As a business owner, you're always thinking of what you need to do now. But you can't forget about the future yours and that of your business. So it may be a good idea to consider your personal retirement plan and business succession strategy.
If you needed several years of long-term care, the expense could seriously erode your savings and investments. And keep in mind that Medicare typically pays only a small percentage of long-term care costs.
Why do you invest? For many people, here's the answer: "I invest because I want to enjoy a comfortable retirement." And that's certainly a great reason, because all of us should regularly put money away for when we're retired. But you can also benefit by investing in your family and your community.
Each year, Veterans Day allows us to show our respect for the sacrifices that military veterans have made for our country. But have you ever stopped to think about what lessons our veterans can teach us about how we conduct various aspects of our lives?
Keeping in mind that the withdrawals are generally fully taxable at your personal income tax rate, are there some particularly smart ways in which you can use the money to help your family or, possibly, a charitable organization?
To begin with, you need to understand that long-term investing involves accepting inevitable short-term price swings. You may not like seeing those sharp price drops, but it will help your outlook greatly if you can keep them in perspective.
It's probably safe to say that many of us are concerned about having enough money to cover our retirement years. In fact, some surveys have shown that we are more frightened of running out of money than we are of dying. What can you do to help alleviate these fears?
Of course, you wouldn't really forget about your 401(k). (It does happen, however over the period from 2004 through 2013, more than 25 million people left at least one 401(k) or similar plan behind when they left their job, according to the U.S. Government Accountability Office.) But you will have to do something with your account.
But if you would like to send your kids (or grandkids) to college someday, you need to plan far ahead to meet the financial demands. And, as part of your planning, you also need to be on the lookout for all opportunities to help pay those sizable college bills.
Of course, you might think that, one day, you will simply sell your business and live off the proceeds. But selling a business isn't always simple, and there's no guarantee you will receive enough to pay for a comfortable retirement which is why you should strongly consider creating a retirement plan now.
One way to start is by considering the various categories of mutual funds and there are quite a few of them: Small Cap Growth, Large Cap Growth, Large Cap Value, Diversified Emerging Markets, Foreign Large Cap Blend and more the list is extensive, and for many people, confusing.