Retirement Planning for Business Owners

For business owners, retirement planning is not just about personal finance; it’s about integrating the future of your business with your personal financial security. At Surprenant & Beneski, P.C., our business planning attorneys excel at crafting detailed, personalized retirement strategies that address both issues. Because time is a critical factor, and you may want or need to retire earlier than you now anticipate, starting your retirement planning now ensures that you will have ample opportunity to meet your retirement goals.

How To Calculate Your Retirement Income

Determining how much income you will need to sustain your lifestyle in retirement is the basis of retirement planning. Our attorneys can assist you in identifying all potential income sources, including pensions, Social Security benefits, investment income, and residual business income. We will also help you understand how liquidating business assets when you retire can substantially supplement your retirement income.

How To Save for Retirement

To optimize your retirement savings, consider setting up a customized mix of traditional and Roth IRAs, which can offer significant tax advantages. Our legal team will advise you on the best structures for your situation, considering contribution limits and tax implications, to enhance your savings growth efficiently. We will also assist you in protecting your assets from creditors, lawsuits, unnecessary taxes, scams, unexpected medical costs, and divorcing spouses by using appropriate trusts.

Paying Off Debts and Loans To Make Retirement Easier

Managing debt effectively is crucial to retirement planning. Our attorneys can provide strategies for debt reduction tailored to your financial situation, helping prioritize high-interest debts and advising on refinancing options. We will show you painless ways to lower your interest rates 

and monthly payments, making it easier to save for the future.

Creating a Practical Budget

In order to transition smoothly into retirement, having and sticking to a practical and realistic budget is essential. We will assist in detailing your current spending, forecasting post-retirement expenses, and adjusting your saving strategies. Working with an individualized budgeting plan will help to ensure that you maximize your savings while maintaining a comfortable lifestyle.

Ways of Increasing Your Wealth

Investing in safe but profitable ventures is key to wealth accumulation. Our team can guide you through investing in diversified portfolios that may include mutual funds, bonds, and real estate investments. We always focus on balancing risk and reward according to your particular financial goals and risk tolerance. At the same time, we recommend establishing efficient savings plans, complete with high-yield savings accounts and CDs, which offer better returns while maintaining both liquidity and secure capital.

Minimizing Your Taxes

To help minimize your tax burden, we can explore setting up certain types of trusts, like charitable remainder trusts, that can reduce taxable income and benefit your preferred charities. Our attorneys are skilled at leveraging legal frameworks to optimize your tax situation, leaving more in your pocket for retirement.

Planning for Business Succession or Closure

Retirement may involve passing your business to an heir, selling it to a partner or valued employee, selling it on the open market, or simply closing it and liquidating its assets. Our team has extensive experience with clients taking each of these actions. We are adept at creating well-crafted buy-sell agreements and succession plans and tying up all the loose ends involved in leaving or closing your business.

Preparing for the Unexpected

Incapacity planning is a critical component of retirement planning. We can help you establish powers of attorney and execute advance directives (living wills), ensuring that your healthcare and financial decisions are in trusted hands should you be unable to make those decisions yourself. Our savvy attorneys will also help you use an irrevocable trust to protect your assets while maintaining your eligibility for MassHealth (Medicaid) should you require long-term care.

Contact Our Experienced Business Planning Attorneys Now

At Surprenant & Beneski, P.C., we are dedicated to helping you successfully plan for a secure and comfortable retirement. We are uniquely equipped to guide you through every aspect of preparing for your future. Don’t wait—contact us today to begin crafting a plan that provides you with peace of mind for tomorrow.