What do you do if you're a public speaker planning for retirement and need to consider your financial future?

1 Assess your income sources

As a public speaker, you might have different income sources, such as speaking fees, book royalties, consulting contracts, or online courses. You need to evaluate how much income you can expect from each source in the short and long term, and how reliable and consistent they are. Some income sources might dry up or decrease as you retire, while others might provide you with passive or residual income. You also need to consider your expenses, such as travel, equipment, marketing, or taxes, and how they will change in retirement.

3 Save for emergencies

One of the challenges of being a public speaker is that you might face unexpected events that can affect your income or expenses, such as illness, injury, cancellation, lawsuit, or pandemic. That's why you need to save for emergencies and have a contingency fund that can cover at least six months of your living expenses. You should also have adequate insurance coverage for your health, life, disability, and liability. Having an emergency fund and insurance can help you avoid financial stress and protect your assets in case of a crisis.

4 Plan your exit strategy

Another challenge of being a public speaker is that you might not have a clear or fixed retirement date or age. You might want to retire gradually, or switch to a different mode or niche of speaking, or pursue other interests or passions. You need to plan your exit strategy and decide when and how you want to retire from public speaking. You should also communicate your intentions to your clients, partners, agents, or publishers, and honor your existing commitments and contracts. You should also think about how you want to use your skills, experience, and network in retirement, and what kind of legacy you want to leave behind.

5 Enjoy your retirement

Retirement is a time to celebrate your achievements, enjoy your freedom, and pursue your happiness. As a public speaker, you have a lot to offer and a lot to gain from retirement. You can use your retirement to explore new hobbies, interests, or causes, or to share your wisdom, insights, or stories with others. You can also use your retirement to travel, relax, or spend time with your loved ones. Retirement is not the end of your journey, but the beginning of a new chapter in your life.