When the time finally comes to look back on the business you’ve worked so hard to build, it can be tough to say goodbye, especially when it’s an intrinsic part of your life. Retirement isn’t the end. However, it’s the beginning of a wonderful new journey, one that you need to prepare for if you aim to make the most out of it.

Your golden years can be extremely fulfilling, and if you’re lucky enough to reach them as a proud business owner, you have a chance to place your hard work in the hands of another, building upon the foundations you constructed. Retirement is a complex beast – it can be tranquil, serene, exciting, boring, expensive, and confusing all at the same time. Here are some tips to help you prepare yourself and your business for a bright future.

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Have you started planning for your retirement? Most people are firm believers in building and growing their nest eggs to secure their futures. Others who live in the moment prefer spending their income on meaningful experiences and traveling.

Aging is a natural, biological process. There comes a time in everyone’s life when working every day 9 to 5 is no longer possible. People harbor unique risk factors for various illnesses, and while some enjoy healthy aging, others experience cognitive decline or diabetes.

Regardless, retirement comes with reduced earning capacity and increasing expenses, particularly medical bills. Unless you want to depend on your children and family members, how do you intend to manage these expenses? Or perhaps you’re not thinking about your post-retirement income and expenses at all.

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Many investors lost a great deal of money in the recent recession, and some, unfortunately, saw their retirement portfolios dwindle to almost nothing. Many who are at or near retirement age are looking to rebuild through safer investments. Now, there are number of ways in which you can ensure the safety of your investments. You can park your money under the mattress, put it in money market fund or invest in US bonds. One of the investment vehicles that has gained popularity in the recent past is annuities. But are annuities the answer? Many investors are still somewhat uncertain about what annuities are and if annuities are the answer to the safety of retirement savings. To clear the confusion here is a simple guide to annuity.

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A million pounds earned today is not the same as what it used to be a decade ago. The definition of “rich” is constantly changing. In the mid 1990s you could be considered “rich” if you had million pounds. Today, you are not “rich” with million pounds of total worth. You are just “well-off.” You might be able to retire comfortably, but you will not be able to send your kids to college, and you will still have to make plans for your long-term healthcare needs, depending on where you live.

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