Many were surprised at the recent announcement by Pope Benedict XVI to step down from his post. This decision is sure to go down in history, and it triggers an important question in those with lifelong careers – when is the right time to retire?
While you may not have the same problems or responsibilities as the Pope, have you given serious thought to your own future and when may be time to step down? This question takes on added significance if you have no mandatory retirement age for your position or profession.
A recent Marketwatch article titled “Retirement lessons from Pope Benedict” explored this timely issue. Whether you are the Pope, a business owner, or even a CEO there is always the question of succession. Who will take over when you do step down, and how will that happen? What can you do now to prepare (both yourself and your business) for your retirement, no matter how far down the road? These are questions you should start thinking about far before your retirement date arrives.
Aside from the business aspects, there are also several things you should do to ensure your future plans on a personal level. First, you need to make sure your advance health directives are current. No one ever plans to become infirm or incapacitated, but it does happen. And while you are at it, a good top-to-bottom review of your estate planning likely is in order. Without the proper protections in place before the unexpected occurs, even the best thought-out "plans" will be difficult for your loved ones to carry out.
Whether you are responsible for millions or just a few, the take-a-way is the same: you must be prepared!
For more information about what you can do now to get started on your retirement and/or succession plans (no matter how remote you think that will be), contact us a Peak Legal Group.
Reference: MarketWatch (February 11, 2013) “Retirement lessons from Pope Benedict”