Retirement is a milestone for every business owner to look forward to.
After years of building your business, the thought of kicking back and finally enjoying some much needed “you” time is exciting! No matter where you’re at with your business; just starting out or a well-established name within the community, you should have a strong retirement plan in place. If you’ve got retirement on the mind, we’ll count down 5 tips to help you get ready for retirement in 10 years or less.
5. Start planning early
When we’re just starting out, retirement planning is not often “top of mind”. As the years carry on & our business gains traction, people find themselves so busy they’re not even thinking about retirement & planning can be overlooked. To ensure you’re financially supported in your retirement years, the key is to start your plan early. The longer you save, the more you’ll build to enjoy when the time comes.
4. Plan for your business
You love your business, so perhaps retirement hasn’t even crossed your mind. If this is the case, it’s likely you haven’t made a plan for your business either. When you choose to retire, you should consider where that leaves your company. Will you pass it on to a family member? Sell your business to a colleague or competitor? Close down completely? These are all important factors that can affect your savings, so solidifying a plan early can ease the transition into retirement financially as well as emotionally.
3. Consider your goals
It’s not easy to know what you’ll do with your free time, especially if you’ve been super focused on work all these years. Retirement is a time for you and the world is your oyster! Although the idea of globetrotting or buying that cottage may seem tempting, the reality is that you will still need to meet your financial obligations. It’s important to align your big goals with your day-to-day lifestyle. This will help you create a realistic budget to build your savings around.
Related: What Are Liquid Assets and How Can They Help Your Financial Savings Plans?2. Take advantage of savings tools like RRSPs
Investments like RRSPs offer some great, tax-deferred savings benefits to help you maximize your savings growth during your working years. Additionally, you also enjoy tax incentives on your contributions to help you save even more! RRSPs can hold a variety of investment types, so it’s important to speak with your financial advisor on what works best for you.
1. Consider the wealth you already have
‘Savings’ don’t only apply to money in the bank. As a business owner, you’ve built wealth up in your business as well. Consider the value of your business & business assets & how they might be applied to your retirement savings. You might be surprised to find you have more value than you initially imagined!
Although planning for retirement in 10 years or less may seem ambitious, it’s entirely achievable with the right plan in place. Using financial savings & retirement strategies like our Blue Wealth program, you can get retirement-ready sooner than you think. While you’re busy with your business, your retirement plan can be working for you. Speak with Darryl Smith of Synergy Life Financial at (705) 434-0562 & let’s start planning your retirement today!