Creating a new career after retirement can be an exciting life pivot. You’re starting a new chapter and experiencing work differently. Everything feels fresh and fun.

In this week’s episode of Creating Your Encore Career, financial advisor Justin Smith joined Lynn to discuss creating a plan for your next chapter and executing it. One of Justin’s central pieces of advice for your “victory lap” is understanding your particular financial situation.

One reason you should begin planning your next work chapter revolves around the role finances will play in your retirement. You may be on the path to financial independence, or you might still require income from work. Allowing yourself time to map out your future can help determine your needs.

• You can begin making your career downshift one to three years before your planned retirement.

• Developing an encore career takes time.

• Give yourself time to figure out your vision.

Once you’ve reached retirement and are implementing the steps to creating your encore career, you’ll still need to keep some things in mind. In his conversation with Lynn, Justin also outlined five critical components for achieving your business goal. An employer probably sponsored these items in your previous career, but they shouldn’t be forgotten as you forge your own path.

• Cash flow

• Health care and health insurance

• Employee and retirement benefits

• Taxes

• Aligning your investments with your goals

By incorporating Justin’s sound financial advice into your business plans, you’re setting a solid foundation for a successful next chapter.