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Retirement and the Business Professional

Don’t Put All Your Eggs in One Basket

Many entrepreneurs who start or purchase a business do so for a number of reasons, both
emotional and financial. Social status, the freedom to be your own boss and the potential
for a high income are a few of the reasons commonly cited. For some, business ownership is also seen as a primary way to pay for retirement. If everything goes as planned, the business owner works hard and, over time, the business grows and becomes more valuable. When the owner reaches a certain age the business is sold, with the proceeds from the sale funding the retirement years.

The Realities of Business Ownership

Using the business as the sole means of achieving financial independence amounts to
placing a bet that the owner will be able to sell at the right time, the right price and under
the right terms. There are several reasons why this may not happen: · Business failure: Despite good intentions and hard work, businesses do fail. In 2003, for example, there were 612,296 new, small (less than 500 employees) businesses started in the United States; in the same year, 540,658 small businesses closed their doors, and 35,037 filed for bankruptcy.1
· Timing of the sale: Selling a business is a complex, often time-consuming procedure.
The actual process of finding a buyer, negotiating the deal, arranging financing and
finally closing the sale may extend over months or even years. · Proceeds: Depending on market conditions, the amount realized may not be enough to pay for retirement. Income taxes will inevitably consume some of the proceeds. The owner may have to accept installment payments, rather than a lump sum. · “I am the business”: The value of a business may depend largely on the skills and/or customer relationships of a particular owner. Diversification to Reduce Risk
A business owner who seeks to reduce risk will view his or her business as one asset
among many. In addition to the business, a diversified portfolio could include the following.

· Qualified retirement plans: Business income is used to fund employer-sponsored
qualified plans with a current deduction for contributions and tax-deferred growth.
· Nonqualified plans: Nonqualified deferred compensation plans are often used to
reward selected employees and serve to supplement qualified retirement plans.
· General investment portfolio: A business owner can develop a general investment
portfolio, outside of the framework of the business.

1 Source: U.S. Small Business Administration, Office of Advocacy: “Frequently Asked Questions.” See
http://www.sba.gov/advo/frequentlyaskedquestions, accessed 3/02/07.
Page 1 Presented by: John Beyer

The Need for Health Insurance

Most of us would agree that good health is an extremely valuable attribute. Those in poor
health generally have a lower quality of life as well as a reduced ability to work and earn
an income. Good health is frequently the result of biology (the genes you inherit), the life
style choices you make (exercise, diet, smoking), and appropriate medical care.
And even the healthiest among us need some medical care. Regular physician and dental
visits are a normal part of maintaining good health. Accidents, illness, and simply
growing older are other reasons medical care is necessary.

Paying For Medical Care

Medical care in the United States is, unquestionably, expensive. According to statistics
compiled by the federal government, over 20% of personal consumption expenditures are
directed to medical care.1 For those needing medical care, there are three basic choices:
· Don’t go: Not seeking medical care when it is needed can result in small, treatable
health problems becoming much bigger ones, with sometimes fatal consequences.
· Pay out-of-pocket: Paying for medical care from your own pocket can quickly exhaust
your assets. Huge medical bills are one reason cited as a cause of personal bankruptcy.
· Health insurance: Although the premiums can be expensive, for many individuals and
families, health insurance is the only practical way to provide needed medical care.

Sources of Health Insurance

There are three broad sources of health insurance in the United States today:
· Individually owned policies: The individual or family purchases a health policy
directly from an insurance company or health maintenance organization. Individual
health policies can be relatively expensive compared to group health insurance.
· Group health insurance: Group health insurance is typically provided through an
employer or another related group such as a professional association. The premiums for
group health policies tend to be less than those for individually owned policies.
· Government programs: For those age 65 and older, Medicare provides a base level of
health insurance. Medicaid provides health care for the impoverished. The federal
government has a number of programs to provide medical care to active duty and former
military service members. Some states have individual programs to provide health
insurance to low-income individuals and families.

The Choice Is Yours, affordable rates and great plans Shop Online link

While health insurance may be expensive, trying to pay medical costs out of your own
pocket, or not seeking medical help when needed, can be much more expensive.
1 Source: Statistical Abstract of the United States:2007. Table No. 656 Personal Consumption expenditures in Current and Real (2000) Dollars, by Type: 1990 to 2004.
Page 1 Presented by: John Beyer

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