I took a poll on LinkedIn that 29 businesses owners and some leaders answered, with the question, “Are you on track to meet your retirement goals?”
Here are the poll results:
- A full 38% said they were ahead of plan! The economy and their own planning have been good to them!
- On the other hand, 39% said they need to do better or they have not even started with their plans. They are behind.
- The remaining 24% said they were mostly on track.
Where are you with your savings plans?
I met with my own financial planner recently and he reminded me that we belong in the first category.
This was not a shock given the dedication my partner takes with the “envelope” savings and investment systems she uses (though she uses bank accounts now instead of envelopes). This works combined with the bold conviction and innovation we apply to our business ventures.Are you on track to meet your own retirement savings/investment goals? Click To Tweet
You will notice ironically it takes both a bold business/career approach and a conservative financial approach, married together in order to achieve larger life goals.
We didn’t do this by ourselves, we hired our own business coaches and different financial advisors along the way.
I have had really bad accountants and financial advisors (really bad), and I have had really good ones as well.
The bad ones are not always readily apparent until you have a really good one, and then you see the difference. Don’t ever settle for “pretty good” or “just ok.”
Mediocre advisors translate into a mediocre life plan. Surround yourself with the best.
Will You Ever Retire?
Everyone has a different approach.
I have seen landscape business owners move deep into Colorado mountains and open up a completely new venture, I have seen others continue working part time while someone else runs their business, and others who sold their business and then bought a new business.
You have to find your own way.
Personally, I don’t plan to retire like my college buddy just did, after working his entire life as a crack engineer for a car company, he stopped cold turkey.
I enjoy the green industry and how I truly help people. Instead of hanging it all up, I plan to choose my clients and provide new services that add the highest value…while enjoying my hobbies, sports, non-profits that are meaningful to me, and mentoring the youth in my city — plus continuing to travel more.
OK, that does sound like a lot! I will alter my plans as I go, but everyone has to start out with a plan.
Your Challenge: Combining bold action with savvy financials
To make it into the top poll result of “ahead of plan,” you have go forth boldly now while keeping an eye on the prize.
The real challenge is to love your job and your work so much that you get up every morning with such a spring in your step that you never feel like you are working a day in your life.
It’s more than a cliche, it’s a real-life choice.