If you own your own business, you know that aside from maybe your children, it is the most significant emotional and financial investment you have made. Additionally, you have injected your time, labor and energy into creating what you hope will be a viable asset that will launch you into a healthy retirement.
Despite your best efforts and meticulous preparation for retirement, life sometimes throws you a curve ball. Unforeseen circumstances such as COVID-19 may lead business owners to forgo their own retirement funding in order to keep their business afloat. Such circumstances may also delay the sale of the business or significantly limit the pool of buyers available to participate.
So, what are your options?
There are several powerful strategies that can help business owners diversify their assets and minimize their tax exposure. Here are just a few examples:
-Set up a way to provide money to your family should you become ill or injured thus resulting in a decline in revenue for your business.
-Employ a tax- free strategy for tax- free accumulation outside of the business with tax-free future income.
-Supplement your retirement by shifting business assets away from future creditors.
-Improve performance of “safe assets”, (cash, CD’s)
If you are intimidated by these options, do not be. They are easy to utilize by simply consulting with the right financial planner. Insurance is capable of achieving so much more than simply providing a death benefit to your family should you pass away. Insurance, when utilized properly throughout the life of your business, can ensure that whether or not the “ideal” buyer or circumstances exist, you will still be able to realize all of your personal investments at retirement.
What to consult with someone about your retirement prospects? Share some information with us about your self and your business and we will connect you with the perfect financial planner with the best strategies for you! GET STARTED
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