Baby boomers who became millionaires during the advent of the 21st century had looked forward to early retirement even though they were only in their late 40’s and early 50’s. But those plans have been blown to dust by the financial storm sweeping the country… the worst man-made disaster of our lifetimes.
Their stock options are underwater and their retirement accounts are cut in half at the same time they’re saddled with jumbo mortgages. In the San Francisco area, their multimillion dollar homes scattered among the bright green hills can’t be sold because most of the buyers are downsizing. Reluctant to downsize, even though their 5000 square foot super-sized “Mac Mansions” are ridiculously spacious for two people, they’ re determined to hunker down and wait out the storm.
Retirement in Maui, Aspen or La Jolla seems a distant dream. If the downturn continues and housing values and stocks rot, retirement will become even more difficult. Mark Robinson, 50, Sr. Vice President at Colliers said, “business has never been so slow in my 20 years in the industry… and I planned to retire this year.” But he expects the recession to pass relatively quickly. […]
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Reaching retirement age doesn0t mean DIY projects or leisurely gardening time for the UK0s eager entrepreneurs as passion for their businesses keeps them driven well into later life. New research(1) from Alliance & Leicester Commercial Bank shows that nearly a quarter (23%) of small business owners admit to putting off retirement because they enjoy running their business too much and almost one in ten (9%) say they worry how they would fill their days when they do eventually decide to retire. A massive one in five (21%) say they have no plans to retire at all.
Over half (55%) of small business owners plan to work well beyond the age of 65, compared to less than a third (31%) of the working population(2) as a whole. When they do eventually retire, many entrepreneurs expect that their business will go with them, with two fifths (40%) planning to close it down. Only one in five (20%) intend to sell-up and any relatives hoping to cash in on business success will be left disappointed as just 5% plan to hand their empire over to children or other family members.
Steve Jennings, Director Business Management & Strategy at Alliance & Leicester […]
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Have you emotionally retired from your business, your personal life or both?Is this because you didn’t learn how to emotionally inspire yourself in the beginning of your working life way back when?Note - retire / inspire.If you haven’t already emotionally retired, when will emotional retirement happen to you?When you are 35, 40, 45, 50, 55, 60, 65 or - or again, has it happened, or is it happening right now?With the cost of retirement looming and compounding by the minute, can you, your business or family afford for you to emotionally retire?So what is emotional retirement?We’ve given emotional retirement many different labels in the past. Burn out, funk, slump, unmotivated - and within the word unmotivated lays the crux of the problem.Motivation just doesn’t work. Motivation is unsustainable. Motivation only lasts for a short period of time.I should know. I owned an Anthony Robbins Franchise from 1990 - 1995 which was #1 in North America from 1991 - 1992 for the sale of the video based Unlimited Power Weekend Seminar. The Unlimited Power Weekend Seminar was all about motivation. I honestly stood back at times and sa
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