It doesn’t matter what age you are, at some stage you’re going to need to start thinking about how your life’s going to look when it comes time for you to retire from work – and the years beyond. Everyone’s circumstances are different, but whether you plan on living a life of luxury, or are content to just live modestly in your later years, it will pay to have at least some kind of a plan in place.
Here are three things you should consider.

Pay Attention to your Biggest Asset

No, it’s not your car and not even your house; your most important and valuable asset is your health. No amount of money or material wealth can compensate for bad health, and if you don’t take care of your body it won’t serve you well in your retirement. You should be making a lifelong commitment to your health, whatever your age, because neglecting it will cost you dearly – not only in medical expenses, but also the physical lifestyle you’ll be able to maintain. Join that gym, take that walk, make healthy eating choices and ensure you have regular dental and medical check-ups – in a nutshell, just respect your body for the wonderful machine it is and never take your good health for granted. Put simply your health is your wealth!

Get your Pension Plans in Order

While words like pension drawdown, annuity and tax certainly don’t roll off the tongue with the greatest of pleasure, making financial plans for how you’re going to survive when you come to the end of your working life is vital. Don’t be tempted to put organising and managing your pension plans in the ‘too hard basket’, and even if you think you might have left things too late, take heart in the fact that it’s never too late to improve on what you’ve got. The best advice is to engage a good independent financial advisor who’ll be able to advise you on the best wealth growing and pension set up for your individual situation. They may suggest things like a pension drawdown or an annuity to give you an income, they’ll be able to ensure you remain compliant in terms of your tax, and they’ll give you expert, tailored advice in order to give you the best possible life after you leave the workforce. Remember, just because you’ve never heard of a pension drawdown so far, it doesn’t mean it can’t be in your future!

Think About Life Outside Work

In the hustle and bustle of our busy lives it’s all too easy to get bogged down in stress as we focus on work, work, work. Of course, in most cases it’s absolutely necessary to put in the hard yards in order to earn the big bucks so you can actually plan for that comfortable retirement, but it’s just as important to remember what really matters in life. If you make a commitment to maintain a sensible and fulfilling life/work balance, everyone (not just you) will reap the benefits. Factor in quality time with your family, get out into nature as much as you can, and give back to your community on whatever scale you feel comfortable with – whether it’s volunteering or financial support.

Live a Balanced Life

When most people think of retirement planning, they think of the financial aspects, however it’s also extremely important to consider your physical, emotional and spiritual needs once you leave the workforce. It’s all about the balance…

Author Plate

Claire Novakovic is the go-to expert for those who need advice on pension drawdown and other related issues. As a Chartered Financial Advisor, she also holds the relevant FCA permissions to conduct pension transfer business including defined benefit schemes. Accudo Investments offers comprehensive independent financial advice tailored to each individual’s needs, using effective portfolio management and tax strategies to meet the needs identified.

More about Community-based Health CentersWe all know a nation’s wealth is determined by the health and well-being of its citizens. Community health centers across the country provide special care for everyone irrespective of their ability to pay. Their main aim is to provide continued, high quality and affordable healthcare to people especially those with fewer resources. Actually, one in every fifteen people living in the United States relies on their services. Even though these organizations face tremendous pressure, they still rank among the highest quality health providers in the nation in view of their critically important role.The Importance of National Health Center WeekThere are people out there who either have no insurance or live in areas with no access to healthcare providers or even basic health services. National Health Centre Week is observed each year in the second week of August mainly to raise awareness and recognize health centers and their dedicated service and contributions to the community. Why August? Because it is the perfect time to reach out to families with compelling summer health events and back-to-school immunizations for their kids. This year, National Health Center Week takes place August 13-19 and the theme is “Celebrating America’s Health Centers: The Key to Healthier Communities”. It is time to appreciate the great work of these people for providing better healthcare to the medically vulnerable.Support Activities to Raise AwarenessCommunity health organizations across the nation will be posting their events under state listings on the National Association of Community Health Centers Week Events Map and attending any of these events gives you the chance to be part of something unique. Spread the word about their role, shedding more light on the health needs of your community.You can become a health center advocate. Hand out flyers and brochures in farmers and super markets to promote healthy eating habits and regular physical exercise. Set up information tables and distribute pamphlets with answers to frequently asked questions about the whole campaign.Organize a school health fair, featuring educational materials for parents. And remember: health related competitions for students with attractive prizes are always a good idea.Contact local public officials, health authorities, community groups, and health organization representatives who would like to be involved in a public dialogue about health issues faced by your community, and bring them to the attention of local health professionals for a solution.You can be one of those amazing people who volunteer and help by offering free health screenings on fitness tests, immunizations, blood pressure and more. Try opting for public places like entertainment centers, shopping malls, and churches.To show your admiration for these people, you can post about their contribution on social media.Support the cause and organize a lecture on community health and the services provided by migrant, public housing, homeless and migrant centers.Contact religious institutions to discuss and mention various National Health Center Week activities in their bulletins so more people come to know about it.Host an Awareness EventPlan and host a local awareness event to help people learn more about the various programs and services of your local patient-directed health provider. Invite local sports players, journalists and of course – people working in such centers. This would be the best opportunity to show how much you appreciate their commitment. Ensure your event has as big of an impact as possible and distribute popular and impactful giveaways to the attendees. If you want to avoid the most common giveaway blunders, go through the wide selection of customized silicone wristbands available on the World Wide Web. Be creative – they can be personalized in a variety of different ways. Design a unique wristband online and add your local health center contact information. Take your pick from the richest collections of fun colors or color combinations, such as swirl, segmented, neon, glow-in-the-dark, or glitter to attract even more supporters!

Ready to be at the wheel?
March 10 and 11, 2018 gave aspiring and budding entrepreneurs an opportunity to connect and collaborate. As the best and brightest minds came together and brainstormed on on how to fuel their business growth. It is the most important aspect in any of the business. The conference at IIT Mumbai brought together the best breed of entrepreneurs, innovators, venture capitalists, business model creators, consultants, policy-makers, academicians, and business practitioners to present and discuss innovation and success under the aegis of entrepreneurship for Small and Medium Businesses.Over the past decade or so, in the dilemma between joining family owned businesses and higher studies. The scales have been tipping towards entrepreneurship and joining family owned businesses.Let us explore the genesis and the reason why:The Genesis
Today, family-owned businesses account for two-thirds of the world’s businesses and generate most of the world’s economic output, employment and wealth. In many regions of the world, family companies dominate the economy. “Family-controlled firms now make up 19% of the companies in the Fortune Global 500,” states The Economist. In India alone, 67% businesses are family run. McKinsey forecasts, that by 2025,there will be more than 15,000 companies worldwide with at least $1 billion in annual revenues, of which 37% will be emerging-market family firms.The need
There is a need for Family Business Management Programs whether you are in a successful family business or you are into a business facing challenges and trying to bring about a changeover.Successful family business:Successful family businesses are successful because families see important changes in their industry. Simply put, successful families are entrepreneurial. Also,families succeed because they invest in productive activities, emphasise growing assets, and consume relatively little of their wealth. These families maintain a culture that encourages family members to create things of lasting value. It’s not surprising that these families encourage entrepreneurs. Furthermore,successful families remain reasonably united, keeping supportive members loyal to one another and to the family’s mission. Over generations, as families become more diverse, it is likely that only a few relatives per generation will directly work in the business.Outside-the-business members might still support family philanthropic efforts or social activities, and sometimes that level of involvement is enough to maintain family unity. But investing in family entrepreneurs can also keep talented members contributing to the broader family’s wealth and mission. Investing in family entrepreneurs has to be done objectively based on the feasibility of their business plans, and also fairly within the family. Even if some entrepreneurial projects don’t succeed, these investments will help you spot talent to keep your business growing. And you are sending an important message: this family is committed to creating value.Family businesses – facing challenges
While family businesses on average are stronger performers than other types of enterprise, they face distinct challenges that need to be managed. This constraint often kills the family business.This creates the need for a course of study in Family Business Management that helps students understand how to capitalize on the strengths, navigate the challenges, and guard against the weaknesses of the companies and the families that own them.How is Family Business Management program different from an MBA in Entrepreneurship?
Both Family Business Management and an MBA in Entrepreneurship prepare you for setting up and gearing your own business. However, there is a subtle difference. Unlike MBA in Entrepreneurship which prepares students for a setting up a business, the Family Business Management programme is targeted at family business owners looking to sustain, scale and grow their businesses. The content and pedagogy includes concepts of entrepreneurship, business sustainability, market trends which thereby lead to portfolio expansion and business growth. The program would help you evaluate the state of your family businesses and gear you towards accelerating your business to the next level.Colleges/Institutes for Entrepreneurial Management
Xavier School of Management (XLRI),Jamshedpur, offering a full-time six-month Post Graduate Programme for Certificate in Entrepreneurship Management (PGPCEM).Entrepreneurship Development Institute of India, Gandhinagar,offering a two-year, full-time, residential Post Graduate Diploma in Management-Business Entrepreneurship (PGDM-BE).SP Jain Institute of Management and Research – Mumbai,Start Your Business Certification Program (SYB), Grow Your Business Certification Program (GYB), The Entrepreneurial Manager (TEM).Narsee Monjee Institute of Management Studies,Mumbai,M.B.A in Social EntrepreneurshipXavier Institute of Management and Entrepreneurship – Bangalore, offering one year Entrepreneurial Development Programme (EDP)Nirma Institute of Management,Ahmedabad,offering regular two-year MBA specialising in Family Business & Entrepreneurship.Amity Business School,Noida, offering two year M.B.A in EntrepreneurshipIIM, Bangalore, specialization in Entrepreneurs & Family Businesses.IIM Udaipur, Management Development Program for Women Entrepreneurs.National Institute for Entrepreneurship & Small Business Development (NIESBUD), Delhi
The NIESBUD is an apex institute in the area of entrepreneurship and small business development under the Ministry of Micro, Small and Medium Enterprises, Government of India. It oversees the activities of various institutions and agencies engaged in entrepreneurship development, particularly in the area of small industry and small business. It also provides numerous training and development courses for budding entrepreneurs and small businesses.Making the right choice:
In the world of family business, the entrepreneurs we celebrate are usually founders of companies. If you wish to be a founder of a company, start your new venture and learn how to navigate, go in for a pure MBA in Entrepreneurship. However, if you wish to join your family business and are supposed to take care of and grow the founder’s creation, you are not expected to be entrepreneurs but to understand and carry forward the vision of the founder,an MBA in Entrepreneurship would be more helpful.Therefore, it is imperative that you make the right and informed choice…Are these mutually exclusive?
If this makes you think that family business management programs are incompatible to entrepreneurship. The reason is because they are for students who are in family businesses that are usually tradition-bound, multi- generational. Let me tell you, we need to blur the lines here. The family businesses need to be more entrepreneurial. They need to pass on the entrepreneurial mindset and capabilities. To create new streams of wealth across many generations- not just pass the business on from one generation to the next. We need to come up with the concept of ‘family entrepreneurship’. When a leadership transition occurs in a family business, the new generation of leadership should be careful to maintain and build on the networks and knowledge of the former leaders, while expanding their own networks. This will insure that the business can continue to be entrepreneurial into the future.And when they do, the distinction between Entrepreneurship and Family Business Management studies would begin to blur…