It’s not financially possible to retire at 65!
Longevity experts are reporting more and more people are living to 100 years of age. If a person retires even at age 62, that would mean you would need a reliable income without working for 38 years. If you max out social security at $20,000 per year but you require $50,000 per year, that means you would need to draw down on savings at $30,000 per year. You would need over $1,400,000 in cash savings in after tax dollars to retire. If you sell your business capital, your tax is 25% Federal plus State Tax of another 7% or 32% total. So you would need to sell the business (which includes paying off all liabilities) for $2,000,000 cash, paying $640,000 in taxes to end up with $1,160,000 for retirement. Or you could keep the business going until you reach your late 70’s or early 80’s.
Gary Holt Blog
It’s not financially possible to retire at 65!
If an idea is perceived by a person’s sensory input as compatible with its expectations, the unconscious mind says yes. If the idea is perceived by the unconscious mind as not compatible, it says no. The decision is made instantly. Research has shown that a visual message has 3 or 4 seconds, a written message is determined in just the headline (or within 1 minute), and a sales presentation is made or lost in the first 3 minutes; so beginning decisions are not made irrationally but emotionally.
Topics: customer satisfaction strategies, systems, increase profitability, sales, research and development, profitability, customer service, business strategy, strategies, buyer persona, increasing sales, more business, increase profits, profit growth, competitive strategy, market share, buyer personas, call centers, customer database, research, successful strategies, business systems, more sales, increase sales, system, systemize, sales strategy, customer list, increase market share, increasing market share
It has been fifteen years since The Synergy Factor was first published and eight years since The Perpetual Money Machine was published. A lot has happened in the interim. I have worked with clients who have experienced business disaster as well as incredible success. I have worked with hundreds of Businesses and Organizations, learned much, and affected the lives of many people along the way. In short, the years have been challenging, rewarding, and without concern for anything except to learn to get it right.
Topics: systems, increase profitability, innovation and integration, a good profitability ratio, The Synergy Factor, profitability, profits, business strategy, business success, increase profits, profit growth, The Perpetual Money Machine, business process management, competitive strategy, an industry leader, successful strategies, business systems, innovation, system, systemize, variance
Due to the positive response I received from my Finance plan blog, I decided to focus this blog on an overview of the RAISE approach that all businesses need to have in place in order to find and keep happy customers, employees, suppliers and investors. I have included excerpts from Chapter 10 of my book: The Perpetual Money Machine to illustrate this method.
Topics: customer satisfaction strategies, systems, increase profitability, innovation and integration, Saginaw, recruiting, business plan outline, research and development, strategy for recruiting, profitability, profits, metrics, customer service, business strategy, marketing management, process development, michigan consultant, increasing sales, business success, happy customers, increase profits, Gary Holt, profit growth, business process management, competitive strategy, recruitement strategies, key business functions, research, industry structure, finance and information technology, operations, marketplace, business systems, analysis, increase sales, marketingholt.com, innovation, systemize, recruiting strategies, asset accumulation, research methods, sales growth formula, earnings growth rate, finance
I’m finding that many of my clients are benefitting the most from Finance plans. Because I’m seeing a real need for this, I decided to include an excerpt from Chapter Six of my book The Synergy Factor on The Finance and Information Team:
Topics: systems, profitability, profits, business strategy, strategies, Efficiency, improve efficiency, gross margins, make more money, business success, increase profits, Efficiency Improvements, profit growth, successful strategies, business systems, innovation, system, finance
Most Success is Planning Success
Even if you have talented people, a team culture, good equipment, and so forth; without an accurate sales plan, nothing else matters. Without revenue of some sort; no Organization, Company, or even a Person can survive for long.
Topics: systems, planning, business strategy, marketing management, process development, strategies, michigan consultant, improve efficiency, gross margins, more business, business success, increase profits, strategic work, marketplace, successful strategies, business systems, more sales, analysis, increase sales, system