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Retirement Issues for Small Business Owner. 1) Value of the Business Selling outright Liquidating Passing on to family Value/Net Worth of the business, many times, is the most valuable asset of the business owner. Retirement Planning. Individual is responsible for retirement income Example

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retirement issues for small business owner
Retirement Issues for Small Business Owner
  • 1) Value of the Business
    • Selling outright
    • Liquidating
    • Passing on to family
  • Value/Net Worth of the business, many times, is the most valuable asset of the business owner
retirement planning
Retirement Planning
  • Individual is responsible for retirement income
  • Example
    • Age 25, retire 60, live to 85+, need 80-90% of income
    • $2,000,000 goal
    • Maximum social security benefit = $1,742/month
    • Saving goal
      • $870/month, starting at age 25
      • $2,103/month, starting at age 35
      • $5,800/month, starting at age 45
investing
Investing
  • IRS provides many tax-deferred or tax-free investment accounts
  • IRA – Individual Retirement Account
    • Deductible
    • Non-deductible
    • Roth
  • SEP – simplified employee plan
    • Less than 25 employees, 15% of compensation, maximum $22,500/annually per person
investing4
Investing
  • Other accounts
    • KEOGH plan
    • SEP IRA
    • Simple IRA
  • Individual must choose investment options
    • Stocks
    • Bonds
    • * Mutual Funds
other benefits
Other Benefits
  • Medical
    • $5 deductible, prescription
    • $690/month, $8,280 for family of 4
  • Dental
    • Preventative
    • Restorative
  • Disability Insurance
    • 66% of $50,000, age 30
    • $240/month, $2,880/annually
other benefits6
Other Benefits
  • Life Insurance
    • $500,000 face value, age 35, nonsmoker, good health
    • Term insurance - $860/year
  • Time Off
    • Vacation, sick, personal time
    • Average small business owner works 74 hours per week
    • Takes 4 weekdays off
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