Your retirement plan - sell your book?

[Bevo]

You can be 75 years old and just work AEP and live off renewals rather easily.

Exactly right. Plus it keeps your mind fresh. And with today's technology all you need is an internet connection depending on your business model.Get yourself a great assistant and you can work even less while the money keeps rolling in. Many people who completely stop what they're doing are bored silly during retirement.

Depending on your situation, If you start setting it up correctly now, you can begin to enjoy semi-retirement rather soon instead of waiting for someday to quit what you're doing.

I'd say that in many cases selling a book of business to retire can actually be a very poor financial decision due to the cut in value one receives. It's wise to look for other options to continue the cash cow.

 

[somarco]

Spending $20k on what,

Things I really don't have the time to learn. Expanding social networking mostly plus a much needed makeover for my site.

 

[kgmom219]

OK...I'm really asking. Keeping in mind that the women in my family have hit 90 for 6 generations. I know what this looks like at an older age.

I have 2 concerns with going past 70...

1. Mental/physical capacity
2. Death

Its not just that I want to be on a beach. Its that I don't want to leave my clients with nothing. Right now, I have a backup plan if I get hit by the proverbial bus. But at age 62 or so, if I don't have someone in house to pass this off to, I'll look to sell. I get the financial ramifications, but I'm not willing to risk my clients well-being, either.

 

[Midlevel]

I'm 46 and semi-retired after 15 years in the business. After 10 years I had a comfortable renewal base built up and just maintain what I have plus add around 40-50 new ones turning 65 or writing a lower Med Sup for referred clients. I do a newspaper ad twice a month otherwise 100% referrals. I work maybe 25 hours a week during the non AEP period and around 40 to 45 during AEP. Plan to keep doing this well past the age of 65 and can't see myself ever selling my book of business.

 

[DS4]

Both my younger brother & I have 40 & 34 years in this business. Neither of us need to work any longer. We have tested the waters about selling over the past 2 years. The problem? No one wants the entire agency. Several wanted only the Med Supp/Part D, others wanted only the Employer Group. Understandably, no one wants the ACA block.
The other problem, in order to max the sales price, the buyers want both my brother and I to work several more years during the transition.
Our answer? We will just keep plugging along and work less.

 

[Chazm]

OK...I'm really asking. Keeping in mind that the women in my family have hit 90 for 6 generations. I know what this looks like at an older age.

I have 2 concerns with going past 70...

1. Mental/physical capacity
2. Death

Its not just that I want to be on a beach. Its that I don't want to leave my clients with nothing. Right now, I have a backup plan if I get hit by the proverbial bus. But at age 62 or so, if I don't have someone in house to pass this off to, I'll look to sell. I get the financial ramifications, but I'm not willing to risk my clients well-being, either.

I just don’t see my clients well-being, being an issue. They get tons of agents trying to get them to switch yearly from mail and cold calls. Some agents might try to just offer one company but for the most part, agents have multiple Med supps and mapd plans.

 

[somarco]

Having built 2 successful businesses from scratch and then walking away (not my choice) makes a difference in the way I view things now.

I had a lot invested (emotionally) in each one and had developed very loyal clients. They literally called on me for everything and were lost when I left.

Agents that build a transactional model may not care what happens to their clients after they are gone. I can certainly identify with DS4 and kgmom on many levels.

 

[Chazm]

Never said I don’t care about my clients. I just don’t see a client needing a better mapd plan being more important than me dying! Lol

 

[Devin01]

Don,t take chat Chazm from them!

 

[Jon Dough]

When I read all the posts about customer service on dental plans and Part D, it sounds like you all work 80 hours a week! And have the mental stress of a Chicago commodities trader!

Thats why I dont sell PDPs--I refer them to the FMO