Is 60 the new 40? Am I ready for life beyond work?

Many entrepreneurs never really retire at all. There’s no need to slow down just because you’re getting older, but you might want to shift your focus. You could see the world, pursue a new hobby, or become an angel investor. But how will you fund your new lifestyle? Most of us underestimate the income we need to do the things we want. Start your retirement financial planning now so you’re one step ahead.

When you’re planning for a new stage in your life, it’s a good idea to start early, but there’s a lot to consider. First, ask yourself these three important questions:

If you’ve built a successful career and you’re keen to stay busy, retirement can be about fulfilling your dreams or giving something back. Think about what makes you happiest. How do you want to spend your time? How could you focus more on the things and the people you care about?

Average life expectancy in developed countries is now above 75. By 2040, it is expected to reach 86 for women, 82 for men**. We’re all different, of course, so your retirement fund needs to reflect both: your life expectancy and the possibility that you will need healthcare.

It can be hard to find the right balance between enjoying your wealth now and setting some aside to pass on to your loved ones. What will your legacy be? How will you make sure wealth transfer happens in the way you want?