Why Do I Need a Retirement Plan?

A retirement plan may seem to be about accumulating a nest egg, but it’s really so much more. It’s about defining your goals. Knowing what you want to do when you have the freedom to do anything you want. Because, until you determine what you’re working towards, how can you know what it will cost? When you retire, you will also have multiple income streams that have tax implications. It’s important to be sure that you’re managing this new revenue effectively with a retirement plan that includes regular reviews. Talk to a BlueRock Wealth advisor to look at the variables in your life and start planning your retirement now.

Read a client story about why a small business owner needed a retirement plan.

Why do I need a retirement plan?

Alex thought he’d have to sell his business to retire.

Alex owned the building his business occupied. He had investments, but had not kept track of them and wasn’t sure if he had enough saved. He also hadn’t defined what he really wanted to do in his retirement. Somewhere in the back of his mind he wanted to leave the business to his children, but didn’t think he’d have enough to live on.

Alex was so focused on how much he could make from selling his business, he hadn’t looked at the whole picture.

The BlueRock Wealth Solution

We showed Alex that he could afford to retire even if he got zero dollars for his business.

We sat down and looked at his assets, created a plan for accessing them over the course of his retirement, and organized his taxes to ensure he kept as much of his money as possible. Even without revenue from selling the business, he could still collect an income by renting the building – which was another source of income he hadn’t considered.

Alex was amazed when the pressure suddenly lifted. He could see that his needs were going to be met in retirement. Now he could decide what he truly wanted to do with the business – and make the decision in his own time.

What to Ask Your BlueRock Wealth Advisor

How can I maximize other sources of income in retirement?
How can I protect the income I get from my business?
Do I need to sell my business?
Can I continue the tax efficiencies in retirement that I now get from having a business?