question on LCO retirement

Discussion in 'Starting a Lawn Care Business' started by wacaweed, May 15, 2006.

  1. wacaweed

    wacaweed LawnSite Member
    Posts: 86

    Ok here's my question I am a fireman and an LCO on my days off Lic.and insured Thank YA and have been thinking of just doing lawn care but what is everyone doing to prepare for their retirement. thanks in advance JOE
     
  2. PMLAWN

    PMLAWN LawnSite Gold Member
    Posts: 3,535

    I am shopping for a bigger boat and a new RV.
    OH yea- a cheap LCO to cut my grass
     
  3. wacaweed

    wacaweed LawnSite Member
    Posts: 86

    HA that is great, but does anyone put money into any type of 401 or invest or just build up they toy inventory.
     
  4. K.Carothers

    K.Carothers LawnSite Bronze Member
    Posts: 1,124


    The toy inventory is the fastest way to go broke.

    Roth Ira here along with other appreciating assets.


    kc
     
  5. J&R Landscaping

    J&R Landscaping LawnSite Fanatic
    Posts: 5,096

    I've already started investing in savings bonds and plan to put money in CD's. JMO
    I would talk to your accoutant about it.
     
  6. PMLAWN

    PMLAWN LawnSite Gold Member
    Posts: 3,535

    Toys will be worthless far before you retire:laugh:

    J&R has good advice about talking to an accountant. Look for the best way to save tax free, SEP. plans work well.
    IRA's work well too.
    If you are new to investing, stay away from individual stocks for now. Use funds.
    I am a little different than most on here as this is truly a business to me. And it is part of a larger business that in and of itself would be considered an investment.
    I also have investment Real Estate that I manage.
    My plan includes a SEP- 401K from another job, - IRA from when that made since, the real estate, stock, savings bonds and CD's. I also sell real estate.
    The plan is in 10 years at age 55, to not have to work on a daily basis but to dabble in real estate, we will have bought 3 properties each year till than, let our real estate office manage the properties and not do it myself. I will not sell real estate to the general public any more as that job is much harder than most realize. My construction/ landscape business will be sold off. My wife has a good job and also has a well-set retirement. If something happens we are well insured. We invest around 25% each year. Depending on the kidÂ’s college plans we should have around 5-6mill as a net worth to live on.
    And yes we will get another RV to travel in (we have done that a lot already- Read my story in the My story forum) and I am sure we will change our boating style so we will get something for us to enjoy and have one for the kids to use. I will also down size the house and get a better water view as we are on a channel now and do not get a great view of the lake. Other than that I have no real plans.

    To help you out (I do not know how old you are) I will say this ---YES plan NOW!!! for retirement. I am 44 but have been saving since I was 18. I have always had a prosperous life but have always saved well- I also have lots of options as far as jobs as I am well educated as is my wife. I feel for the people that are making 30-40K a year, as it will be hard to live well and save. Plan now!! Get as much education as you can and keep options open for yourself.
    And keep toy buying to a minimum
     
  7. wacaweed

    wacaweed LawnSite Member
    Posts: 86

    Well I am 26 am am a career fireman and am under the VA Retirement System with leo witch is actually a decent retirement but I have been using NAtionwide deferd comp for years now.
     
  8. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,510

    Roth
    Plus 401k which if you offer to your employees then you can put 10,000 a year in yours depending on how you set up your business. I am gonna go S Corp. Just max out all retirements and pay off my house and land as fast as I can.
     
  9. ClayMcC

    ClayMcC LawnSite Member
    Posts: 57

    I can't really advise, but tomorrow night (Tuesday, May 16) on the PBS network program, "Frontline", will be a show about retirement. It's called "Can You Afford to Retire?" or something like that. Not sure it will answer any questions, but my wife and I plan to watch it.
     

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