Retirement

July 7, 2014

in Ownership

Over the holiday and recently I’ve had a number of conversations with people close to retirement or planning for retirement. The concept of retirement is abstract and foreign to me, so I’m interested in hearing from others on this topic.

Of course I think it is important to have a plan to financially provide for end of life. I do not want to rely on anyone else for that.

But the premise of investing money in an IRA or other retirement account seems foolish when I can make more of a return on my money investing in my own startup building.

Also the thought of stopping work at some arbitrary age to go sit on my hands relaxing seems terrible. I like to work and it is fulfilling.

So my question to other entrepreneurs is: Do you carry retirement accounts? Is it something you think about? Do entrepreneurs really retire?

Lance Weatherby July 7, 2014 at 2:01 pm

I don’t really self identify as an entrepreneur but I do indeed have retirement accounts. At some point the need to diversify and mitigate risks starts to become important.

John Melonakos July 8, 2014 at 12:15 am

Thanks for the post Lance! I know there can be some tax advantages to retirement accounts, but the big downside is that once you put the money in it becomes beholden to a particular schedule that might not fit best with the ebb and flow of how cash is best invested or drawn in the life of an entrepreneur. But I certainly understand the need to build a cushion over time, even though I don’t really visualize myself not working.

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