Retired: sold business
I just sold my funeral home business yesterday after 25 years of ownership to my long time younger business partner who I respect and have full confidence in and hope to continue to help in the business.
I have 3 adult children who are doing fine from my first marriage. I have an 19 month old child with my wife who is 32.. I am 56.
I received a lump sum from the sale but am still anxious about my financial future and that of my family.
I have so much to be thankful for right now but yet I am feeling preoccupied with fear and regret. I have dealt with some chemical dependency of the years as well which has probably weakened me emotionally. I seem to bounce from feeling optimistic and excited to unhappy and bitter...
Any thoughts from anyone would be welcome..thanks
First, totally normal to feel anxiety. You sold your "baby" and just like the rest of us who retire at some point, you sold what you know and just need to let yourself grieve a bit.
You can still work there, or at another funeral home, or even the County morgue, and that's great... you aren't totally retiring, just simply not the owner any more. Right?
In the least, you really should find a financial planner. Let someone else worry about that part of your life.
Go to at least 2 of them and let them see your financial life. Listen to how they want to invest and pay you out... and choose the person you can relate to best. The one that just feels trustworthy. Meet with more than 2, if necessary. It's worth your time to find the right person.
WHY seek help? Because you need that money to last a lifetime... for a younger spouse and child too. Let a professional help you choose investments and pay out structures.
Read this article on my site: Retirement Savings and the Decision Decade
. You have lots of cash suddenly, don't think you are rich! It's so easy to fall into that!
Maybe the wife suddenly wants new furniture or whatever... Just think, if she is only 32 and lives to her mid-80s, that's FIFTY YEARS of supplemental income needed.
Even yourself, mid 50s like me, and my mother is 86.... if God Willing, I live to my mid 80s, I've got 30 years ahead of me (and you do too) that I will need income.
It's good that you are thinking ahead...
Just seek some professional help (maybe you already did) after the holidays...
Best wishes! Wendy, who also lives in Michigan!