Why Exit Planning Makes Sense
Retirement—a word that carries dreams of relaxation, freedom, and enjoying the fruits of your labor. But have you ever stopped to think about what retirement truly means to you? What are your retirement goals, and how will you achieve them? It’s essential to ponder these questions because retirement planning is not just a distant concept; it’s a vital aspect of your financial future.
Retirement is that momentous milestone when we bid farewell to our working years and embrace a new chapter in life. It’s a time of transition, where we shift gears from earning income to relying on the savings and investments we’ve accumulated over the years. And that’s precisely why exit planning comes into play.
Exit planning is not just for business owners looking to sell their companies; it’s for anyone aspiring to secure a smooth and worry-free retirement. It involves a comprehensive approach to prepare you mentally, emotionally, and financially for the transition into retirement. So, the question is: “Are you ready for retirement, and have you considered exit planning as part of your strategy?”
Think about what retirement means to you personally. Is it traveling to exotic places, spending quality time with family, or pursuing long-neglected passions? Whatever it may be, a well-thought-out exit plan can be the key to turning those dreams into reality.
Without proper exit planning, the road to retirement might be paved with uncertainties and unexpected challenges. But by taking the time to create a well-structured plan, you can proactively address potential obstacles and ensure a secure financial future for yourself and your loved ones.
Transition from Working Life to Retirement
As we embark on this journey of retirement planning together, I want you to take a moment and reflect on your current working life. What does your daily routine look like? Are you passionate about your job, or do you find yourself counting down the days until retirement? Transitioning from working life to retirement is a significant shift that requires careful consideration and planning.
For many of us, our careers have been an integral part of our identity and purpose. From the early days of building our professions to achieving success and recognition, our work has shaped who we are. But as retirement approaches, we must confront the reality that this chapter is drawing to a close. Have you thought about what this transition means for you? How will you adapt to a life without the routine and responsibilities that work brings?
The emotional and psychological aspects of retirement are just as crucial as the financial ones. When we retire, we bid farewell to colleagues who have become friends, routines that provided structure, and challenges that kept us engaged. It’s a leap into the unknown, and it’s natural to feel both excitement and apprehension. How do you envision your life in retirement? What steps can you take now to ensure a smooth and fulfilling transition?
Moreover, retirement brings a significant change in how we manage our finances. During our working years, we earn regular paychecks that support our daily needs and contribute to savings and investments. However, in retirement, we’ll be relying on a fixed income from sources like pensions, Social Security, and personal savings. Have you considered how much you’ll need in retirement to maintain your desired lifestyle? Are your current savings and investments aligned with your retirement goals?
Transitioning to retirement is not a one-size-fits-all process. Some may choose to ease into retirement by reducing work hours gradually, while others might embrace a full stop on their working life. What are your plans for this transition? How will you ensure a smooth exit from the workforce while safeguarding your financial security?
So, as we move forward on this journey, I encourage you to reflect on your retirement transition. What are your hopes and concerns? How can proper planning and guidance ease this process for you?
The Relevance of Exit Planning
As a business owner, have you ever contemplated the idea of retiring or passing on your business to the next generation? The concept of exit planning may not have crossed your mind until now, but it is a crucial aspect of ensuring the long-term success of your business and securing your financial future. Let’s take a moment to explore why exit planning holds immense relevance for businesses like yours.
Consider this: You’ve put in years, perhaps even decades, of hard work and dedication into building your business from the ground up. It’s not just a source of income; it’s your legacy and a reflection of your passion and vision. But what happens when the time comes to step away from the business? Have you thought about how you will gracefully exit the business you’ve nurtured?
Exit planning is not about walking away from your business; rather, it’s about crafting a strategic plan for a smooth and successful transition. It involves identifying and preparing a successor, whether within your family or among your employees, to take the reins and continue the legacy you’ve built. Have you considered who will lead your business when you step aside? What qualities and skills will that person need to ensure the business’s prosperity?
Apart from ensuring a seamless leadership transition, exit planning also focuses on maximizing the value of your business. As a business owner, you’ve invested significant time and resources into making your company thrive. But when the time comes to exit, will you receive the true value for your hard work? Have you evaluated your business’s current worth and potential for growth?
Moreover, exit planning addresses the financial implications of business transition. Selling or passing on a business involves complex financial transactions that can significantly impact your personal finances and tax liabilities. Are you aware of the tax implications involved in different exit strategies? Have you considered how your retirement and estate plans align with your business exit plans?
Purpose of the Article
Why is retirement planning so important? Take a moment to think about what you envision for your retirement. How do you see yourself spending those golden years? Whether it’s traveling the world, pursuing hobbies, or simply enjoying quality time with loved ones, a well-thought-out retirement plan can make these dreams a reality. By planning, you can build a financial safety net that ensures you won’t have to compromise on your aspirations.
What about exit planning? Now, let’s turn our attention to exit planning. It may sound counterintuitive, but planning your exit from the workforce is just as crucial as planning for retirement. Whether you’re a business owner or a dedicated employee, thinking about your eventual departure is vital for both personal and professional reasons. Proper exit planning can help you achieve a smooth transition, leaving behind a positive legacy while securing your financial future.
When is the best time to start? One of the most common questions people have about retirement and exit planning is, “When should I start?” The simple answer is, the earlier, the better. Regardless of your age or career stage, the right time to begin is now. Time is a powerful ally when it comes to building wealth and securing your future. So, pause and think: What steps can you take today to get the ball rolling?
How do I assess my financial situation? Understanding your current financial situation is the foundation of effective retirement and exit planning. Assess your income, expenses, and debts. Consider your assets and investments. Are you making the most of tax-saving opportunities? Reflect on your financial goals and risk tolerance. Only with a clear picture of your current financial standing can you chart a path toward a prosperous retirement and a seamless exit.
What factors should I consider? As you plan for the future, there are several critical factors to consider. Your desired lifestyle in retirement, expected healthcare costs, and potential inflation rates should be on your radar. Additionally, if you’re a business owner, think about succession planning to ensure a smooth transfer of your business to the next generation or a new owner. Take some time to ponder these elements and how they align with your aspirations.
Understanding Retirement and the Need for Exit Planning
As we journey through our professional lives, it’s easy to get caught up in day-to-day hustle. We often overlook the importance of planning for the future. Retirement may seem like a distant event, but it’s crucial to start thinking about it early on. So, take a moment to pause and think: have you considered your retirement and exit strategy from your business or career? Let’s explore the significance of both retirement and exit planning.
Embracing Retirement: A Time for Reflection and Reward
Retirement marks a significant transition in our lives, signaling the end of our primary working years and the beginning of a new chapter. This period of our lives provides a chance to reflect on our accomplishments, cherish memories, and spend quality time with loved ones. But amidst the excitement of newfound freedom, have you pondered over some essential questions: How do I envision my retirement? What lifestyle do I want to lead? And most importantly, how do I ensure I have enough funds to sustain my desired lifestyle?
The Importance of Early Planning
Time flies, and before we know it, retirement is just around the corner. Early planning is the key to securing a comfortable retirement. The power of compounding can work wonders if you start saving and investing well in advance. So, take a moment to consider: Have I started building a retirement nest egg? Am I contributing to a retirement savings plan or pension fund? What can I do today to ensure a more financially secure tomorrow?
Beyond Retirement: The Need for Exit Planning
Retirement isn’t just about bidding farewell to a fulfilling career; for business owners, it also involves exiting their companies gracefully. Exit planning is a comprehensive strategy that prepares entrepreneurs for the eventual sale or transfer of their businesses. If you’re a business owner, ask yourself: Have I thought about the future of my company once I retire? Have I identified potential successors or buyers? How can I maximize the value of my business and ensure a smooth transition?
Achieving Financial Freedom
Whether you’re a professional aiming for a serene retirement or a business owner seeking a seamless exit, financial freedom is the ultimate goal. It grants you the liberty to make choices without being constrained by financial limitations. Now, pause for a moment and consider: What does financial freedom mean to me? What steps am I taking today to achieve it? And what adjustments do I need to make in my financial planning to reach this objective?
Defining Retirement and Retirement Goals
Retirement – the word often evokes images of leisurely days, travel, and enjoying the fruits of one’s labor. But have you taken a moment to truly define what retirement means to you personally? As you read this, pause and consider: How do you envision your retirement? What activities and experiences do you wish to pursue? Creating a clear vision of your retirement is the first step in planning for this significant phase of your life.
Understanding Retirement: Beyond Financial Aspects
Retirement is not merely a financial event; it’s a life-changing transition. It’s about stepping away from the daily grind and embracing a new chapter filled with possibilities. Yes, financial security is crucial, but retirement also encompasses emotional, social, and psychological aspects. Ask yourself: What emotions do I associate with retirement? How will I maintain social connections and relationships during retirement? What passions or hobbies do I want to explore further?
Setting Retirement Goals: The Power of Specificity
Goal-setting is a powerful tool that helps turn dreams into actionable plans. To effectively plan for retirement, you need concrete and specific goals. It’s not enough to say, “I want a comfortable retirement.” Instead, think deeper: How much money will you need to maintain your desired lifestyle? At what age do you want to retire? Will you retire completely, or would you prefer a phased retirement approach? Setting clear goals will provide you with a roadmap for your retirement journey.
Financial Considerations: Analyzing Income and Expenses
A significant aspect of retirement planning revolves around finances. Understanding your current income and projected expenses during retirement is essential. Take a moment to analyze your financial situation: What sources of income will you have during retirement (e.g., pensions, savings, Social Security)? Are your current savings on track to meet your retirement goals? Have you considered potential healthcare and long-term care costs? Evaluating your financial readiness will help you make informed decisions.
Balancing Short-Term and Long-Term Priorities
Life is a delicate balance between the present and the future. As you plan for retirement, it’s vital to strike a balance between your short-term needs and long-term goals. Consider: Are you enjoying life in the present while still saving for retirement? How can you optimize your current lifestyle without compromising your future financial security? Reflecting on this balance will help you find harmony between living in the moment and preparing for a fulfilling retirement.
Challenges Faced by Retirees
As you approach the golden years of retirement, have you taken a moment to consider the challenges that lie ahead? Retirement is a significant life transition that brings with it a unique set of obstacles to navigate. Let’s explore some of these challenges and reflect on how you can plan effectively to ensure a secure and fulfilling retirement.
1. Financial Security
Have you calculated your retirement expenses accurately? One of the most critical challenges retirees face is ensuring they have enough funds to maintain their desired lifestyle. Without proper financial planning, you could find yourself struggling to make ends meet or unable to enjoy the activities you’ve been looking forward to. How can you safeguard your financial security and create a reliable income stream during retirement?
2. Healthcare Costs
Have you factored in the rising costs of healthcare? As we age, health concerns become more prevalent, and medical expenses can take a substantial toll on your savings. Are you prepared to handle potential medical emergencies or long-term care expenses without compromising your financial stability? Consider exploring various health insurance options and setting aside funds for healthcare needs.
3. Social Isolation
Have you thought about the potential for social isolation after retiring? Many individuals find their social circles shrinking once they leave the workforce. This can lead to feelings of loneliness and disconnection. How will you maintain a sense of community and foster meaningful relationships in retirement? Planning activities and engaging in hobbies can be great ways to stay socially active.
4. Mental and Emotional Well-being
Have you considered the impact of retirement on your mental and emotional well-being? The abrupt change in daily routine and the loss of a familiar work environment can leave some retirees feeling purposeless and unfulfilled. How can you proactively address these challenges and find new sources of meaning and satisfaction in your retired life?
5. Inflation and Economic Factors
Have you factored in the effects of inflation on your savings? The cost of living tends to rise over time, and your retirement savings need to keep pace. Additionally, economic factors can influence your investments and overall financial security. How will you protect your retirement funds from erosion due to inflation and economic fluctuations?
6. Estate Planning and Legacy
Have you thought about your estate planning and the legacy you wish to leave behind? Proper estate planning ensures that your assets are distributed according to your wishes, while also minimizing potential tax implications for your heirs. Have you considered setting up a will or establishing a trust to secure your financial legacy?
Facing these challenges head-on and developing a comprehensive retirement and exit plan can make all the difference in enjoying a worry-free and fulfilling retirement. Remember, it’s never too early to start planning for your future, so take some time to reflect on these questions and consider seeking professional advice to help you chart the path to a prosperous retirement.
Role of Exit Planning in Addressing Retirement Challenges
As you contemplate your retirement and envision the life you desire after your working years, have you considered the crucial role of exit planning? Exit planning plays a pivotal role in addressing the challenges that retirees often face, allowing you to navigate this significant life transition with confidence and clarity. Let’s delve into the importance of exit planning and how it can help you achieve a secure and fulfilling retirement.
1. Maximizing Financial Security
Have you thought about how exit planning can maximize your financial security during retirement? Through strategic planning and analysis, exit planning can help you identify the most effective ways to convert your business assets into a reliable income stream. This step ensures that you have the necessary funds to maintain your desired lifestyle and achieve your retirement goals. Have you explored different exit strategies and their potential impact on your financial future?
2. Mitigating Tax Implications
Have you considered the tax implications of your exit strategy? The way you exit your business can significantly influence the taxes you’ll owe during the transition and throughout your retirement. Proper exit planning takes into account various tax-saving strategies and structures to minimize your tax burden, leaving you with more resources to enjoy your retirement years. Are you aware of the tax-efficient options available to you?
3. Ensuring a Smooth Business Succession
If you’re a business owner, have you thought about the future of your company after your retirement? Exit planning involves crafting a seamless business succession plan, ensuring that your business continues to thrive in your absence. Have you identified and groomed potential successors, or considered selling your business to a suitable buyer? Preparing for a smooth transition ensures that your hard work and legacy live on while you embark on your new chapter.
4. Preserving Your Legacy
What do you want your legacy to be? Exit planning goes beyond financial considerations; it also addresses your personal and professional legacies. Whether you’re passing on your business to a successor or selling it to fund your retirement, exit planning allows you to preserve the values and principles that have driven your success. Have you thought about how your legacy will be remembered by your family, employees, and the community?
5. Adapting to Changing Circumstances
Life is unpredictable, and circumstances can change unexpectedly. Exit planning involves considering various scenarios and contingencies, allowing you to adapt your retirement strategy accordingly. How will your exit plan accommodate unexpected health issues, changes in the market, or family circumstances? Planning for contingencies can provide you with the flexibility needed to weather life’s uncertainties.
6. Achieving Personal Fulfillment
Retirement is not just about finances and business matters; it’s also about personal fulfillment and happiness. Exit planning encourages you to reflect on your passions, interests, and dreams beyond the business realm. What are the non-financial aspects of your retirement that bring you joy and purpose? Integrating these elements into your exit plan can lead to a more fulfilling and well-rounded retirement experience.
The Benefits of Exit Planning
As I look ahead to my retirement, I find myself contemplating the benefits of exit planning. Have you ever considered how exit planning can positively impact your retirement journey? Let’s explore the advantages of implementing a well-thought-out exit plan and how it can contribute to a secure and fulfilling retirement.
1. Maximizing Financial Gains
Exit planning enables me to explore various strategies to maximize the financial gains from my business or investments. By carefully analyzing the market and considering tax-efficient options, I can optimize the value of my assets. Have you thought about how exit planning could potentially boost your financial security and provide you with more resources to enjoy during retirement?
2. Securing a Smooth Transition
One of the key benefits of exit planning is ensuring a smooth transition into retirement. By devising a comprehensive plan, I can identify and groom potential successors or buyers for my business. This proactive approach guarantees that my hard work and legacy continue even after I step away. Have you considered who will take over your business or assets when you retire, and how will you prepare them for the responsibility?
3. Minimizing Tax Liabilities
A well-crafted exit plan takes into account the potential tax implications of different exit strategies. By choosing tax-efficient options, I can minimize the amount I owe and retain more of my wealth. Have you thought about the impact of taxes on your retirement savings and how exit planning can help you reduce unnecessary financial burdens?
4. Enhancing Personal Fulfillment
Exit planning encourages me to look beyond the financial aspect of retirement and focus on personal fulfillment. By considering my passions and interests, I can plan for activities and pursuits that bring joy and meaning to my retired life. What activities or hobbies are you passionate about, and how can you incorporate them into your retirement plans?
5. Creating a Legacy
Planning for my exit allows me to shape the legacy I leave behind. Whether it’s passing down a family business or contributing to a charitable cause, exit planning empowers me to make intentional choices about how I want to be remembered. What kind of legacy do you envision leaving, and how can you plan for it through your exit strategy?
6. Gaining Peace of Mind
Having an exit plan in place provides me with peace of mind, knowing that I have taken proactive steps to secure my financial future and retirement. It allows me to face the future with confidence, knowing that I am prepared for any unexpected changes or challenges. How important is peace of mind to you as you approach your retirement, and what steps can you take to achieve it?
Securing a Smooth Transition for Business Owners
As a business owner approaching retirement, I understand the importance of securing a smooth transition for my company. Have you considered the significance of planning your exit from the business world? Let’s explore the steps and benefits of a well-executed exit plan to ensure a seamless transition and leave a lasting legacy.
1. Evaluating Business Value
Before planning my exit, I must evaluate the value of my business. Have you determined the true worth of your company? Conducting a thorough business valuation allows you to understand its financial health and identify areas for potential improvement. This knowledge is crucial when seeking potential buyers or successors.
2. Identifying and Developing Successors
In preparation for my retirement, I am identifying potential successors within the organization. Have you considered who could take over the reins of your business? It’s essential to identify and groom individuals with the right skills and leadership qualities to ensure a successful handover. By nurturing their talents and providing growth opportunities, you can confidently entrust your business’s future to capable hands.
3. Creating a Succession Plan
A well-structured succession plan outlines the steps for a smooth transition of power within the organization. Have you crafted a detailed plan for transferring ownership or leadership? By mapping out the entire process, you can minimize disruptions and maintain business continuity. Remember, a comprehensive succession plan not only benefits you but also your employees and stakeholders.
4. Maintaining Transparency
Transparency is key to a successful transition. I believe in keeping my employees and stakeholders informed about my retirement plans. Have you considered the importance of open communication during this period of change? Being transparent about your exit strategy fosters trust and reduces uncertainties among your team members and business partners.
5. Seeking Professional Guidance
As I plan my exit, I recognize the value of seeking professional guidance. Have you considered consulting with experts in business succession and exit planning? Their insights can prove invaluable in navigating complex legal, financial, and tax implications. Professional advisors can help you develop a personalized exit strategy that aligns with your retirement goals.
6. Preserving Your Legacy
Your business is a significant part of your legacy. As you transition into retirement, how will you ensure your company’s values and culture endure? By embedding your principles into the organization’s core and nurturing a strong company culture, you can leave behind a lasting legacy that reflects your vision and values.
Maintaining Emotional Well-being during Retirement
Retirement is a major life transition that can bring a mix of emotions. As I approach retirement, I find myself pondering how I will adapt to this new phase of life. How will I maintain my emotional well-being during retirement? What steps can I take to ensure a smooth transition into this next chapter? These questions have prompted me to delve into the realm of retirement and exit planning, and I want to share my insights with you.
Embracing Change and Reinvention
Retirement marks the end of one era and the beginning of another. It’s a chance for reinvention, to explore new interests and hobbies, and to pursue passions that may have taken a backseat during our working years. But change can be daunting. How can I embrace this new chapter while maintaining a sense of purpose and fulfillment? Perhaps by setting realistic goals and visualizing the life I want to lead, I can find excitement in this fresh start.
Staying Connected with Loved Ones
Retirement can sometimes lead to a sense of isolation, especially if our social interactions were heavily tied to our work life. I wonder, how can I stay connected with loved ones and build new relationships? Taking the initiative to reach out to friends, family, or even joining clubs or community organizations can be steps towards building a fulfilling social life during retirement.
Managing Financial Concerns
Financial matters can be a significant source of stress during retirement. Have I planned and saved enough to sustain the lifestyle I desire? Seeking professional financial advice and making a detailed budget can help ease these concerns and allow for a more secure future.
Finding Purpose and Meaning
Our careers often provided a sense of purpose and identity. Now, as I approach retirement, I question how I will find meaning in my days. How can I continue to contribute to society and give back? Volunteering or mentoring others in my area of expertise might be a fulfilling way to make a positive impact.
Prioritizing Self-Care
Amidst the excitement and challenges of retirement, I must remember to prioritize self-care. How can I ensure that I maintain a healthy lifestyle both physically and mentally? Regular exercise, hobbies, and mindfulness practices could be essential ingredients for a happy and healthy retirement.
The Importance of Early Exit Planning
As we journey through life, we often get so caught up in the day-to-day activities that we forget to consider the future, particularly our retirement and eventual exit from the workforce. However, taking the time to plan early for your retirement and exit can make a world of difference when the time comes. Let’s explore the power of starting early and the magic of compound interest.
A. Starting Early: The Power of Compound Interest
Have you ever stopped to ponder the true potential of compound interest? It’s a financial concept that can work wonders for your retirement savings if given enough time to grow. The idea is simple: the interest you earn on your investments or savings is added to the principal amount, and as time goes on, you start earning interest on the interest itself. This compounding effect accelerates your wealth accumulation, making early contributions to your retirement fund incredibly valuable.
Are you harnessing the full power of time? The earlier you begin saving for retirement, the more time your money has to compound. Imagine two individuals, one who starts saving in their 20s and another who starts in their 40s, both aiming to retire at 65. Assuming they contribute the same amount annually, the individual who started earlier will have a significantly larger nest egg due to the extended period of compounding.
What are the benefits of starting early? Not only does starting early give you the advantage of compound interest, but it also allows you to take on a more aggressive investment approach. With a longer time horizon, you can weather the ups and downs of the market and pursue potentially higher returns. On the other hand, delaying your retirement planning may lead to the need for riskier investments later in life to catch up, which could expose you to unnecessary market volatility.
Are you aware of the potential pitfalls of procrastination? It’s easy to procrastinate and assume there’s always time to plan for retirement later. But waiting too long may limit your options, force you to contribute larger sums each month, and put undue pressure on your financial situation down the road. Taking action now empowers you to make gradual and manageable contributions that can make a big difference over time.
Have you considered consulting a financial advisor? Planning for retirement is a complex task, and seeking professional advice can be invaluable. A financial advisor can help you create a personalized retirement plan, taking into account your unique goals, risk tolerance, and current financial situation. They can guide you through investment strategies that align with your objectives, ensuring you’re on the right track to a secure and fulfilling retirement.
Key Components of a Comprehensive Exit Plan
As I reflect on my future and envision life beyond my career, I recognize the importance of having a well-crafted exit plan in place. Such a plan not only ensures a smooth transition into retirement but also safeguards the legacy of my hard work. Let’s delve into the key components of a comprehensive exit plan, starting with a crucial step: conducting a thorough financial assessment and setting clear retirement goals.
A. Financial Assessment and Goal Setting
Have you assessed your current financial standing? Before charting your exit plan, it’s essential to understand where you stand financially. Review your assets, liabilities, investments, and projected income streams to gauge your financial health. A comprehensive financial assessment will provide a clear picture of what you have and what you need to achieve your retirement goals.
What are your retirement aspirations? Take a moment to envision your ideal retirement. Do you dream of traveling the world, spending quality time with loved ones, or pursuing hobbies you’ve put on hold? Setting clear retirement goals will help you align your financial plan with your aspirations, ensuring that you have the means to live the life you desire during your golden years.
Have you considered your desired retirement age and lifestyle? Deciding when to retire and what lifestyle you wish to maintain during retirement are pivotal decisions. While some prefer an early retirement, others may choose to work longer for various reasons. Your desired lifestyle will also influence the amount of funds you’ll need to sustain it. It’s crucial to strike a balance between the retirement age that suits you and having sufficient financial resources to support your chosen lifestyle.
Are you factoring in inflation and unexpected expenses? One common mistake in retirement planning is underestimating the impact of inflation and unforeseen expenses. Inflation erodes the purchasing power of your money over time, meaning your retirement savings must be able to withstand rising living costs. Additionally, unforeseen medical expenses or emergencies can arise, so it’s prudent to build a financial cushion to safeguard against unexpected financial burdens.
Have you considered consulting a financial advisor? Navigating the complexities of retirement planning can be overwhelming, especially when it comes to managing investments and maximizing returns. Seeking guidance from a qualified financial advisor can provide invaluable insights and personalized recommendations. They can help you fine-tune your exit plan based on your unique financial situation and retirement goals, giving you confidence in your journey towards a secure and fulfilling retirement.
Reflect
Reflecting on your exit plan, have you considered the importance of starting early to benefit from compound interest and achieve a stable future? Are you taking the time to thoroughly evaluate your current financial standing and establish clear retirement goals? Have you sought the guidance of financial advisors and retirement specialists to design a comprehensive plan tailored to your specific needs and circumstances? Are you prepared to remain flexible and proactive, regularly reassessing and adjusting your plan to accommodate life changes and evolving financial objectives? By taking action now and investing in a well-thought-out exit plan, how do you envision securing a bright and fulfilling retirement future for yourself?