Thanks for the guest post by Jo Levy
Now that my son is almost finished with college, we’ve begun discussing what he wants to do when he graduates. I would love for him to eventually join the family business but also feel like it would be a really good idea for him to get some experience elsewhere first. He is thinking about what he wants to do and I think he would really like to come work for me based on the conversations we’ve had so far. He even put together a business expansion plan for his senior project including upgrading our services with smallbusiness.xo.com to make us more competitive and projections for what his input into the business could mean for income. I had not thought as much about expanding the business when he joined me as gradually handing things over so I could retire. It sounds like he’s got big plans in store and might need to keep me around longer than I planned! Guess I may need to rethink my retirement planning!
Long-term annuities are a great way to ensure a steady flow of income during retirement. They allow for a sum of cash to be set aside, then funds are provided at a certain time period determined upon creation. One issue many have with this system is when a large amount of money is needed all at once, rather than small amounts over time. This is when selling the annuity becomes an option. Doing so will net you a lump sum of cash for settlement. This option is usually taken in times of emergency. Hope this was helpful.
ReplyDelete-Jeff