Your retirement plan - sell your book?

[goillini52]

Be careful--all that pivoting practice at front doors may be going to your head.

Yeah, I have to remember that I can't run very fast anymore.

 

[Bevo]

You called me a loser? I'd like to discuss that

He called you a loser, yet YOU deleted the posts leading up to him calling you that. I know you've made it clear on here you can beat people up (which is really important in business), but you do realize you just folded your hand by deleting them?

Bob is a stand-up guy. But because you deleted your posts we certainly don't have your side, do we?

 

[Matthew King]

Man..J-Do got this thread all sidetracked, haha.

For me, even though retirement is quite a bit away, I'm just lining up goals and marking them off at the moment.

1. Emergency Fund - Check
2. Life Insurance For the Wife & Me - Check
3. Roth IRA Accounts for the Wife & Me - Check
4. Investments for Growth - Check
5. Pay Off Car & House - Pending

You know that sort of thing. Other than that, retain our current customers and keep them happy. I imagine that when I actually retire I might just do more random stuff, sleep in a bit more, and read more books!

 

[mudhound]

I started back 30 years ago. My renewal base is enough to retire on. However, a long as i am able, i plan to work.
Now: I might take 12-20 weeks of vacation LOL!!!

 

[goillini52]

I'm curious on what everyone's retirement plan is here, even if it's decades away. When an agent retires, is the obvious option to sell their book? Is there even another option? I suppose passing your business down to your children if they want to be in the industry, but any insight here is welcome.

Hey Rebekah, here's an article that you might find interesting. It answers your question pretty good.

Succession Planning 101: How to Retire as an Independent Insurance Agent

 

[shonceman]

I'll die when I retire!

Wait.....no

I'll retire when I die!!

Wait....

You know, I can't make up my mind. I think I just won't do either one.

 

[LostDollar]

You could sell your book on the side:

1,001 Policies; Tales of a Life in Life Insurance

 

[Packerland]

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.

Where are you located may I ask ... I may be interested in your entire book ...

 

[Russ]

I’m age 60. Been in the business almost 34 years. Hope to work till I’m 70. The renewals are good enough to keep them going for now.

 

[rousemark]

I’m age 60. Been in the business almost 34 years. Hope to work till I’m 70. The renewals are good enough to keep them going for now.

As one who has experienced it, I will caution folks that after you quit those renewals will dissipate much faster than you would ever dream. Especially if you are writing Med Sup and FE primarily on the 65+ crowd.