In our research and interviews with wealthy couples this is precisely their biggest concern as far as retirement goes. For the entrepreneur, there is no retirement but planning for the continuation of success to the next generation and beyond. For the successful executive, retirement is a matter of moving on to the next thing that resonates with his passion and purpose in life.
For those who have been successful they started early with the mindset of building equity, not just income. I recently read a blog that highlights what most successful business people did early in life, which is to plan early, It’s never too early to start planning for retirement. This blog offered some tips for those early in the planning process that perhaps serves some of the children of affluent people.
This blog is applying the time-tested rule that says, “This is because time, not money, is your greatest asset when it comes to pensions and retirement. If you pay small amounts into your retirement fund for 30 years, then you have plenty of time to grow your savings into a large amount.”
Among the tips are:
- Start Saving (and Keep Saving)
- Participate in your employer’s Contribution Plan
- Set up an Individual Retirement Account (IRA), and
- Use financial planning resources
“Studies show that those who properly plan their retirement are more likely to have a good effect on their children and grandchildren. They feel safe that their parents and grandparents will not go through financial troubles,” another blogger writes.
Sound planning with income and assets is what has resulted in great wealth among the affluent. Additionally, the need is to have a more comprehensive picture for ensuring Wealth Without Regrets.
This is the biggest issue with wealth and we discuss in greater detail in our special report, “The 7 Regrets Wealth Creates and How To Avoid Them.”