The day it all ends, business that is.

Discussion in 'Lawn Mowing' started by olderthandirt, Sep 7, 2004.

  1. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    There's a lot of younger guys that are in the lawn care business [ and a few older ones] and its there only source of income. Are you preparing for the day you retire ? and if so, how so ? Just curious, as time goes by so fast and there comes a day when the minds willing but the body's not. So how are you planning on the day when you no longer are in the business ? And if your not saving up for the big day what are you planning on doing then? payup

    Mac
     
    Forest likes this.
  2. mmacsek

    mmacsek LawnSite Senior Member
    Posts: 544

    Mac,
    This is our full time job.(wife and I) We have automatic withdrawls into our IRA's. My job as a machinist before lawncare had a 401K plan and no pension plan. This was true with most of my machinist jobs. Social security is a toss of the coin for the future. I feel we are no worse off being self employed as far as retirement than working for someone else. Matt
     
  3. PMLAWN

    PMLAWN LawnSite Gold Member
    Posts: 3,535

    I have Real Estate investments and a few other sorces of income. I also look at this as a business and not a job. Therefore I should be able to back away from the work as I grow older. Best bet is to start some drip plans- Ira's- and a SEP can work great for the self imployed.
     
  4. T Edwards

    T Edwards LawnSite Member
    Posts: 230

    Good posts. If real estate and mutual funds don't get me through, I'm SOL! Any SS benefits will be icing. What I'm concerned about is the leading edge of boomers breaking the bank before I get in line. They will have a ten year head start.
     
  5. impactlandscaping

    impactlandscaping LawnSite Silver Member
    Posts: 2,332

    I had some mutual funds before starting, and have since added one more, plus two Scudder investment accounts. If you don't plan for retirement now, good luck :dizzy: I won't need the government to take care of me when I'm old..:D , I'll be too busy playing with my grandkids and playing golf..
     
  6. Andyinchville2

    Andyinchville2 LawnSite Member
    Posts: 124

    Iras / SEP , Mutual funds, Rental Properties, and of course Save, Save, Save......I was hurt twice (back injury, pinched nerve) and it really does make one think about what to do if you can't mow or work (BTW - I did work full time enough in my lifetime to qualify for soc sec benefits, Also have various disability policies in case I cant work so at least the mortgage gets paid (for 3 years at least), Also am a licensed firearms dealer (can always do that if unable to mow but would have to build the business up big time if I depended on income from that)....Anyways, good post.....Interesting to see what others are doing or thinking.....Always good to plan ahead.
     
  7. muddstopper

    muddstopper LawnSite Silver Member
    Posts: 2,342

    401k, Ira, Wholelife policy, Mutualfunds, Fedellity Magellan, American Growth fund, Vanguard Wellington, Vanguard Windsor II, and US growth fund. some in stock market, realestate. I contribute 10% of my gross,(not net) to mutual funds bi-monthly. I have never paid social security so I dont expect to recieve any benefits from them. I started saving over 20 years ago. Net worth, alot, cash on hand, grocery money only. Contrary to popular belief, banks holding your money dont make you money, using the banks money makes you money.
     
  8. BSDeality

    BSDeality LawnSite Silver Member
    Posts: 2,849

    i've had a retirement account since i was 16, used to put 1/3 of my paycheck in there every week when i was working at a golf course. since i stopped working @ the GC and started my own business i haven't added anything to it in a year or two. I figure i will be able to start (regularily) adding to it again in 1-2 years from now.
     
  9. Lawn-Scapes

    Lawn-Scapes LawnSite Silver Member
    Posts: 2,810

    Sad to say... I'm not prepared for that day yet. Will start soon though... after I build my empire :)
     
  10. Turf Dancer

    Turf Dancer LawnSite Senior Member
    Posts: 681

    OOPS !

    I was worried about todays bills and staying in business! I forgot all about the future! I guess I should start burying my coins in the yard or something! I have no investments yet! I will have to start looking into it!
     

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