A small business owner spends so much time managing their company’s current needs, he doesn’t think about planning for his own needs. Instead of putting aside money for retirement, business profits may be plowed back into the business through expansion, increased expenses, or development of new business lines. However, retirement for an entrepreneur is serious business, something that should be considered as early as possible.
Take some time to meet with financial advisers or a CPA and your attorney. Learn the strategies that can be used now to secure a comfortable retirement later. Assess your current situation and think of what you see in your future. A little planning now can lead to a great ROI in your later years.
After careful assessment, it’s time to develop a plan. Retirement may seem like it’s so far away there’s no need to start planning, but that is short-sighted. Implementing a plan now may allow business owners enough time to amass enough retirement funds even if the economy turns sour or investments are not as profitable as hoped.
Tactics or strategies that might be employed include:
Business partners who do not have buy-sell agreements in place should speak to an attorney as soon as possible. These agreements can be negotiated and signed at any time in the life of a company, and are a critical part of a business owner’s estate planning.
Meet your current and future needs. Long-term care insurance, for example, may help in case of incapacity or disability.
Sometimes prudent business expansion can provide extra funds to be used toward retirement.
Long-term investments and contributions to the right retirement funds can provide small business owners a way to retire at the time of their choosing.
For some small business owners, “the business is their retirement plan.” Even so, forethought and prudent planning provides an extra cushion at a time of life when most people want to rest after a life of hard work.
Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480