“Family business transfer involves multiple steps,” by James A. Fitts and Marshall Rowe, Family Business Magazine, July/August 2012
Despite its importance, insufficient attention is often devoted to planning a post-retirement lifestyle. Life after retirement can last as long as 30 years. That’s why it’s vital for individuals to have a well-balanced life plan that includes each of the following:
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Securing lifetime income.
This allows the retiree freedom to pursue other goals.
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Purposeful living.
The former business owner should seek out new directions that provide satisfying outlets for his or her energy. Post-retirement roles could include mentor or adviser to someone just entering the field, angel investor, volunteer for a charitable organization, member of another family business’s board or business consultant.
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Strengthening family relationships.
Many retirees find satisfaction by developing deeper and broader communication links with family members.
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Health and long-term care planning.
Maintaining healthy habits and activity levels improves and extends a retiree’s quality of life. Meanwhile, a long-term care plan should go beyond having the assets to pay for long-term care or buying long-term care insurance. It should include the funding source and the facility where the care will be provided. Be sure to develop a living will so your family knows your preference for medical intervention in end-of-life situations.
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