As a responsible business owner, you have a lot on your plate:
- You make sure that your employees, vendors, and creditors are paid what they are owed.
- You work an extraordinary number of hours running your business.
- You work diligently to make sure that your entire operation is running smoothly.
Unfortunately, all of this means that you have little time and resources left over to plan or fund your retirement.
Many business owners have at least some expectation of either making their business so profitable that they will be able to live off of the earnings without the long hours or of selling their business and funding their retirement off of the proceeds. The hard truth is: neither of these situations is particularly likely to happen. If your business does become successful enough that you are able to sit back and not work, congratulations! But you’re in the minority.
As for planning to sell your business to fund your retirement, that may not work either. Of the 1.2 million businesses that go up for sale in any given year, only about 25% of them actually result in completed sales. And of that 25%, even fewer are sold for their true value. That means that you have a less than 1 in 4 chance of actually being able to retire on the proceeds of selling your business.
You’re a business owner, so you’ve got to be comfortable with taking calculated risks, but do those odds sound promising to you? What you need to do is make up for lost time and money. You need to learn how to use alternative retirement vehicles that will support the amount you need to finance your future income needs.
You had to think outside of the box to establish a successful business; now it’s time to think outside the box about your retirement. Chuck Oliver and his team at The Hidden Wealth System utilize a plan that can help you increase your retirement income by 50% or more with little or no tax and no market risk. You can also learn how to establish a tax-advantaged income for the rest of your life, one that can transfer tax-free to future generations. Contact us today to learn more!