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You need to ask yourself; do I really have enough to retire?

27.09.2016 by Neville Hughes

I asked you a simple but very important question in part 1 and part 2 of this series about business succession planning. You need to ask yourself this question now if you own a small business.

The question?

Do I have enough resources to retire?

What my video on the topic here.

How to tell if you have a value gap

A sensible place to start is to honestly review and understand what your costs of living are right now. Because it stands to reason that these costs will stay about the same even when you retire.

In fact, for some people, even more resources will be required. That’s because with the influx of free-time comes the ability to ‘do more’.

For others it will be less because their debts will be all but paid or their kids will be off their hands (well, that’s the theory anyway!)

If you do the sums and you are still at a loss, a good rule of thumb to apply is that you will require at least, as a bare minimum, 65% of your current living costs to continue in the lifestyle to which you have become accustomed.

Once you have a solid handle on what you need, then, and only then, can you honestly calculate what you will need in the future and if you even have the financial resources at hand now to prepare you for retirement.

Use my free value gap calculator

So, right now you’re probably thinking this all sounds like a lot of number crunching… and maybe numbers aren’t your strong suit.

Well luck for you, they’re our bread and butter and we’ve created an easy-to-use value gap calculator tool to help you figure out the basics.

It’s as simple as inputting a few key numbers which are probably in your head and it will generate an easy to understand figure.   The figure quickly indicates if you will have enough or if there is a shortfall.

In the instance of a shortfall, that’s where I come in. I can help you to review your current position and help you to create a robust plan that will help to minimise the gap.

And at the end of the day, that’s what your road to financial independence is all about. Setting you up, in the long term, to meet your present needs and future wants!

So click on the big orange button below and find out in five minutes what your future may hold.

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General Advice Warning: This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission. Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

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Topics Business Planning

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