Do not retire without a plan: expert

Many smart people have no real plan for their retirement, according to Anne McCabe Triana, president and CEO of Curo Private Wealth, and an expert in helping people manage and grow their own wealth.

“[It] really needs to be planned ahead of time, and you really need to work through some major issues before you have some sort of big liquidity event,” said McCabe Triana.

The key is to have a plan in place, and ask ourselves some simple but important questions. “What is my day going to look like? What sorts of charitable organizations am I going to get involved in? Do I want to, perhaps, contract and work a little bit?,” said McCabe Triana. Those who have specific plans tend to manage their money better through retirement.

“The people who don’t have that clear, very specific plan are the ones that I find have the most issues,” she said. “Their problem is not not making enough money, their problem is not knowing how to manage large sums of money.”

Put simply, McCabe Triana said that the most important thing was “going back to the basics” to understand how to spend responsibly. “It’s taking those funds and making sure they can last the rest of your lifetime. It’s absolutely possible, but you need to plan for it,” she said.

The same advice goes to entrepreneurs preparing to sell their businesses. “What I suggest to business owners planning to sell is to sit down with someone who can run projections for you and understand… what will your personal financial plan look like,” said McCabe Triana.

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