The Independent Advisor's
Succession Plan

7 Things to Do Before You Retire


As a financial advisor, you have been looking forward to retirement for your whole career, not necessarily because you want to leave the field, but because you have been planning it for years. It is a huge life transition, and you are probably taking many steps in an effort to be the most prepared. In this blog, we will cover some things you should do before you retire that you may not have ever considered.

Get Out of Your Comfort Zone

As we said, retirement is a major life transition. During major transitions in our lives, it is time to reflect on what is truly important to us, and what you want to leave behind. This means that it is more important than ever to consider how you spend your time. This is a great time to do something you haven’t done before. Why not skydive? Go on that exotic vacation you were always curious about? Try a pottery class? Do something to put yourself outside of your comfort zone before you retire so you can start to look forward to filling your free time with new pursuits.

Protect Your Belongings

As a financial advisor, you have been very protective of your assets, but have you thought about things that hold more sentimental value? As you transition into retirement, it is a good idea to get organized with the meaningful belongings in your home. If you pay no mind to this issue after you are gone, your children are left with a big mess, and the items that have meaning or value may be lost forever in the shuffle. Take this time of transition to be proactive about protecting the belongings you have that mean something to you, whether their value is monetary or sentimental.

Prepare for the Inevitable

No one wants to think about death. But as you enter retirement, you are entering the last phase of your life, and it is important that you do so with both eyes open. At this point in your life, nothing lasts forever, and you may find that your spouse passes on before you. It is best to be prepared for this rather than waiting for a tragedy to strike and then deal with the fallout. Talk to your spouse and trusted advisors about it, prepare both emotionally and financially, and you will have an easier time knowing that you are on the same page with your spouse.

Get Serious About Estate Planning

It is important to review your estate plan when anything major changes in your life, including when you retire. When you are getting ready to retire, meet with your estate planning attorney to go over your will and make sure that it is up to date. This way, you will have a good idea about taxes and what you will be paying come retirement, and you don’t have to worry about your heirs in the event of your passing.

Get Healthy

It is estimated that retirees spend an average of 220,000 dollars on medical expenses. Now is the time to offset those costs as much as you can by prioritizing your health. If you have been eating poorly and living a sedentary lifestyle, you are just asking for those crazy medical bills. Now is the time to start fresh. Eat a balanced diet of whole, unprocessed foods, and start exercising regularly. You might try a new fitness class at your gym or take up an old hobby like biking or dancing to make sure that you are moving.

Stay Connected

When you are working, it is much easier to stay connected to the outside world. After all, you are heading out there and seeing people every day! Once you are retired, however, it can be easy to become somewhat of a shut-in. As your schedule shifts from the typical 9-to-5 grind to… well, whatever you want it to be, it is important to keep connected to the outside world to avoid feeling depressed. You can offset feeling like a hermit in retirement by starting now. Get connected by joining some local organizations, reconnecting with old friends, and joining social media.

Implement a Succession Plan

Regardless of whether you want to leave your business to a family member or to a separate independent financial advisor, it is imperative that you have a written succession plan in place before you retire. Many advisors find themselves putting off their RIA succession planning for years, delaying their retirement despite being well-prepared for it. If you have been putting off writing a succession plan for whatever reason, it is time to start now. Contact advisorRETIRE™ and we will help you implement and execute a succession plan that will serve you, your business, and your clients well. Call today!

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