Retirement plan?

Mitty87

LawnSite Silver Member
I am wondering what everyone does, if anything, for retirement planning?

I am 33 with no kids and a wife, own 500k home in Canada with 100k equity

I considered getting into real estate but don’t want to hassle of being a landlord or giving my profit to a property management company. Real estate is more inflated than the stock market right now.

i have considered stocks, index funds

as it stands, I have 50k invested and can put aside 50k per year very easily while still investing a similar amount in the business each year.

if our income doesn’t decrease, we could retire at 50-57 years old safely assuming the markets don’t go stagnant for 20 years…. That’s not including potential sale of business

I know I have told everyone here I do 100 hour weeks the last 4 years, but when I put in these hours I’m saving about 15k a month after tax with my wife’s income. So I don’t need to sustain these hours to achieve this.

I also plan and expect to get to a point where we do have reliable employees and I can earn a similar income working only 40-50 hour weeks.

wondering what everyone else is doing?
 
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Andrew H

LawnSite Gold Member
Not sure what you’re allowed to do in Kanada, but I contribute to my own Roth. I’d like to do an SEP for the company or maybe even a simple ira, but it would have to be for those that last more than 60 days or so, possibly 90.
100 hour weeks for the next 20-25 years, is going to be tough, you’re 33, still young.
 
OP
M

Mitty87

LawnSite Silver Member
We have a similar thing to Roth. We can do 18% of income which is tax deferred, so maybe $35,000 between us, then $6000 per year each which is after tax contributions but the gains are tax free

that’s what I meant about the 100 hour weeks, if I just did 40-50 hour weeks, we could put away 50k per year, most of which we wouldn’t be paying taxes on.

I can do 100 hour weeks until we have a kid in the next year or two then I assume I’ll have to really dial it back. If I kept up these hours though I would want to retire before 50.
 

Andrew H

LawnSite Gold Member
We have a similar thing to Roth. We can do 18% of income which is tax deferred, so maybe $35,000 between us, then $6000 per year each which is after tax contributions but the gains are tax free

that’s what I meant about the 100 hour weeks, if I just did 40-50 hour weeks, we could put away 50k per year, most of which we wouldn’t be paying taxes on.

I can do 100 hour weeks until we have a kid in the next year or two then I assume I’ll have to really dial it back. If I kept up these hours though I would want to retire before 50.
Will you name him Andrew?
I would...
 

Mumblingboutmowers

LawnSite Senior Member
I am wondering what everyone does, if anything, for retirement planning?

I am 33 with no kids and a wife, own 500k home in Canada with 100k equity

I considered getting into real estate but don’t want to hassle of being a landlord or giving my profit to a property management company. Real estate is more inflated than the stock market right now.

i have considered stocks, index funds

as it stands, I have 50k invested and can put aside 50k per year very easily while still investing a similar amount in the business each year.

if our income doesn’t decrease, we could retire at 50-57 years old safely assuming the markets don’t go stagnant for 20 years…. That’s not including potential sale of business

I know I have told everyone here I do 100 hour weeks the last 4 years, but when I put in these hours I’m saving about 15k a month after tax with my wife’s income. So I don’t need to sustain these hours to achieve this.

I also plan and expect to get to a point where we do have reliable employees and I can earn a similar income working only 40-50 hour weeks.

wondering what everyone else is doing?
The safest bet it to keep diversified. Don't dump all your money into the market. Some in the market, some in physical assets, such as precious metals, real estate, etc.
 

Delmarva Keith

LawnSite Senior Member
All the big banks offer financial planning and advisors. Yes, it costs money but unless you are an investment whiz, well worth it. Vet a few of them and pick one.

Play to your strengths and hire out what you need to. If I were in your shoes I’d focus on keeping the money flowing in and pick someone qualified to worry about with what to do with it all. If your plan includes putting aside 50k a year for the next 25 or so years, time to call in a pro. That is a good time horizon for a successful retirement plan.

Work as hard as you can and save/invest as much as you can while you’re still young. When you get old and tired like me you’ll thank your younger self lol.
 

hal

LawnSite Fanatic
Location
Kansas
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