Hello everyone, I am a just joined newbie -
I need advice from self-employed folks on how they structured their pension. I have a family owned business that I started in 1972. The shareholders are myself and three children. Have one employee, a granddaughter, so as you can see it is a total family operation.
I will be 75 in November and feel like I might want to start cutting back in the next couple of years. Thought it might be nice if I kept working full time until April '22 when I would celebrate 50 years in business. Here is my quandary, I basically have very little put back so I would need to draw a pension from the business to supplement my social security. Please don't scold me for not planning ahead long ago, I do that to myself enough for all of us. I am now trying to improve a bad situation. I don't want to be a dead drain on the business. I do however feel that after giving it 50 years I should be entitled to some stipend. My kids will need to hire someone as it takes 5 people to operate properly.
How do you folks feel, should I base it on my personal fixed income needs with a little buffer or should it be based on a percentage of my current income. I will appreciate all opinions and do thank you in advance.