Listen to our Legacy Builders Podcast

What's your vision for this next chapter? Are you ready to embrace the vast landscape of possibilities that your family business exit offers? Connect with the Beacon Family Office to take charge of your financial future and unlock the freedom to design the post-retirement life you envision.

2023 Week 50

Rediscovering Purpose Through Mentorship

by BlogFamily CapitalRetirement

Rediscovering Purpose Through Mentorship

Retirement signifies a substantial life transition, often characterized by opportunities for relaxation and self-discovery. For many retirees, the pursuit of purpose during this phase holds profound potential for fulfillment. One way to continue making a significant contribution to your legacy involves engaging in mentorship with the family’s rising generation. You possess the capacity to serve as an invaluable mentor, offering the next generation within the family enterprise access to their accrued wisdom, extensive experience, and comprehensive knowledge. 

What follows is a brief overview of how mentoring can augment your retirement, how to establish a purposeful mentorship program in your family enterprise, and the benefits that you receive as a mentor.

Retiree's Mentorship Role

The value of retired family members mentoring the next generation is immeasurable. Their understanding of the business’s history, purpose, and values makes them ideal guides for younger family members. They are equipped with insights on complex business decisions based on previous experiences and can share stories about the challenges they had in the past, how they managed to overcome them, and what the takeaways are from such predicaments.

In a family enterprise where tradition and values are often as important to preserve as wealth, mentorship becomes a way for these essential pearls of wisdom to be passed down. Retiring generations can help instill the values that have been the bedrock of the family business for generations. They can teach the importance of integrity, work ethic, and commitment to the family’s legacy. Through mentorship, family traditions can be upheld and adapted to changing times, ensuring that the family enterprise remains relevant and connected to its roots.

Establishing a Family Enterprise Mentorship Program

Mentorship can greatly contribute to the longevity and success of family enterprises. Structuring mentorship programs within family enterprises is essential for preserving knowledge, values, and expertise, in addition to ensuring a smooth transition to the next generation. To achieve this, it is crucial to establish a formal mentorship program that is structured with clear goals and expectations while also following best practices for effective mentorship relationships.

Above all, regular communication is the key to mentorship programs. It involves maintaining an open and consistent dialogue between mentors—typically retiring family members and mentees—and the next generation. Structured mentoring sessions between mentors and mentees are designed to facilitate the mentorship process efficiently. These sessions are instrumental for maintaining focus, tracking progress, and ensuring accountability. They allow mentors and mentees to establish objectives, review progress, and monitor accomplishments, ensuring the mentorship remains on a predefined trajectory. Furthermore, defining specific learning activities within these sessions enables mentors to customize the mentorship experience to suit the unique necessities of mentees, guaranteeing that the knowledge and skills being communicated are relevant and tailored. Regularly scheduled sessions instill a sense of responsibility in both mentors and mentees, ensuring their dedication to mentorship activities and the allocation of time and effort to the process.

While mentorship entails guidance and support, it is equally crucial to grant mentees the liberty to apply what they have learned independently. Empowering them to make decisions and take ownership of tasks or projects significantly develops their self-reliance, a fundamental skill, especially for leadership roles within the family enterprise. Allowing mentees autonomy to achieve success or learn from their mistakes instills a profound sense of accomplishment and confidence in their abilities, preparing them for when they are passed the baton for family leadership.

Lastly, it is suggested that keeping detailed documentation of the mentorship journey is a best practice. This documentation preserves the valuable insights shared and lessons learned for the benefit of the future, mitigating the risk of critical information loss. Additionally, it facilitates progress tracking, which allows the assessment of achievements and pinpoints areas that need further attention, thereby enabling adjustments and improvements in the mentorship process over time.

Reciprocal Benefits of Mentorship

Mentorship programs offer retirees a profound opportunity to find renewed purpose and continue to meaningfully contribute following their retirement. In this role, retirees can pass down their wealth of knowledge to the next generation, forging deep and wholesome connections based on mutual respect and shared experiences. As mentors, retirees also gain the chance to continuously learn, adapting their expertise to address contemporary challenges, engaging in self-reflection to reevaluate past practices, and exploring innovative strategies. This journey of self-rediscovery not only deepens their understanding and mastery of their field but also enriches their lives in retirement. More than anything, retirees may find immense satisfaction and pride in witnessing the success of their mentees, making mentorship a source of personal fulfillment and continued growth in their post-work lives.

The benefits of mentorship also extend significantly to mentees. By engaging with mentors, the younger generation gains a crucial advantage in acquiring essential knowledge that would otherwise take years to accumulate independently. Even more, mentors also open doors to expansive networks and industry connections. Consequently, mentees are granted the opportunity to expand their horizons, establish ties with various industry leaders, and gain diversified perspectives crucial for their personal career growth. These factors substantially accelerate the learning process and serve as driving forces for the mentees’ professional growth within the family business.

Listen to our Legacy Builders Podcast

The best time to start building a mentorship program is today. The first step - recognize what mentorship within your family enterprise could mean for your legacy. The next step? Connect with the Beacon Family Office to initiate mentorship programs that ensure the preservation of invaluable knowledge, values, and expertise. Book an initial discovery conversation today.

The 5 Most Important Benefits of Having an Estate Plan

Mitigating Risk through the Transition of Wealth During Retirement

by BlogRetirement
The 5 Most Important Benefits of Having an Estate Plan

Mitigating Risk through the Transition of Wealth During Retirement

Embarking on the journey through the transition of wealth during retirement requires a meticulous and strategic approach. Within this approach, you must account for challenges. One such challenge that causes significant concern is financial mismanagement. This tangible threat has eroded the financial well-being of many families over the years.

The culmination of wealth over generations can diminish rapidly when not handled with the utmost precision and due diligence. This decline often arises from well-intentioned yet misguided investment decisions. Similarly, the lack of a comprehensive and well-thought-out financial strategy, which is fundamental for preserving family wealth, can exacerbate the situation. Furthermore, impulsive spending habits that disregard long-term financial goals can contribute to this risk.

Often, the issues are not apparent until they reach a critical stage, making them complex and challenging to resolve. The absence of a clear plan and a shared understanding among family members regarding the wealth transition process is another frequent cause of this predicament. This lack of alignment often leads to financial conflicts within the family, resulting in misunderstandings and unrest. This serves as an important reminder that these risks are not unique to any particular family or circumstance; rather, they are general obstacles that every family enterprise must face.

It’s not all doom and gloom. There are strategies and actions that you can take to help prevent any financial mismanagement and support a smooth transition of wealth during your retirement.

Strategies to Mitigate the Risks

The process of wealth transition during retirement requires a structured approach that involves active participation from each family member in open and transparent discussions about their financial objectives, expectations, and values. Clear communication is essential to prevent misunderstandings and conflicts during the transition. A communication plan outlining regular meetings, financial updates, and discussions on the wealth transition process is essential. This will form the basis for a comprehensive wealth transition strategy. 

Additionally, financial education is crucial for risk mitigation, especially for the rising generation, to prepare them for family wealth stewardship. Access to financial literacy resources, workshops, and courses should be provided, and younger generations should be encouraged to participate in managing family finances. Mentorship and guidance are also valuable, as they allow family members to benefit from the wisdom and experience of older generations. Establishing mentorship programs within the family can ensure the transfer of knowledge and insights, particularly in financial decision-making. Seeking professional assistance from private wealth advisors specializing in retirement wealth transition is also vital, as these advisors provide critical insights, facilitate discussions, and ensure a well-structured plan from an objective and unbiased point of view.

These strategies serve as a protective shield against financial mismanagement and family conflicts, promoting unity, understanding, and shared responsibility. Active participation by each family member in implementing these strategies is vital to fortifying this shield and securing the family’s financial future.

The Role of Wealth Advisors

The role of wealth advisors in mitigating financial risk is invaluable. They bring their expertise to help ensure that the transition is carefully structured with a clear and comprehensive plan. They help identify clear gaps in knowledge, personal interests, and other family dynamics that impact wealth management. Because of their deep knowledge of financial markets and investment options, they can also provide tailored guidance that optimizes returns and mitigates risks, ultimately safeguarding the family’s wealth.

Additionally, wealth advisors have the skills and experience to facilitate the establishment of trusts and other financial instruments that are designed to help with wealth transition. Their ability to remain focused on the family’s long-term vision helps in crafting solutions that prioritize the sustainability of the family enterprise. Also, by acting as neutral third parties, they can bridge gaps between family members and foster harmony during this critical phase. Their presence provides a high level of security, control, and transparency over your family’s wealth. This ensures that it is passed on to the next generation as intended while protecting it from potential external threats or unforeseen circumstances.

Listen to our Legacy Builders Podcast

Are you prepared to safeguard your family's wealth during the critical transition into retirement? The risks of financial mismanagement and family conflicts are big, but with a structured approach involving open communication, financial education, mentorship, and professional guidance, you can fortify your financial future. Connect with Beacon Family Office today to secure your family's wealth and ensure a smooth transition that aligns with your long-term goals and values.

2023 Week 47

Generational Transitions: Balancing Control and Stability

by BlogLife ChangesRetirementRisk Management

Generational Transitions: Balancing Control and Stability

The generational transition within a family enterprise is a pivotal moment in the family legacy. It’s this moment that will influence the trajectory of family wealth management, the future of the business, and the dynamics of family relationships. The retirement of the outgoing generation marks a fundamental shift in leadership, decision-making, and the values driving the family business. This shift is not just about the transfer of authority; it’s a complex process that impacts the entire ecosystem of the enterprise. Its significance extends beyond the business, deeply intertwining with personal and familial aspects.

Retirement, especially in the context of a family enterprise, holds unique weight. It’s a transformative moment where responsibility and legacy are passed on to the next generation. The significance of maintaining stability during this transition phase cannot be overstated. It’s not merely about financial stability but also about preserving the values, vision, and principles that have steered the family enterprise thus far.

Knowing this is a time for potential instability, how can you prepare to ensure there is balance, control, and minimal risk during this transition? What follows are the first steps to ensuring a successful generational transition.

Enterprise Stability During Generation Transition

Maintaining the stability of a family enterprise during generational transitions is a crucial factor that directly influences the continuity and growth of the business. The seamless passage of leadership and responsibilities from one generation to the next is pivotal in ensuring a stable operational framework. A well-orchestrated transition allows for the preservation of the enterprise’s core values, mission, and business plans. It enables a smooth continuation of operations without significant disruptions, fostering confidence among stakeholders, clients, and employees. This takes intentional planning, often years prior to the outgoing generation’s decision to retire.

Family wealth management, in conjunction with the family office, assumes a multifaceted role, especially in terms of establishing financial plans and upholding the long-term interests of the family and the enterprise side-by-side. Effective strategies address the complexities of transitioning ownership while integrating the financial and legal dimensions of the process. As the central platform for these endeavours, the family office ensures a coherent framework for the management of the family’s assets, investment portfolios, and governance structures. It acts as a strategic partner in preserving and nurturing the family’s wealth, imparting a sense of stability crucial for successful generational transitions and business continuity.

Having robust financial plans built into the family office is important for keeping the business stable during these times of transition. By strategically navigating these transitions, the family enterprise can remain stable while laying a strong foundation for sustained growth and success across generations.

The Perils of Overcontrol: Frustration and Turmoil

Excessive control, particularly from the outgoing generation in family enterprises, can create a myriad of challenges, leading to frustration, conflicts, and potential turmoil within the business and family relationships. While the outgoing generation may have a deep-rooted connection to the business they’ve nurtured, exerting excessive control without allowing the newer generation space to express themselves can hinder further growth. It often breeds a sense of aggravation and stifles the creativity and fresh perspectives the new generation can bring. This control dynamic, if unaddressed, can cause rifts within the family, impacting the smooth operation of the business. In extreme cases, this can see the family enterprise diminish, either in reputation, service, or value. 

Balancing autonomy and guidance emerges as a critical factor in mitigating the perils of overcontrol. Giving the younger generation the opportunity to take charge and contribute their ideas develops a sense of ownership and accountability. Finding this equilibrium is not an easy task; it requires a willingness to embrace change and adapt to a new way of managing the enterprise. The new generation can bring innovations to propel the business forward, while the guidance of the outgoing generation, when balanced appropriately, ensures the preservation of the enterprise’s core values and legacy.

To mitigate the potential risks of overcontrol, strategies emphasizing trust-building and the creation of a collaborative environment are paramount. Encouraging open dialogue and mutual respect between the outgoing and incoming generations is imperative. Implementing mentorship programs, establishing shared decision-making processes, and creating platforms for constructive discussions can help bridge the gap between the two generations. Building trust and mutual understanding lays the foundation for a more harmonious transition, cultivating an environment where both generations can contribute their strengths and ideas without feeling restricted or disregarded.

Gaining Understanding and Support from Stakeholders

The success of generational transitions within family enterprises relies on the active engagement and support of all parties involved, including those not part of the “family” in the family business (e.g., stakeholders). This inclusive approach involves not only the outgoing and incoming generations but also extends to family members, key employees, and external advisors. Each stakeholder plays a pivotal role in ensuring a smooth and successful transition. The outgoing generation’s willingness to pass the baton and support the newer generation in assuming responsibilities is as crucial as the incoming generation’s willingness to learn and lead. Additionally, involving family members and key employees in the process fosters a sense of belonging and commitment, aligning everyone towards a common goal. External advisors, with their expertise and impartial perspectives, can offer invaluable guidance, especially in addressing complex financial and legal aspects, contributing to a more comprehensive transition process.

Transparent communication and education are essential components that underscore the success of these transitions. This involves open and honest discussions about the logistical aspects and the personal elements that accompany such a significant transition. Ensuring that everyone, from the outgoing generation to external advisors, is on the same page. Likewise, the ability to adapt to new methodologies, new leadership, and evolving business dynamics is important. Stakeholders must recognize the inevitability of change and handle it with an open and flexible mindset. These foster a collective understanding and commitment toward the shared objective and pave the way for a successful transition and a sustainable future for the family business.

Listen to our Legacy Builders Podcast

Wherever you are on the generational transition path, take charge of your family's financial legacy and navigate this transition with confidence. Connect with the Beacon Family Office to begin building the strategy to implement robust financial plans, balance control and stability, and overcome potential challenges with ease. Book an initial conversation today.

2023 Week 45

Unlocking Legacy: The Art of Estate Planning for High-Net-Worth Families

by BlogEstate PlanningRetirement

Unlocking Legacy: The Art of Estate Planning for High-Net-Worth Families

Estate planning stands as the cornerstone for individuals of considerable wealth, offering a strategic roadmap that extends far beyond the management of assets. Beyond the sheer accumulation of wealth, estate planning serves as a vital mechanism for these families to navigate the complexities of asset distribution, tax implications, and the perpetuation of their values and aspirations. It’s not merely about the physical assets but also the preservation of a lifetime’s work and values, the assurance of a lasting impact on the lives of their heirs, and the causes they hold dear. In this regard, the relevance of estate planning to high-net-worth families cannot be overstated.

In this article, we’ll explore why real estate planning is relevant for high-net-worth families and how you can take practical steps to further safeguard your assets. We will also break it down into essential components, from creating a will to the use of trusts to further secure your estate.

Estate Planning Essentials

In it’s easiest terms, estate planning is the process of strategically handling your assets, both during your lifetime and after your passing. It involves making key decisions to ensure that your property and wealth are distributed according to your will. This plan aims to minimize the financial burdens your loved ones may face when the time comes.

Relevance of Estate Planning 

At it’s core, estate planning plays a pivotal role in safeguarding your legacy. When managed effectively, estate planning is about preserving and efficiently transferring your assets. This ensures that your beneficiaries are taken care of, particularly should they face challenging and trying times.

Key Components of an Estate Plan

Like most aspects of wealth management, estate planning is developed around your assets and your goals. No two estate plans are alike, just as no two families are alike. What’s important to note is that most estate plans require the following components to be effective:

  • Will: A will is essential for specifying how your assets should be distributed after your passing. It ensures that your family’s wealth is distributed according to your wishes, which is crucial in managing and preserving family wealth.
  • Trusts: Trusts are versatile tools that can be used to accomplish a variety of estate planning objectives. They can help preserve assets, provide for specific family members or charitable causes, and offer control over how and when beneficiaries receive their inheritance. To learn more about trusts and wealth management, visit here.
  • Beneficiary Designations: Proper beneficiary designations on accounts like life insurance policies and retirement accounts ensure that these assets pass directly to named beneficiaries and simplify the transfer of wealth.
  • Durable Power of Attorney: This document enables someone you trust to manage your financial affairs if you become incapacitated. It’s crucial for ensuring that your assets are managed and protected during your lifetime.

Business Succession Planning: This involves creating a plan for the smooth transition of the business to the next generation or to a designated successor. Proper succession planning ensures the continued success of the business and the preservation of its value within the family.

Creating a Will and Testament

Let’s take a deeper look at the will, often referred to as a last will and testament, as an aspect of the estate plan, as its importance cannot be overstated. Your will serves as the beacon that guides the distribution of your assets when you are no longer there to do so yourself. This is a legal document that allows you to rest in peace knowing that your wealth and assets are distributed according to your last wishes. When drafting your will, consider the following to ensure the document properly captures your wishes:

  1. Provide Clarity to Ensure your Legacy

“Clarity is kind,” goes the old saying. When it comes to your legacy, the kindest thing you can do is to ensure that your intentions are crystal clear in writing, thereby reducing the potential for disputes and uncertainties among your heirs. Your will empowers you to decide precisely how your assets will be allocated, removing this uncertainty from your loved ones. You have the autonomy to choose who inherits what, and even under what conditions. This allows you to tailor your legacy to your vision, ensuring that the people and causes dear to you are duly supported. It’s advisable to seek the assistance of an experienced wealth advisor or estate planning lawyer to ensure that your will is legally sound. Here are some key considerations for drafting a clear will:

  • Use straightforward and unambiguous language to describe your assets and their distribution.
  • Specify the beneficiaries for each asset and be as detailed as necessary.
  • Address any contingencies, such as what happens if a beneficiary predeceases you.
  • Sign and date your will in the presence of witnesses to ensure its validity.
  1. Protect loved ones

A well-written last will and testament is important for making sure that your family is taken care of and that they have a secured future. It goes beyond just distributing assets; it involves a comprehensive approach that includes appointing guardians for minor children, establishing trusts for education and future support, and providing for elderly or vulnerable family members. It’s crucial for you to make these difficult decisions to guarantee that someone who shares your values and viewpoints raises the next generation, thus carrying on your legacy.

  1. Choose an Executor

An executor is an individual or institution entrusted with carrying out your wishes as per the terms of your will. Selecting an executor is a critical step. It’s imperative to choose someone you trust implicitly, as they will have significant responsibilities.

  1. Ensure a Smooth Transition

A well-drafted will can significantly expedite the probate process—the legal validation and execution of your will. Creating a will, while essential, can seem like a daunting task. It’s crucial to approach it systematically, ensuring that your document reflects your wishes accurately and complies with legal requirements.

Trusts in Wealth Transfer

Trusts are like the sturdy foundation upon which your estate planning and business transition can be built. Transitioning it to the next generation can be one of the toughest slopes when it comes to ensuring success. This is why trusts, such as Grantor-Retained Annuity Trusts (GRATs) and Family Limited Partnerships (FLPs), can be the glue that holds your succession plan together.

  • Grantor-Retained Annuity Trusts (GRATs) are irrevocable trusts that allow the grantor to transfer assets to heirs while retaining an annuity payment for a specified period. This arrangement helps preserve the current asset value while providing the grantor with income during the trust term. Upon the trust’s conclusion, the remaining assets pass to the chosen beneficiaries with minimal tax implications.
  • Family Limited Partnerships (FLPs) offer a family-centered structure for asset management and wealth transfer. Family members can create an FLP by contributing various assets to the partnership, with the senior generation acting as general partners. This setup centralizes control, safeguards assets, and potentially allows for the discounted transfer of limited partnership interests to younger generations. Senior generations can maintain management control while gradually transitioning ownership to the next generation.

These tools allow you to pass on business interests, real estate, or other assets while retaining control and generating income. Not only that, you can also create a trust to hold and manage the business assets, ensuring a smooth transition to the designated successors. This not only preserves the value of the business but also provides a framework for its continued success.

Listen to our Legacy Builders Podcast

Estate planning is a vital step in managing and securing your family's wealth. Keeping the above in mind, ask yourself, Have I taken the necessary steps to safeguard my assets, ensuring my beneficiaries’ futures are accounted for? If you’re ready to work through this question, connect with Beacon Family Office to receive expert guidance and support in your estate planning journey.

5 Ways Workaholics Can Feel Fulfilled in Retirement

5 Ways Workaholics Can Feel Fulfilled in Retirement

by Retirement

Feeling useful and having a purpose in our lives is vital for our happiness. Since building a career takes a great deal of time and effort during the course of our life, our work becomes a defining part of our identity. Many of us genuinely love our jobs, and it’s hard to give them up when the time comes.

It’s natural that when retirement rolls around, many of us feel as if we are losing that sense of identity and meaning.  This can feel confusing, overwhelming, and even scary; there are some simple ways that workaholics like you can learn how to settle and feel fulfilled. If you’re approaching retirement with apprehension, learn how to shed your fear and embrace your newfound freedom with these suggestions.

Join Something

Today, more than ever before, there are plenty of ways to get out there and get involved — whether it’s with your local community, a walking group, volunteering, or even with your church. Spend some time thinking of what you enjoy and ask around or do some research online to find a local committee or group you can join. This is an excellent way to give more purpose to your everyday life while also meeting new people and expanding your knowledge, skills, and experiences!

Pursue a Hobby

Retirement is all about embracing your freedom and spending time rediscovering what you enjoy. There’s no better time than now to pursue a new hobby or pick up with one that you left on the back-burner while you were focusing on your career over the years. Learn a new instrument, take art classes, try baking again, or find anything that will get you excited to learn and grow in your retirement.

Travel More

With time on your side, why not spend it seeing and exploring more of the world? Hop on a cruise liner or join a tour where you’ll have all the logistics taken care of for you — that way, you’ll be free to enjoy a completely stress-free experience. Think of all the places you were dreaming of seeing when you were younger and take advantage of retirement now by adding some adventure back into the mix.

Spend Time With Friends

Studies have shown that as we grow older, spending time with those we care about is not only beneficial for our well-being — it’s essential. Make a plan to meet up each week with friends or plan weekly dinners with family. Don’t be afraid to reach out to others and create plans from thin air! Being proactive is the key to a fulfilling social life.

Have a Plan Before You Exit

When your paycheque switches to your pension cheque (if you’re lucky), you need a plan to ensure that you’ll have enough money for your retirement. Being retired means you have the freedom and time on your hands to do what you’d like, but depending on what you’d like to do, it can get expensive.

Even if you have enough saved, you still need to understand how to access and manage your assets to keep your taxes at the lowest rate possible. Don’t wait to start planning until you wish you started earlier! Contact us at The Beacon Group of Assante Financial Management Ltd., and we’ll set you up with a Lifetime Approach system to help you achieve your retirement goals.

If you see yourself as a workaholic and worry whether you will feel fulfilled in retirement, remember that it all depends on being proactive! Feeling nervous about this transition is entirely normal. And, it will take some time to adjust to this new phase of life. By getting involved, finding new hobbies, and surrounding yourself with the people you care about, we promise it’ll be more enjoyable than you could have ever imagined.