What are your plans when you retire? Will you consult, teach part time, or keep a home-based company? Or are you looking to turn a hobby into a money-making endeavor, or perhaps stay involved in a business? If so, you are not alone. According to recent AARP research, about 80% of baby boomers say they will work at least part time in retirement, blurring the lines of work and leisure.
About 13% of 55 and older households without dependent children (nearly 5.3 million Americans) are currently shifting in and out of retirement, according to SRI Consulting Business Intelligence. Because of poorly performing retirement portfolios, some are being forced into work. They are living longer and more quality lives by staying active.
Your retirement years will need to be well-financed because retirement is a long horizon. Retirement age is typically 62, and we all want a lavish retirement as an ultimate goal. But, if you want to retire earlier than usual you must have a well thought out plan. It still may be possible to exit the workforce early, or work less if you plan ahead and follow some basic steps.
Think it through. Retiring is a change in life, and not just another part of your finances. You must decide what you want out of it. Do you derive a large part of your identity from your small business? Do you live to work, or work to live? Do you have any exciting interests outside your work that you like to do?
Know the rules. You can access 401(k) plan or IRA money for early retirement necessities under certain situations, and avoid paying the 10% tax fees. So when withdrawing your money, understand the rules.
Have a plan. Based on your life expectancy, lifestyle, inflation, and other factors, know when you want to retire and how many funds you will need. Withdrawing retirement money too early can make it impossible to make your assets last as long as you need it to. Plan your exit based on whether you want to sell the business, or handover the company to your children.
Have a plan. Withdrawing money too early can make it impossible to make your investments last as long enough. Based on your life expectancy, lifestyle, economy, and other factors, decide when you want to retire and how much money you will need. Plan your exit based on whether you want to sell the company, or transition the company to your children.
Look for product flexibility. If you are planning on retirement, use plans with more flexibility, such as an annuity that has flexible options. Look for plans where contributions and distributions can be changed each month.
Seek help. Develop a well thought-out financial plan with your team of professionals. When you own a family business, things are more complicated, and retirement planning can demand specialized attention. If you are one of the many individuals blurring the lines between work and leisure, include tax planning, protection planning, business continuation, and then develop an appropriate portfolio for your ever-changing situation.
Protect yourself. Think over your protection plan, and don't put all your emphasis on investment plans. You may want to adjust your life, medical and long-term care insurance needs to your current circumstances.
About 13% of 55 and older households without dependent children (nearly 5.3 million Americans) are currently shifting in and out of retirement, according to SRI Consulting Business Intelligence. Because of poorly performing retirement portfolios, some are being forced into work. They are living longer and more quality lives by staying active.
Your retirement years will need to be well-financed because retirement is a long horizon. Retirement age is typically 62, and we all want a lavish retirement as an ultimate goal. But, if you want to retire earlier than usual you must have a well thought out plan. It still may be possible to exit the workforce early, or work less if you plan ahead and follow some basic steps.
Think it through. Retiring is a change in life, and not just another part of your finances. You must decide what you want out of it. Do you derive a large part of your identity from your small business? Do you live to work, or work to live? Do you have any exciting interests outside your work that you like to do?
Know the rules. You can access 401(k) plan or IRA money for early retirement necessities under certain situations, and avoid paying the 10% tax fees. So when withdrawing your money, understand the rules.
Have a plan. Based on your life expectancy, lifestyle, inflation, and other factors, know when you want to retire and how many funds you will need. Withdrawing retirement money too early can make it impossible to make your assets last as long as you need it to. Plan your exit based on whether you want to sell the business, or handover the company to your children.
Have a plan. Withdrawing money too early can make it impossible to make your investments last as long enough. Based on your life expectancy, lifestyle, economy, and other factors, decide when you want to retire and how much money you will need. Plan your exit based on whether you want to sell the company, or transition the company to your children.
Look for product flexibility. If you are planning on retirement, use plans with more flexibility, such as an annuity that has flexible options. Look for plans where contributions and distributions can be changed each month.
Seek help. Develop a well thought-out financial plan with your team of professionals. When you own a family business, things are more complicated, and retirement planning can demand specialized attention. If you are one of the many individuals blurring the lines between work and leisure, include tax planning, protection planning, business continuation, and then develop an appropriate portfolio for your ever-changing situation.
Protect yourself. Think over your protection plan, and don't put all your emphasis on investment plans. You may want to adjust your life, medical and long-term care insurance needs to your current circumstances.
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