Most of us have caught ourselves day dreaming about what could be someday. I see this happen a lot with clients in their 50s, but it can also happen earlier. I’m a good example of Life 2.0. I started my working years as a professional cellist. I had a great career playing with top performers all over the world. But by my early 30s, I needed to explore something new.

So I went back to graduate school and started down the path of a financial advisor. Life 2.0, for me, involved accepting a significant cut in pay, working on credentials for the better part of ten years and starting from the bottom and working my way up in larger companies. I started that journey over twenty years ago.

The cool thing about Life 2.0 is you define what success means for you. Maybe it’s money. Maybe it’s freedom. Anybody who has reinvented themselves will tell you it is a lot of work. But for those people who feel the call, it’s worth it to follow a new life adventure.

Envisioning Life 2.0

It starts with a dream. But to be successful, you need to have a well thought-out plan. I’ve had the privilege of helping lots of clients who have successfully launched second careers at all phases of life.

We serve CEOs who now travel worldwide adding their expertise to boards of private and public companies. We’ve worked with young millionaires who cashed in their stock options, chose to spend time with their young families and work doing what they love. We’ve counseled large corporate executives who created lucrative consulting practices and business owners who now travel the world for months at a time exploring new cultures.

Life 2.0 comes in all shapes and sizes–all price points and all kinds of educational backgrounds. Your financial advisor can act as your sounding board, helping to sketch out the parameters around trying something new. Most of the time, it takes planning for years to get to the point where you are ready to start a new venture. Look at spreadsheets detailing cash flow, expenses, investment returns, inflation–whatever is relevant for you.

Sometimes the answer is to “retire in place.” You might cut back your hours in your current job and have more time for the things you love. That allows your retirement accounts to continue to grow while you transition into what’s next for you.

Increasingly we help retirees prepare to transition to a new phase of life. Perhaps the big house and related expenses and tasks are no longer what they want. They may want to evaluate Continuing Care Retirement Communities as a next step. That may also mean thinking about long-term care insurance and expenses. Frequently it also involves talking to the next generation about what happens next and how best to prepare.

Life 2.0 can be anything you choose if you’re willing to start early enough to build a solid plan for the next phase in life. Some of the richest experiences are just waiting to be explored.

Disclosures
The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.