scoopsteve
Dryer sheet wannabe
- Joined
- Feb 3, 2006
- Messages
- 12
Hello everybody! For those of you that have already reached retirement, I wanted to ask some advice of you.
I have a business that will produce $80,000 + a year in total profit, and basicaly runs itself without requiring to much of my time. here is the plan I have in place. I am going to get a job (dosen't have to pay a whole lot since we are debt free with the exception of our $900 a month mortgage payment) and I will place the $80,000 + profit from my business into retirement accounts, here is my question.
I am looking at investing into Roth IRS's and SEP fund, if I continue to place this same amount of money into these accounts each year, it looks like I will be able to retire in 5-6 years while drawing $40K out each year. With compound interest, I should have about $850K-$900K in these accounts. Am I looking at the correctly? Let me hear your suggestions. God Bless
I have a business that will produce $80,000 + a year in total profit, and basicaly runs itself without requiring to much of my time. here is the plan I have in place. I am going to get a job (dosen't have to pay a whole lot since we are debt free with the exception of our $900 a month mortgage payment) and I will place the $80,000 + profit from my business into retirement accounts, here is my question.
I am looking at investing into Roth IRS's and SEP fund, if I continue to place this same amount of money into these accounts each year, it looks like I will be able to retire in 5-6 years while drawing $40K out each year. With compound interest, I should have about $850K-$900K in these accounts. Am I looking at the correctly? Let me hear your suggestions. God Bless