By Paul Post
John Shartrand helps clients contemplating retirement prepare for their own personal Fourth of July or Financial Independence Day.
Deciding when to leave is never easy, especially for business owners during uncertain economic times.
“As we deal with a huge amount of money in motion and supply chain challenges creating rates of inflation we have not experienced since the 1970s, the question you might be asking is, ‘How can I possibly retire in 2023?’ ” said Shartrand, chief investment officer at CAP COM Financial Services. “If you are just starting to think about retiring now, we may tell you it’s not the right time. But if you have been planning to retire, we are picking a date.”
Steve Bouchey, president and CEO of Bouchey Financial Group, said there two things every business person needs to do. “One: fully fund a pension plan, somehow, some way because retirement depends on their ability to save enough money to be prepared. The other thing is having disability insurance because if you become disabled who’s going to pay the bills? Bills will still come in.”
There are three main concepts and strategies to consider, Shartrand said.
First, as business professionals or owners, clients are urged to target their Financial Independence Day, even if they plan to stay on to help the next generation. “We develop an income plan together,” Shartrand said. “We work with our clients to transition from balance sheet-focused to income statement-focused.”
Next, defense and controllables are considered.