Wednesday, 18 September 2019

Tuesday, 17 September 2019

Tax Planning for Retirement Savings


I've still no plans to 'retire' as yet, because I'm very happy to keep taking on interesting new work projects and therefore the earned income should continue to roll in for as long as I want it to, or at least for as long as the clients still want me to do the work ... 

But there's a looming problem with future work possibilities, in that the majority of the people I deal with in my core group of clients are, like me, also getting older and at some stage they may decide to call it a day themselves. 

This has already happened with two former clients but not entirely due to retirements - people also simply leave and move on to new pastures.  The senior guys and gals I dealt with at these places (senior in terms of their positions within the company) have departed and, although these companies are still prospering, I'm just not on the radar of the next generation of leaders now pulling the strings.  Luckily, in recent years, neither of these clients had been a particularly large contributor to my company's turnover.

So although my company has provided me with a decent income and also made a profit for twenty-odd consecutive years, it's prudent to be planning for a time when most of the work might suddenly dry up, which could happen whether I want to continue or not.