My father owns a construction company and is very successful. He’s not finance savvy, he makes a ton of money but also works his ass off. He has an accountant that handles all the tax stuff and otherwise he keeps his account in the 7 figures. If he decides to take time off and travel he will but if he feels as though is account isn’t where he wants it to be, well, he just hustles. He is 51 now and has some health issues which, for me as his daughter, has me thinking about his future. His medical issues are brain trauma, so even though he plans on working for another 15 years, that may not be up to him.
He does not have a retirement account set up. He is accustomed to a very nice lifestyle, and is DEFINITELY NOT the guy who will accept living less than he is used to. I brought up figuring out his retirement about 5 min ago and he asked me to research how to figure that out. Who better than to ask you money gurus!?!
So, how does one establish a retirement account with owning a their own company? Is it something that he just goes to the bank and says take x% out of my account every year?
Submitted May 18, 2018 at 09:53AM by jfager16 https://ift.tt/2KAJYbL
