At its core, retirement planning is simple. You trade income during your working years for income during your non-working years. To do this, you set aside a portion of today's income and accumulate enough so you can live off of it in retirement.
Cultivant was spotlighted at Kenmore Business Alliance this morning, thanks to Bothell-Kenmore Chamber of Commerce. Hoon, our co-founder, spoke on the importance of planning ahead for business owners so they can leave their businesses by design rather than by default.
When small business owners want to step away from their business and retire, many may worry about the tax burden they’ll face from all their potential gains. Our professional colleague, Steve Parrish, Co-Director of the American College Center for Retirement Income, graciously gave us permission to post his article in Forbes that describes a tool called a deferred sales trust that may help to spread out gains over time and lower their tax burden.
Several years ago, a friend and an owner of a professional practice asked me to help him run his firm like a "real business." As it turned out (and much to my surprise), I had the temperament and skills to think strategically, lead a team with fortitude, and relentlessly execute a plan with laser focus. I was a natural executive.
My success in that role led me to a project with another firm, and then another, and so on. Thus began my life as an accidental executive and business consultant.
If you had a $2,000,000 nest egg, would it be enough to last through your retirement years?
The answer can depend on... when you retire.
If you’re in your 20s or 30s, you might feel you’re too young to plan for retirement. Especially if you're single.
Or, at least young enough to not worry about it too much.