Are you hoping for an early retirement? Even if you don’t plan on retiring early, it still makes sense to consider the possibility. Many people are forced into early retirement because of job loss, disability or other challenges. If this happens to you, a contingency plan could help you better manage the situation.
One of the biggest challenges in early retirement is generating income from your accounts. If you’re like many Americans, you’ve used tax-deferred accounts such as an IRA or a 401(k) to save for retirement. These accounts let you defer taxes on your growth until you take distributions. That tax deferral may help your assets compound faster than they otherwise would.
Every business owner has to make an exit at some point. Some owners leave on their own terms, either through retirement or with the sale of the company. Others, though, exit before they’re ready via disability, health issues or even death. While it may not be pleasant to think about the latter category of exits, it’s important to consider what may happen to your business and your family if you pass away.
Estate planning can sometimes be a complicated process, but it can be even more complex if you are a business owner. You have to consider how to compensate your family for your years of investment and hard work. You also may have business partners to think about. And you probably want to create a smooth transition for your employees, customers and other interested parties.
First Fidelity Group
With more than 39 years of experience and knowledge, we've seen it all. We understand each client is unique and faces different challenges.