Another story from the Concierge Pension Services vault:
Bob called me with a common but daunting problem.
I could hear the frustration in Bob’s voice. “David, I’m hoping you can help. I’ve run my business for years. I’ve kept busy and watched it grow. Everything’s good but I’ve been too focused on putting out fires today and not thinking enough about tomorrow. I’ve saved next to nothing for retirement and now that I’m ready to start winding down, I’m not sure I’m going to be able to. Am I too late to save for retirement?”
“Bob, the good news is that you’re a successful business owner. If you were a rank-and-file employee, you’d be looking at tougher circumstances. We’ll have to look at your numbers, but a skillfully designed retirement plan can produce annual tax deductions of over $400K. How old are you, Bob?”
“I just turned 65—which is why I’m waking up to the idea that I should have started planning years ago.”
“Bob,” I said reassuringly, “I’ve seen people in your circumstances go from zero in retirement savings at age 65 to over $2 million at age 70. “
“Well that would certainly make a difference.”
“Plus, if we plan correctly and shelter your income, we can also avoid some of the capital gains when the business is sold.”
“Sounds like what you’re saying is…”
“Yes, it would have been better if you’d called me ten years ago, but no, you’re not too late and there are some strategies we can use to help get you caught up.”
If you’ve been too busy growing your business to save for retirement, you’re not alone. Get in touch with a Professional Retirement Plan Consultant and start building your future today.