Business retirement plans refers to a retirement planning strategy whereby employees plan to start a business while still in paid employment with the hope that the business will eventually be able to provide the income they need to finance their retirement life after they retire.
This retirement planning strategy is actually a really smart strategy for two reasons:
1. No matter how smart you are, you will someday be forced to retire. And your monthly salary and all other bonuses end immediately you retire.
2. No matter how good you are at saving money for retirement, you cannot save enough to pay all of your expenses after retirement, especially if you end up living for another 20 to 30years after retirement from the 8-5 rat race
Wait. Are business retirement plans really worthwhile?
Can an employee actually graduate into an employer of labour and generate enough money from his own business to pay all his bills after retirement?
Of course, Yes!
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Hundreds of small to medium businesses you see today are owned by individuals who were at one time or the other employees of national or multinational companies.
They were employees who did not want to end up like the thousands of poverty stricken retirees they see in the news.
They wanted to retire and still have access to ongoing monthly and yearly income. And they knew that no company was willing to pay them salary after they retire.
So, what did they do?
These proactive employees ventured into entrepreneurship while still in paid employment.
The truth is this . . . when you venture into entrepreneurship while still in paid employment, the monthly salary from your day job helps you weather the ups and downs associated with running a business, especially in the early days when the business expenses may be higher that the revenue.
A good example of someone who was once an employee but now a business owner is Samson Itoje, the CEO of SelfMadeRetiree.com (this retirement planning guide) and the parent company Erimama Investment Company Limited.
Samson Itoje started as an employee with a multinational company but he is now the founder and CEO of his own company, Erimama Investment Company Limited.
You see, your employer can fire you from his company any time he wishes and for whatever reason he deems fit. But nobody can fire you from your own self-established and self-founded company.
Your company is yours for as long as you live . . . unless you decide to sell it.
You can even retire from active service from your self-founded company and continue to earn full salary, bonuses and allowances PLUS dividends on your equity as majority shareholder . . . depending on how you structured the company.
Yes, growing a small business from scratch into a medium sized business and then into a national or multinational company is hard work. But it is work that will earn you guaranteed retirement income for life.
Our candid advice in this retirement planning guide is that you should include business retirement plans as part of your overall retirement planning strategy.
It starts with developing the right mindset . . . the employer mindset . . . by reading retirement books focused on helping employees become self-made retirees.
Right now, we encourage you to read the book on how to retire wealthy and the One billion dollar business book.
Activate your "Plan B" sooner and launch your business retirement plans using the practical entrepreneur advise offered by this retirement planning web site.
Do not retire from the 8-5 rat race and go home to wait until you die.
Establish a business around the products or services you love. And create a steady alternative income source for yourself after retirement.
Yes, maintain your financial independence even after retirement. And live a truly fulfilled life.
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