If you are a business owner or a practice partner, then, equity in your business will probably form a major part of your retirement strategy.
But ask yourself today; What is my exit plan?
How do I transfer wealth created by my business into my back pocket? And, how much will my business be worth to me when I decide to retire?
What happens to my retirement income if external factors beyond my control devalue my business? COVID-19 for example.
Exiting your business needs to be planned and carefully managed. Remember, the tax implications of not planning this well in advance can be severe.
Our advice is to use the business to build additional assets external to & independent from the business.
The charts show that in doing so, you diversify your personal assets and reduce the risk of relying 100% on your business to provide enough retirement income in later years.
Visit us at www.lifetimefinancial.ie or https://www.fpsb.ie/find-a-cfp/name/michael-wall/ for more information