Selling your business could mean you’re well on the way to your retirement, but have you thought about how your lifestyle might look and feel like once you retire?
Cranwell James Financial Planning place a huge emphasis on helping clients identify their desired lifestyle – both now and in the future post-retirement.
A question they regularly ask their clients is ‘What would your ideal lifestyle look and feel like?’. To achieve your desired lifestyle it’s crucial to have clear goals as this brings clarity to financial decisions that you may be advised to make. For example “why am I making a £30,000 year end pension contribution?” It’s not just to save tax or see numbers on an investment statement go up! Having a large amount of assets is not the goal in itself, it’s what you can do with those assets that matters.
For the majority people retiring, their main objective is to maintain their chosen lifestyle in retirement, they have worked hard to enjoy a lifestyle they love and do not want to lose it once they give up their career / business.
‘What’s your number?’ is a concept of understanding; the number could be described as the amount of money that you need to accumulate to then be able to live the life you want without fear of ever running out of money. It’s a concept developed by Lee Eisenberg in his book ‘The Number: What Do You Need for the Rest of Your Life and What Will It Cost?’, using this concept you can set goals and prepare yourself for life after retirement. If you don’t know what you’re heading for, you’ll never know when you’ve got there!
Looking to set yourself up for financial comfort when your retire? Contact Cranwell James Financial Planning to start your planning today. Or if you’re looking to sell your business to get you on track for retirement, contact us today.