7 Rules for Business Owners to Have a Successful Retirement
Business owners work day and night for a long time to build their business and make it successful. The business generated you a considerable amount of income every year, but, at some point, you know you’ll make an “Exit.” So the big question is how to turn the sales proceeds from your business and savings into dependable retirement monthly paychecks that will last for as long as you live so you don’t have to worry about running out of money? All you have to do is follow 7 Simple Rules.
Rule #1- Create a comprehensive written retirement income plan that details what you will do with your money from now through your retirement. Get it in writing.
Rule #2 – show how much income you will receive every year, where each income source will come from, and know when each income source starts, stops, increases, and decreases.
Rule #3 – do not take excessive risks with your sales proceeds. You already took risks as you operated your business, but now is not the time to gamble. Do not let the stock market steal your retirement from you. You must avoid large stock market losses and never suffer through another 2008 type market crash again. Get the amount of risk you are taking in writing.
Rule #4- Create income that is guaranteed to be paid to you for as long as you and your spouse live, not income that could decrease or end at any time. After your business is gone, you can’t afford to run out of money. Get it in writing.
Rule #5 – Know how much you’ll pay in taxes on your annual income and how much net income after-taxes you’ll have every month to spend. Get it in writing.
Rule #6 – Know how much you’re paying in total fees, both direct and hidden. Get it in writing.
Rule #7 – Know how much you can potentially leave your beneficiaries after you use your assets for income your entire life.
You may also be interested in this recent video from our Whiteboard Series.
If you’d like help implementing these 7 rules for business owners, call us today.
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