Retirement Planning for Business Owners

Many business owners immediately think of pensions when retirement planning is mentioned and although pensions can play an important role in retirement planning and extracting money from the business, in a tax efficient way, there are many more avenues to explore that could play an important role in ensuring a comfortable retirement.

 

Some would say my business is my pension and whilst many business owner do sell their business to fund their retirement, it can be dangerous to rely on this. You may not get the best price for your business especially if you are trying to sell in to a buyer’s market. You may even have to delay your retirement because you cannot find a buyer. If you do get a good price at the right time there are the tax issues to consider. If you are not planning on selling you may need advice on succession planning. Don’t worry together with our associates we can help you in all areas of planning for your retirement.

 

One solution is to look at life time cash flow planning, this would take in to account income that could be derived from  pension plans, investment properties, other investment portfolios and the possibility of downsizing or selling a proportion or all of your business.

 

We can build in the cost of planned major purchases such as a new car or boat, maybe a Villa in the sun. This strategy will ensure that you can happily spend money without the worry that it might run out or that you will leave too much in your estate and provide yet another windfall for the tax man. ( please see our section on Estate Planning as we can help in this area too).

 

Everyone’s situation is unique, however we all share one thing and that is the fear of spending too much or too little, give us a call we can help and remember we are business owner too, so we have first-hand experience of  dealing with retirement planning for business owners