It’s Never Too Late to Plan Your Retirement
GET STARTED NOW!
The way people retire nowadays is a bit different than what it used to be. On the surface, retirement planning has not changed too much — you work, you save, and then you retire. While the mechanics may be the same, retirement planning now comes with a whole new set of complex factors.
It can be overwhelming for some, but if you focus on what you can control and develop a comprehensive plan, you can be just as successful. KICKSTARTING YOUR PLAN While starting to save early is a great idea, it is okay to set money aside for more immediate needs and focus on saving when you’re older. Some things to keep in mind when starting your plan include the following:
so before you plan to reach retirement can be especially crucial. By then, you may have a good idea of when (or if) you want to retire, and still have time to make adjustments, if needed, or even boost your savings before you retire. You will need to think about how much everything will cost, and though we don’t know what prices will be like in the future, it’s important to plan for higher prices in the years ahead. This can include the following:
• •
Create a budget.
•
Housing costs — rent, mortgage, heating, water, and maintenance
Set automatic transfers between checking and retirement accounts. Create an emergency account that allows you to cover any unexpected expenses, such as a broken water heater, without throwing your retirement plans out the window. Pay down debt so you can be debt-free in your non-earning years.
• •
Health care costs
•
Day-to-day living expenses — food, clothing, transportation Entertainment — restaurants, movies, plays, and personal hobbies
•
•
There are few things that are more nerve- wracking than the thought of outliving your resources, and if your retirement savings are not managed properly, it can be inadequate for your needs. But this is fully within your control, and you can decide what is best for you for a successful retirement.
SAVING FOR RETIREMENT Whether you plan to retire early, late, or never, having an adequate amount of savings can make all the difference. The last decade or
... continued from Cover
different timelines. In Chapter 8 of my book “Hidden Wealth: The Secret to Getting Top Dollar for Your Business,” I share stories of different scenarios on how long it took business owners to sell their businesses and how you can benefit from their experiences. WHAT IS THE PROCESS WHEN IT COMES TO SELLING? Believe it or not there is a process. And there is a checklist for this to ensure you don’t miss anything. Even knowledgeable pilots, who fly every day, use a checklist each time they get in a plane so they don’t miss anything before every takeoff and landing. To ensure you don’t miss anything, we have included a comprehensive list of everything you will need in Chapter 7 of “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” WHAT ARE SOME OF THE PITFALLS I SHOULD BE LOOKING FOR AS A SELLER? To begin with, you may only sell your business once in your lifetime so you don’t have any room for error. Maybe you have sold a business in the past or some real estate or vehicles, but nothing can prepare you for selling your business when you are dealing with a professional buyer. As we like to say, “It isn’t a fair fight.”
Having sold over 853 businesses, I have encountered a lot of crazy
stuff. Below is a list of some common things a seller may
encounter from a buyer, but to get the full list you will need to read Chapter 7 of “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” Here are just a few things you want to lookout for:
• Claw Backs: the buyer offers one price then changes later • Hold Backs: money held back for issues to be resolved after closing • Holdovers: seller to insure for 12–18 months for liabilities • Noncompetes: restrictive to future earnings • Slicing and Dicing: cherry-picking select assets • Due Diligence: proving what we are selling
–Terry Monroe
2
WWW.TERRYMONROE.COM
800.805.9575
Made with FlippingBook Ebook Creator