Finances in Retirement – New Challenges, New Solutions

Gordon Hunt, Negosentro |  Throughout our lives, our priorities will change. Our childhood years are about enjoying and exploring life. Our teenage years are focused on academic achievement which hopefully will provide the springboard towards a dream job. In our 20s and 30s, we strive for financial independence and starting our own family, or indeed our own business. In our 40s and 50s, we yearn for stability as our children grow up and chase their down dreams. From 60+, we generally like to enjoy life while we still can, having occupied the fast lane for long enough.

For entrepreneurs and small business owners approaching retirement, what life values are most likely to be valued? We look at five such values and why they might be highly sought-after by senior entrepreneurs.

Finances: The prime goal of entrepreneurship is to be the leader in your target market and to maximise your profit. Few things are more satisfying in life than financial peace of mind, where people no longer worry about debt and can instead put their financial resources in whatever they wish, knowing that there is enough of a cushion to afford the expense.

Health: Running a business is a stressful life choice and even the most successful entrepreneurs feel physically and mentally exhausted from the daily rigours of managing a business. When someone has been an entrepreneur for multiple decades, they might feel that taking a step back is the right thing to do for the sake of their health.

Family: Entrepreneurs who don’t run a family business will be limited in the time they spend with family, as corporate matters often take priority. Upon reaching their senior years, they might decide that some precious family time is overdue and give back to the partner and children who supported them consistently throughout the running of the business.

Leisure: When you’re in charge of your own company, the concept of ‘down time’ rarely exists. Even while unwinding at home after a long day in the office, an entrepreneur’s mind is likely to be focused on business matters. As retirement approaches, they might wish to catch up on some of life’s enjoyable pursuits that they didn’t get to enjoy during their time in business.

Work: It’s worth noting, though, that not everyone will want to simply ‘wind down’ upon reaching retirement age. For some entrepreneurs, work is what gets them out of bed every morning. Perhaps the business is so important to them that they want to keep it going until they die, or maybe they might wish to take a less hands-on job elsewhere after so many years of managing a company. Flexible work arrangements are common amongst seniors who like to keep busy but who also seek plenty of time for the relaxing things in life.

This infographic from Easy Life Cover (https://www.easylifecover.ie/mortgage-protection/) examines these fundamental life values and how they can shift throughout an entrepreneur’s life, with different factors taking priority over the course of one’s life. Based on a retirement study conducted earlier this year, the results are quite interesting to read.

retirement feature photo

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