If you’re like most business owners, you probably have a million things on your mind on any given day. You may fill many roles, from CEO to sales to marketing to accounting and more. As a business owner, your task list is full every day, and there are likely many days where you never cross everything off.
Given how busy you are, it’s possible that you haven’t given much thought to one of the biggest challenges that business owners often face. It’s business succession, or the process by which you pass on the business to the next owner.
Many workers assume that once they retire, they’re spending naturally go down. This notion is so widely accepted that it’s not uncommon for workers and financial professionals to account for a reduction in spending when trying to calculate a retirement savings goal.
However, the assumption that spending will naturally decrease in retirement is not always correct. In fact, many retirees find that their spending actually goes up after they stop working. If you’re relying on a reduction in spending to meet your retirement goal, you may have to take some proactive steps to make it happen. To do that, it’s important to understand some of the factors that can inflate retirement spending.