Retirment is a scary thought. You are without an income for the most part, unemployable. If you aren't prepared, you face an uncomfortable and uncertain future.
Many business owners get so caught up in the running of their business, they forget to think about the future. But when it comes to retirement, you can't afford to seperate your personal finances from those in your business. At the same time, you have the well- being of your employees (for those of you that have employees). Even though there is no current law that you have to provide for their retirement, it's your moral duty to at least help them plan for the future.
None of us can predict the future. But you need to ensure that you are prepared for eventualities like death, disability, illness and dread disease. The reality is that they can hit you and your business or family hard.And imagine it happened to one of your partners, shareholders or employees. What if you lost them to death or disability? It's not a pleasant thought, but think of the capital you'd need to replace key employees, settle loans or buy out a partner. What if you didn't have enough? You'd risk losing everything you've worked so hard to create.
The older we get the more dificult it is to get this type of insurance. Is yours in place?
Each of us have different needs and goals in life. Therefore our financial solutions would differ. In our fourties we should know what our goals are, or at least have some indication as to how we're going to reach these goals? Or maybe you've reached most of your goals and you're ready to retire and travel the world? Have you got it all planned?
Your Will?
Your Medical Aid?
Financially sound, with enough options to cater for our needs, ie our needs get bigger the older we are?
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