Retirement Planning

The Need for Retirement Planning

Transition planning is the process whereby Business Owners, Professionals and Executives prepare to leave their business or work and plan for a meaningful life in after full time work.

This involves planning all aspects of the transition, and specifically:

A Personal Transition Plan – to develop a transition to retirement strategy of what to do after full-time work or business; and
For Business Owners – a Business Succession Plan, which is completed in conjunction with their team of advisers.
It tends to be the case that Business Owners, Professionals and Executives who do not create a Retirement Planning Strategy for their lives after they leave their business or work risk falling into a void, becoming bored, suffering depression, and potentially getting divorced or dying prematurely. This is discussed further below.

Personal and Business Transition Plans are, therefore, critical aspects of the overall business succession planning process.

By completing such plans, a baby boomer may enjoy the following benefits:

  • By having a clear vision of their life after work (via a Personal Transition Plan), they will be more mentally and emotionally ready for the transition to retirement process;
  • The Business Succession Plan, developed with the aid of a team of advisers, can significantly increase the value of the business and, consequently, the amount the business owner will receive on selling their business, allowing them a more comfortable retirement financially; and
  • The Personal Transition Plan will provide them with a more purposeful and rewarding life after the business.

The difficulties for the broader Australian economy – arising from business sales at less than full value (and consequent loss of value) and the health costs associated with ill-prepared retirees – can be significantly reduced with proper transition planning and, critically, implementation of this transition.

Whether you are planning for retirement, looking at transitioning out of your business or are already retired and looking at what more you can do, Transition Planning is here to assist you.

Transition Planning Australia’s retirement planning tools, information and guidance will help you make the right decisions for your life after work and for the future of your business. For more information about developing a plan for your next phase and to discuss your Retirement Planning, speak with Transition Planning Australia today.

 

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