Today we’re going to consider the Shape of Retirement and how it doesn’t have to be the traditional work-for-40-years-then stop model that has been the norm for most of the last century. We have some simple examples of how clients have done that and also some salutary warnings.
Everything You Need To Do
- Plan ahead – What does your perfect outcome look like? Portfolio career with mini-retirements? Early retirement? Think about your financial situation – does it stack up and will it serve your goals?
- Stay flexible – Think about what money you might need to use and when – invest accordingly, both wrappers and underlying investment approach. Keep options open where possible – don’t lock money up for too long, or overcommit to long-term plans.
- If business owner… – Prepare the business well in advance: 5-10 years rather than two years, depending on the state of the business! Consider all options for exit; Outright sale, Management Buy Out, Employee Ownership Trust.
- Be realistic – Modern ideas of portfolio careers are great, but we all know people in their late 50s who are struggling to find work, no matter how experienced they are, because there’s an assumption they won’t be in post for long. You might need to develop new skills that can be used in fields completely different to yours.
