When you’re running a successful firm and retirement seems like a long way off, that’s when it’s important to plan ahead.
“You’ve got to be very careful if you don’t know where you’re going, because you might not get there.“—Yogi Berra
And while architects may not follow the norm in terms of retirement age, in part because many are self-employed and continue to work (see Redefining Retirement on AIA.org), it’s important to chart your course so you get where you want to be.
Important considerations to start planning at least 10 to 15 years in advance of retirement include structuring your firm for future ownership transition, retirement funding, post-retirement liability coverage, and long term care—among other issues. The AIA Trust offers member benefit programs geared to the decisions you’ll be making—with relevant guides and resources to help you plan effectively.
Free Risk Management Resources
- Financial/retirement planning tools--Guides and tools to help you plan ahead
- Ownership Transition Library--Understand the many considerations & decisions to realize an optimal future
- Virtual Practice Guide - When considering alternative forms of practice
- Risk Management Library—Find articles, guides, webinars & more on critical topics of interest