notes from retirement : #3 Pros setup a retirement plan, NOW!

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oldfashioned Contributing Member • Posts: 758
notes from retirement : #3 Pros setup a retirement plan, NOW!
2

I'm retired (2 months now) and bored and everything so I'll write a series of notes to my colleagues, all from real stuff happened in 20 years in advertising plus 10 years in sports.

note#3 : Think about your financial future, sooner is better

This is my last note . It will probably "upset" some as it's never a good time to sit down and talk about retirement plans.

Problem is that it will only be a matter of time (literally)

Things changed , dramatically. Stocks are gone (stock agencies I mean). That source of income doesn't exist anymore. In the best case scenarios it's only peanuts. Won't buy anything.

Stuff you can do in the US now:

build something. A Studio and try to buy the property. Get a mortgage, do what you have to do, eat donuts if you have to. But buy it. Get out of the rental nonsense

Don't personalize too much. With you out of the picture (retired) what is going to happen if you kept all the relations for yourself? Think about it, in advance. Choose the right time and start transferring the legacy.

Everything came naturally for me, to be honest, because I did exactly what my mentor and previous studio owner did. I was the first assistant when we had the "talk". Became the owner after few years.

I did the same thing with my first (talented) assistant (now partner), with the difference that the transition must start a lot sooner now.

Present your assistant, let him/her gradually take over/ Step aside

Property and a transferable legacy will be the best way to retire with a plan.

Whatever you do please think about it, now.

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