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RETIREMENT PLANNING TIPS
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RETIREMENT PLANNING TIPS
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Experienced business leaders recommend early retirement planning, especially for entrepreneurs and business owners. While the appropriate retirement age is a personal decision, planning for it has immense future benefits. Some planning tips include:
D O N ' T R E LY O N B U S I N E S S EQUITY ALONE At any moment, the value of a business may be different from its future value – especially during uncertain economic times. Business owners shouldn't count on their equity being part of retirement; instead, they should focus on funding retirement through other vehicles such as property and insurance plans.
WORK WITH PROFESSIONALS The financial and personal transition from working life to retirement is undoubtedly significant, so working with professionals to plan for it is an idea worth pursuing. These specialists can guide aspects such as taxes, personal finances and succession based on their expertise.
While it's not uncommon for entrepreneurs to reinvest their earnings into the business, they have to compensate themselves fairly. In situations where cash flow and operational resources are ample, putting aside some of the surplus for retirement is advisable.
BE CONSISTENT Regardless of the amount saved or invested in a retirement account, being consistent over time can make a significant difference.
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