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According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably. This is how it should look: By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings) By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings) By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings) The Times also reports that less than 13% of Americans have a pension or a solid retirement plan. How does your situation looks? Are you on track to retire comfortably? If not, no need to panic. We can guide you in getting there. If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires. Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly. This amount alone could easily be used to fund your retirement plan. When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings. To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.
Plan Now for 2014 With one more quarter to go in 2013, this is the perfect time of the year to start your review of the 2013 and start making plans for 2014. Speak with your accountant to get a projection of how 2013 will impact your tax situation and other important business considerations. Don’t wait to the start of 2014 to access your 2013 tax liabilities. By then it’s too late. You should also do a review of all your expenses, deductions and current budget. Start now making adjustments to your budget and calculating your breakeven. And remember, breakeven is not just the number you hit to pay your bills. Your breakeven must also include return on investment, paying backing any loans, putting away money for future, planning for unexpected, and reinvesting in your business.