If you rely on the value of your business to pay for your retirement, you may end up with a lot less money for your golden years than you initially thought. This could come down to your business not being as valuable as you thought, poor bookkeeping or many other things. This is why it is important to find the right balance between your company assets and diversified investments outside of your business. How do you go about growing your wealth outside of your business? In this episode, Tom will share the basics of saving and investing so you can rely on having stability in your financial future.
Listen in as Tom explains the importance of careful planning for your taxes in retirement so that you are not blindsided by fees later in life and how proper planning can actually help you save more money. You will learn why it is never too late to start saving, the benefit of starting your investing journey as soon as possible and more.
Listen to the full episode:
What You’ll Learn:
- The different types of accounts you can invest in.
- The difference between a qualified and non-qualified account.
- How to fill the gap from where you are financially and where you need to be for retirement.
- When you pay taxes on your retirement funds.
- The importance of starting your investment journey as soon as possible.
- Why it is never too late to start saving.
Ideas Worth Sharing:
- “The IRS will get paid regardless of where your money is.” - Tom Poltersdorf
- “Without proper tax planning, you could end up paying the IRS a lot of money.” - Tom Poltersdorf
- “If you plan and get ahead of your tax planning early, you can really get creative and implement some very effective tax strategies. You just have to get ahead of the game.” - Tom Poltersdorf
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