Humans are living longer than ever before. Between the advent of modern medicine and hyper-awareness towards exercise, eating clean, and a work-life balance, you can expect many wonderful golden years ahead of you. The only problem is ensuring those years are stress-free from financial worry.
Retirement planning doesn’t need to be as overwhelming when you have the aid of a business financial advisor. Finding that bridge between the income you experience as a small business owner to a routine economic draw as you retire is critical to enjoying life, traveling, celebrating your hobbies, and getting all the time you could want with your friends and family.
Without proper planning, you could be facing a much more challenging uphill battle in your older years. That is why you must start planning early on. Sometimes it is easier said than done.
At Wealth Excel, we understand how intimidating the horizon of the retirement road can be and want to help get you to a place of comfort and preparedness. Let’s review the top five reasons small business owners must consider regarding Retirement Planning Management.
You Do Not Know, What You Do Not Know:
You can plan for all the things you know about, but there are many more things you don’t know. You may be excellent at running your business, but what if a competitor enters the market? What if there is a pandemic like COVID-19 that impacts your operations? Or what if you became disabled? It is vital to ensure you have enough money in the reserve to deal with these unexpected events. Being ready for retirement is equally important as it may be right around the corner, and you need that cushioning to ensure you fall gracefully into the next stage of life.
The Path of Entrepreneurship is Tough:
It’s a well-known fact that stress can lead to various health problems, including heart disease, high blood pressure, and depression. Understanding this helps you realize how critical it is to manage your stress levels.
Retirement may seem far away, but your health could dictate a much earlier arrival. You do not want to be in a position where your medical expenses are suddenly on the shoulders of your loved ones trying to raise their own families.
You may be worried about leaving behind debt that your children and their children will have to pay off. Such fear is common among business owners, but with proper planning and the right tools and “precision” execution, you can alleviate these concerns. A specialty financial advisor can help you understand the options available so you can choose which one works best for each stage of your life. In addition, they can show you how investing in yourself now will contribute toward making sure your retirement years are comfortable & enjoyable.
Continue Charitable Giving Efforts
Charitable giving can be a great way to give back to your community and reduce your tax burden. When you give money or property to charity, you can deduct the value of the gift from your income when filing taxes. This will save money on taxes by reducing the amount of income that is taxed each year.
Many business owners preparing for retirement create a method to continue their giving commitments. Having a hobby and driving motivation that gets you out of bed is good for the community and keeps you feeling young, appreciated, and part of something bigger than yourself. If you have a charity you want to continue supporting, we have a financial advisor for business owners perfect for you.
Avoid running out of money
As a business owner, it’s important to take retirement planning seriously. If you don’t, you could run out of money before realizing what happened. A specialty financial advisor can help minimize this burden by helping you create a retirement plan that would protect your future security.
Your lifestyle may shift a little, but that is the point. You want to take full advantage while things are flexible and leverage the power of time working in your favor so when your big day does come, there is as little interruption to your everyday life as possible. At Wealth Excel, we have created a reliable method to save on your taxes, increase savings, and protect your assets to have the financial resources needed when you finally retire.
The Average Life Expectancy Continues Rising
Life expectancy continues to rise, with the average age at “maturity” rising from 69 years in 1950 to 78.6 years in 2014 and 81 years in 2021. This trend is due primarily to advances in medicine but also because people live more active and healthy lifestyles. Progress in technology has also played a role in helping people manage chronic illnesses more effectively.
You must understand that your retirement plan should account for additional funding if your goals include enjoying a long life after retiring.
ancial resources needed when you finally retire.
Relying On Social Security or a Pension Is Risky
It’s a fact that Social Security and pensions will not be around forever. And even if they are, we can’t rely on the future of these programs to support us in retirement. If you think about it, many people working today will receive Social Security when it is no longer available. If you ever want to secure your retirement income stream, now is the time to take control of your destiny!
Finding Your Financial Freedom
Without a plan, it’s easy to run out of money in retirement. Thinking of it can lead to stress, which is the opposite of how you want to spend your golden years. By taking some time now with a specialty financial advisor, you can improve your chances that you will be able to enjoy life without worrying about retirement.
Admittedly, this is a lot to take in. Our advice is simple: take advantage of working with a financial advisor specializing in business retirement planning.
At Wealth Excel, we focus on small but profitable business owners between 40 and 65 looking to take the next step in their life and retirement needs. We work diligently for our clients to build up substantial retirement accounts faster while also controlling cash flow and tax payables. This allows for a graceful exit strategy where you can focus on the future of your business while we handle the future of your personal income. We invite you to give us a call today, and let’s build a stronger tomorrow with our Pre-Tax Wealth Creation Blueprint for your retirement planning.
What is Pre-Tax Wealth?
Pre-Tax Wealth Creation Blueprint is a tactical strategy for profitable small business owners to realize substantial savings by maximizing income tax deductions, minimizing asset exposure, and maximizing tax deferral growth through precision retirement planning and enhanced employee benefits.
Small business owners with 50 or fewer employees and $500,000 or more in net taxable income are ideal candidates for the Pre-Tax Wealth Creation Blueprint. Business owners in the 40-65 age range can profit the most by fully maximizing their private retirement accounts. Clients can save an average of $150,000 annually using tax savings strategies.
Following are the benefits of the Pre-Tax Wealth Blueprint:
- Increase control of cash flow and tax payables
- Build up a substantial retirement account faster
- Allows for a graceful exit strategy
- Attract and retain employees with a lucrative benefits package
- Frees up money for other investments