Tom lived for the moment, enjoying luxurious vacations, fast cars, fine dining and rare wines. Money flowed and he relished it. Then, when he reached his 60s, it was time to sell his business and retire. After doing so, he continued to live the rich lifestyle he had always pursued. In fact, he discovered he was spending even more money simply because he had more leisure time.
There was one problem. The income stream had dried up. Within a few months, Tom noticed his savings were disappearing. Habits, however, are hard to break. He didn’t know how to make choices and be frugal with his money. Tom realized he needed to find a job to generate income…not easy for someone used to being the boss. Also, wherever he applied, he was told he was “over qualified.” His future looked bleak, and all because he had failed to plan.
The Retirement Income Plan Building Block
Once you have established the foundation for your Business Owner’s Plan, you’re ready to add another building block: your retirement income plan. And if you have no plans to retire, consider it as your plan for financial independence. It will allow you to work because you choose to, not because you have to.
7 Steps to Financial Independence
To help you plan for your retirement, we’ll work with you to:
- Determine your desired retirement lifestyle.
- Assess current costs of that lifestyle.
- Factor in inflation to determine the income you’ll need in the future to achieve your desired lifestyle.
- Determine the assets you need to generate that income.
- Review your estate plan and ensure you are creating the assets required and minimizing taxes through the use of 401Ks and IRAs.
- Revisit your business exit plan and assess your business’ value and its contribution to your retirement.
- Incorporate all the above into a retirement plan that provides you with the funds you need to live the life of your dreams.
Create Your Plan for Financial Independence
Take control of your future and create your retirement plan now. Let us walk you through the seven steps to financial independence and put a program in place that can help you reach for your dreams. And for optimum success, we’ll incorporate your retirement plan into The Ultimate Business Owner’s Plan which we believe has proven its value with many of our clients.
To learn more about retirement income planning, schedule a complimentary consultation now.