Читать книгу Finance & Grow Your New Business - Angie Mohr - Страница 38

You know that you will need $688,250 by the time you turn 60. You have 25 years to save that amount (at an assumed 6 percent rate of return). How much will you have to sock away every year to meet your goal? Again, the formula is simple mathematics. We now use the future value of an annuity to calculate the payments. Using a 6 percent interest rate and 25 periods, the factor is 54.865. You divide the required retirement fund amount by the factor to come up with the annual payments into the fund. In this case, it is $688,250 ÷ 54.865 = $12,544 per year that you will have to tuck into your retirement fund in order to meet your retirement goals.

So, why is this information important to you now, when you are starting up your business? It’s important when you set your business financial goals. You now know that if you want to meet your personal retirement goals, you will have to draw enough from your business not only to cover your current living expenses, but also an extra $12,544 per year to fund your retirement. Many small-business owners have retirement goals that are at odds with what they are making from their businesses. The earlier you integrate these goals, the more likely you will achieve them.