Advice for Soon-to-Be Retirees: Lessons from Watching Two Business Partners Retire
Retirement is one of life’s big moments. It’s a time when someone steps away from years of hard work and begins a whole new chapter. Over the years, I’ve had a front-row seat to not one, but two retirements—first, my father, and now Christina, another close business partner, is preparing to jump into 2025 retired.
Both experiences have taught me a lot about what it takes to make this big transition smooth and successful. Retirement isn’t just about leaving a job; it’s about creating a new life that feels meaningful and rewarding.
Whether you’re the one retiring or supporting someone who is, there are lessons here for everyone. Let me share what I’ve learned from these two incredible people and their journeys, including how a wealth advisor can make a big difference.
Plan for the Future Early
One thing I noticed with both my father and Christina is how important it is to start planning for retirement early. Neither of them waited until the last minute. Instead, they took the time to think about what retirement would look like, both financially and personally.
Here’s what I learned:
- Set a clear timeline: My dad had a retirement date in mind years before he actually retired. Christina did the same, giving her plenty of time to prepare.
- Think about what’s next: Both of them asked themselves, “What do I want to do when I’m no longer working?” Christina is excited to spend time at the lake and build on the quiet life they love up north, while my dad focused on spending time with family, never missing the grandkids’ games, biking, and consistently staying active.
- Prepare your business (if applicable): Both of them worked with me to ensure a smooth transition for our company. They shared knowledge, handed off responsibilities, and made sure I felt ready to move forward.
How a Wealth Advisor Can Help:
A wealth advisor can help you plan for your timeline and goals. They can map out how long your savings will last, provide insights on when to claim Social Security, and ensure you’re financially ready for the lifestyle you envision. Having an expert by your side makes this process far less overwhelming.
Understand Your Finances
Retirement is a big financial change. Both my dad and Christina spent time making sure they were financially prepared before taking the leap. Watching them personally go through this process allowed me to understand the emotions beyond the numbers.
Here are some key steps they took:
- Review income sources: My parents had Social Security, savings, investments, and a business sale to rely on. Christina and her husband were much the same but also had a pension to factor in.
- Make a budget: Both of them created a new budget for retirement. They thought about how their spending might change—less money spent on work clothes and commuting, but more on hobbies and enjoying life. It’s not unusual to actually spend more money in your first decade of retirement. After all, you have more free time!
- Plan for the unexpected: Life can be unpredictable, so they each set aside money for emergencies.
How a Wealth Advisor Can Help:
A wealth advisor can act as your financial guide. They help you understand how much income you’ll need, set realistic budgets, and build plans for unexpected expenses. They can also manage your investments to ensure they align with your goals and risk tolerance in retirement. This professional insight promotes peace of mind as you make the transition.
Think About Your Legacy
When my dad retired, he didn’t just walk away from the business. He wanted to leave it in good hands, and that meant sharing everything he knew with me. Christina has been doing the same, making sure our team is ready for her departure.
Here’s how they handled it:
- Document your knowledge: My dad wrote down processes and advice to make sure I had everything I needed. Christina has been doing something similar, creating guides for the tasks she’s handing over.
- Train your replacement: We ensured we built a team to take over their tasks. By creating and understanding the guides and tasks, the transition is seamless.
- Celebrate your achievements: My father laid the foundation for what our business is today. We couldn’t let him leave without a retirement celebration. We’ll continue to honor their legacies through the building blocks of our business.
How a Wealth Advisor Can Help:
For those leaving behind a business or estate, a wealth advisor can help you with succession planning and estate management. They can ensure your assets are distributed according to your wishes and minimize tax burdens for your heirs. This support simplifies the often-complicated process of leaving a legacy.
Find New Purpose
One of the biggest lessons I’ve learned is that retirement is more than just stopping work. It’s about finding new purpose and joy in life. Both my dad and Christina have approached this with excitement and curiosity.
Here’s what they’ve taught me:
- Explore hobbies: My dad started biking regularly, going to the gym, and donating blood (plasma) on a regular basis.
- Spend time with loved ones: Retirement has given my dad more time to spend with family, and Christina is looking forward to the same. Their son lives in Grand Forks, and this will allow them the flexibility to visit more often.
- Give back: Both of them have talked about volunteering as a way to stay active and make a difference.
Be Open to Change
Retirement is a big life change, and it doesn’t always go exactly as planned. My dad and Christina have both shown me the importance of being flexible and open to new opportunities.
Here are some lessons they’ve shared:
- Take it one day at a time: It’s okay if things don’t feel perfect right away. Give yourself time to adjust.
- Try new things: You have all kinds of free time; be okay with exploring new interests.
- Be patient with yourself: It’s normal to feel a mix of emotions during this transition.
How a Wealth Advisor Can Help:
Life throws curveballs, and a wealth advisor can help you adapt. Whether the stock market changes, medical expenses arise, or new goals emerge, they’ll ensure your financial plan stays flexible and supports your evolving needs.
Celebrate the Journey
Finally, one of the most important lessons I’ve learned is to celebrate this milestone. Retirement isn’t just the end of a career—it’s the start of a new chapter.
Taking time to honor the journey helps make retirement feel special and meaningful. For my dad, we held a big retirement party. We’re planning something similar for Christina, showing how much she’s meant to the business and our team.
How a Wealth Advisor Can Help:
Retirement celebrations are great, but they can also symbolize a fresh start financially. A wealth advisor can help you mark the milestone with a “financial reset,” revisiting your goals and ensuring your money is ready for the adventures ahead.
Final Thoughts
Watching my dad and Christina prepare for retirement has taught me so much about this important stage of life. It’s a time for planning, reflection, and embracing new opportunities. Whether you’re retiring soon or supporting someone who is, the lessons from their journeys can help make the transition smoother and more rewarding.
Retirement isn’t just an ending—it’s a beginning. With a little preparation, the help of a wealth advisor, and a sense of adventure, it can be one of the most fulfilling chapters of life. If my dad and Christina are any example, the best is yet to come.