Plan Ahead

Less now, could mean more in the future

Most have an investment strategy for retirement, which for some, might be just a couple of years from now. But, most everyone knows of someone, and there are also those with first-hand experience of, where retirement came suddenly because the company (or the division) they worked for shut-down, they were part of down-sizing or were encouraged to leave their current employment due to an early retirement buy-out offer.

The end result is that their current career is over and they have to concentrate on a new one, just a bit earlier than expected. Most have some idea of what kind of work they might do next. And some have considered the idea of buying an existing business.

Purchasing an existing business could result in earning considerably less than at their current (or previous) career. But, it might be a job that they will have much longer, and doing something that they genuinely enjoy-!

Referencing an article in the April 20, 2009 issue of BusinessWeek magazine (on page 78):

Purchasing an existing business, even one that produces less income than their current career, "...is the vanguard of a shift in how people are planning for old age. Against the backdrop of longer life spans and a premium on brains over brawn, more employees are realizing that, in the long run, moving from a high-paying job they don't like to a lower-paying job they enjoy may entail less of a financial hit than they thought. The key is that the lower-paying job may allow you to work longer than if you stayed in the more lucrative career, so over time the blow to earnings lessens. And those extra years of income allow an investment portfolio to compound much longer before it's tapped."

According to a certified financial planner, quoted in the article; "You don't need to save as much, and you don't have to live off your portfolio for so long."

"A safety net of savings is critical to making such a career transition. In the new way of thinking about retirement, savings are a way to gain flexibility to eventually reshape your career. Its what funds career shifts throughout life-!"

"You save not to have freedom from work, but freedom to do the work you want."

Maybe less now, could be more in the future-?

A different approach to retirement-!

Professional Consulting Services, focused on minimizing the gray aspects in the transfer of business ownership; to facilitate a successful transaction.

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