BusinessHow to plan for retirement as an entrepreneur

How to plan for retirement as an entrepreneur

For independent traders and established executives approaching retirement, getting organised quickly is more than just prudent: it could make or break the legacy of your company. Whether you’re passing the company into new hands or selling on, it’s always worth knowing how to gear yourself towards a happy and fulfilling retirement.

A guide for the retiring CEO: Four steps towards successful planning

  1. Financial management

Effective and transparent wealth management will ensure that you can retire in confidence.

Organising your investments is a multifaceted process that might take years to complete, so it’s important to get started as soon as possible. Your personal retirement goals should be at the core of every decision you make.

Building a robust retirement fund naturally involves various exit strategies in business, so you’ll need to weigh out the pros and cons of the options available to you. You might choose to sell the business, for example, while using an equity release calculator could provide a detailed insight into your financial stability. 

  1. Succession planning

You should do everything within your power to ensure and safeguard business continuity.

Try to identify promising potential successors already working within the company. Regardless of your approach, it’s essential that you work with a comprehensive succession plan to protect a lucrative future for the company and its stakeholders.

Considering external candidates could a better-suited option for you, but it truly depends on the needs and nature of your business. Try to remember that even though your personal preference feels important now, the outcome will be shaped after your business gains new leadership.

  1. Prioritise your health

It’s important to remember that retirement involves much more than just preparing the future of your company. Your physical and emotional health should be a priority during the planning stages, no matter how easy it might feel to put business first.

Try to explore new and old hobbies and interests. If you’ve got time and money, you could even write up a new bucket list of places to visit and sights to see. This could be a wonderful way to spend time with someone special, or perhaps embark on solo travel for the first time. If you’re a keen golfer, now could be the time to discover some of the best resorts in the UK.

  1. Consider tax and legal implications

Effective tax planning helps you not only to minimise liabilities but maximise your remaining financial gains as you approach retirement. Seeking legal advice could be wise for those who need to navigate complex legal terms, contracts, or obligations during the transition into retirement.

Remember that wealthier savers can now put more towards their pensions than ever before. 2023 saw the maximum pension savings allowance increase from £1.07m to £1.8m,  which could be welcome news for successful entrepreneurs approaching the end of their career.

Overview

With a transparent and compliant approach, retirement planning doesn’t need to be daunting. Try to focus on making sure that you leave your business in safe hands – so you can kick back and enjoy the right kind of retirement. You deserve it!

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