Do any of you pizza operators participate in 401Ks, IRAs or SEP IRAs? What are your plans for retiring? Sell the business? Hold onto the business and continue to collect a monthly income from it while it is run by a GM? I’ve been interested in starting to save for retirement, even though it would just be a little bit because most of my savings needs to go towards opening my pizza place. Was curious what some of the operators on here are planning to do.
We have a small amount in an 401K from my wifes previous job. We are about to start contributing the max to a roth IRA. Over the last 6 years we have accumulated some rental properties that I really look at as the bulk of our retirement plan. We pay as much as possible every month on these to try to pay them off as early as possible. And of course my business is an asset which will hopefully continue to grow in value until I choose to sell it.
It’s a great idea to save for retirement as soon as possible. I have a variety of savings: bonds, cd’s, 401k, IRA. If you are diversified you can withstand bad economic times and shift things around when the economy rebounds. It is a good idea to have a financial planner that can help you place investments. I use Edward Jones Investments. I plan on using the sale of my business’s and my retirement fund to live off of when the time comes.
So one day we are gonna get to retire? :shock:
As of now we don’t really have squat in terms of big 401k’s etc. We got into debt opening our 2nd store. Got loans to buy the building, fix it up and buy the equipment. We have since learned the valuable lesson that we will never borrow money again. Came across dave ramsey. (http://www.daveramsey.com) We are now on the way to the game plan for our future. He has a simple step program to getting out of debt. Doing it is the hard part. We have managed to pay off a little more than 130,000 bucks in the past 2.5 years
We should be completely debt free in less than two years. Both the in our business and personal life.
We currently do not have car payments, credit card payments.
Our house will be paid off, our restaurant property and equipment will be paid off. We will then collect on the rent of our business, our regular salary and with our house, cars etc. paid off we can build cash fast. One day I am sure we will downsize the house and sell the restaurants and property and that will be quite the “retirement” account. Getting completely out of debt is our first priority.
I know ya weren’t asking about getting out of debt but the just something hot on our press the past couple of years.
Kris (BTW I am 38)
I have a very small SEP from my former life ($150K), EVERYthing else is wrapped up in this new restaurant. The plan of course is to be successful beyond my wildest dreams then sell it off on contract to our oldest son in 12-15 years, live on that monthly contract payment for 10 years, then die peacefully in my sleep in the arms of my dear wife while napping on the beach somewhere warm and wonderful.
Property ownership. I’ve watched my father file bankruptcy at 40 to “retiring” at 52 with this. His life involves buying and playing with his Mustang collection, playing with grandkids and starting a veterans museum (although he’s been working on this for 6 years now and I’m starting to think it’s just an excuse to collect military vehicles).
God doesn’t make any more land and the melting polar caps are swallowing all the good beachfront spaces I’d like to retire to.