There are a number of issues that business owners face, including providing employee benefits, obtaining business insurance and transferring the business upon death, disability or retirement. For most small business owners, their business lives and personal lives are inseparable.
The financial planning process** helps business owners to manage both business concerns and personal concerns so that they can achieve all of their goals and dreams. A personalized financial plan can help you, the small business owner, address concerns such as:
Protecting your business assets
Ensuring the continuation and succession of your business
Promoting, recruiting, retaining, and rewarding your key employees
Maximizing your compensation benefits
Providing for estate equalization
Promoting family harmony
The amount you will need in retirement depends upon a number of variables, including the age you plan to retire, your desired retirement lifestyle, how long you expect to live, and the rate of return that you expect to earn on your investments. Social Security and employer-sponsored pension plans will likely provide a smaller percentage of your retirement income than they provided for your parents' retirement income.
One or more of the following strategies could help you to maximize your retirement income:
Retiring at a later age
Saving more before retirement
Spending less during retirement
Investing to earn a potentially higher rate of return on investments while still feeling comfortable with the level of risk involved
Isaacs Financial Group can help you determine which strategies make the most sense given your retirement objectives.