retirement planning for business owner
DESCRIPTION
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Retirement planning for the business owner
12/2007
Retirement planning
● Start as soon as possible, do not wait until you can “afford” it
Retirement planning
● Take at least 20% of your profit from the undertaking annually and invest it elsewhere
Retirement planning
● Make use of the services of professional persons/institutions to manage your investments
Retirement planning
● Use tax concessions optimally
Retirement planning
● Do not rely on the selling price of your institution as your only retirement capital
Retirement planning
● If your children take over your business from you, ensure that you have an alternative source of income
Retirement planning
● If one of your children is going to take over the business from you when you retire:
identify your successor in good time
train your successor
Retirement planning
● Plan for your retirement, even if you think that you can work until the day that you die – the state of your health could force you to retire.
Retirement planning
● Review your retirement plan and your investments regularly
