Another new member here - and pretty clueless too. I suffered a mild heart attack in June, and I am seriously rethinking my current life style...
Background: I am 59 years old, my wife is 62. We got married in 2013, and we pretty much keep out finances separate.
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Me: Owner of a small business, pulling out a ~80K salary. Company pays for health insurance, car, (and all costs including gas), and other intangibles.
I have approximately $200K in IRA's, another $55K in investment accounts and maybe $200K in several REIT style investments that is paying 7% over 7 years.
I also have about $100K in cash. House has no mortgage is is conservatively worth $550K.
I have loaned the company about $600K and have not yet started collecting payments on the loans.
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WIFE: Approximately $175K in IRA's, $25K in REITS (same ones I am in), and $75K in cash. She draws a salary from my company of $65K per year.
The house is in both our names.
PLAN: Not sure, but I am looking at the possibility of having my wife start collecting SS, and me going on reduced salary, and having the company start paying me the difference of mine and the wife's salary as loan repayment. I don't expect the company to ever be able to repay me the entire amount for quite some time, so I figured I can reduce my personal tax base and improve the company books at the same time. My daughter has been taking over the company operations so it will remain a family business in perpetuity.
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We currently reside in NJ, but are planning on relocating to Florida within 5 years.
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I KNOW I need some kind of financial planning, but I hesitate to seek out a FP, because of the costs associated with it.
I have done minimal research into this subject, because the business has consumed way too much of my time, so I am hoping for some pointers on what I should be looking into.
This is actually the first time I have actually written down my list of assets and goals, so this forum is helping me already!
Background: I am 59 years old, my wife is 62. We got married in 2013, and we pretty much keep out finances separate.
.
Me: Owner of a small business, pulling out a ~80K salary. Company pays for health insurance, car, (and all costs including gas), and other intangibles.
I have approximately $200K in IRA's, another $55K in investment accounts and maybe $200K in several REIT style investments that is paying 7% over 7 years.
I also have about $100K in cash. House has no mortgage is is conservatively worth $550K.
I have loaned the company about $600K and have not yet started collecting payments on the loans.
.
WIFE: Approximately $175K in IRA's, $25K in REITS (same ones I am in), and $75K in cash. She draws a salary from my company of $65K per year.
The house is in both our names.
PLAN: Not sure, but I am looking at the possibility of having my wife start collecting SS, and me going on reduced salary, and having the company start paying me the difference of mine and the wife's salary as loan repayment. I don't expect the company to ever be able to repay me the entire amount for quite some time, so I figured I can reduce my personal tax base and improve the company books at the same time. My daughter has been taking over the company operations so it will remain a family business in perpetuity.
.
We currently reside in NJ, but are planning on relocating to Florida within 5 years.
.
I KNOW I need some kind of financial planning, but I hesitate to seek out a FP, because of the costs associated with it.
I have done minimal research into this subject, because the business has consumed way too much of my time, so I am hoping for some pointers on what I should be looking into.
This is actually the first time I have actually written down my list of assets and goals, so this forum is helping me already!
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