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.
Beacon Family Office at
Assante Financial Management Ltd.
Suite 519, 10333 Southport Road S.W.,
Calgary, AB T2W 3X6
