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Retirement is a like a double-edged sword. We all aim to build the most profitable businesses possible, so that our hard-earned wealth can facilitate a retirement based on comfort, luxury and security. However, in practice, retirement is a scary term laced with uncertainty about an unknown world.
There’s one thing that unites successful business owners and that is their power to effectively delegate. Throughout the lifecycle of any company, most successful business owners try and delegate more and more of the things that they are less good at, so they can spend a greater proportion of their time focusing on what they enjoy, what they are good at and what makes the company money. This usually makes the company significantly more profitable, gives the owner more free time and makes work more enjoyable.
Now, just take a moment to imagine that: a ‘job’ only doing what you love, when you want to and how you want to. Well, it doesn’t really sound like ‘work’ at all! This is what Dan Sullivan, founder of The Strategic Coach Program would describe as ‘The Retirement Trick’. He believes that if you are only doing the things that you love and giving yourself plenty of free time, you are less likely to want to retire.
A shift in working practices is not the only thing replacing the rather archaic retirement paradigm. Thanks to ‘Pension Freedom’, so many of us are now able to phase our retirements and take an income how and when we see fit. New measures mean you can draw an income that you can increase, decrease, stop and start, to suit the income you need. This has been available for a long time; it’s called income
drawdown, but the rules have become much more flexible, allowing you to control your money. This strategy has also made this type of pension flexibility more accessible for those that are less wealthy.
It’s important to remember that whilst pensions have some amazing tax breaks, some of them work around tax deferral rather than tax avoidance. If you manage your income from your business and your pension income wisely you have the opportunity to minimise the amount of tax you pay and therefore maximise the effectiveness of your savings and drawings. That’s why the new Pension Freedom rules work so well for business owners. In addition, they allow you to leave what you don’t spend to your loved ones, often free of Inheritance Tax too, and protected if the business struggles in the future.
So protect the financial future of you and your loved ones, minimise tax and build the opportunity to create your very own ‘Retirement Trick’ by extracting some of your profits and investing them wisely using the type of pension that can give you the flexibility you will need for your Life 2.0, the new version of your life.
Getting older might make you feel like you are slowing down. Do not be fooled into thinking this is cognitive decline, you have so much information in your brain that it takes more time to access it! You can be stronger and happier in your retirement than ever before. Life is an adventure, you can expect change and embrace it. Learn the right time to retire, how to boost your retirement income and create your dream retirement. Follow your dreams and love what you do!
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