Retirement

Every business owner eventually leaves the company they built. It might happen through a sale, a transition to family, an acquisition or retirement. Most owners spend years growing the business but only a few weeks thinking about how they’ll leave it. 

Exit planning is integral in shaping how a business is run and financed for years before an owner decides to sell. The earlier it starts, the more control an owner can keep over terms and timing. A handful of signals tend to appear in the business or market before the right moment arrives.

Yesterday, I wrote in my personal blog that I voluntarily retired from the National Weather Service, departing with full benefits including a pension and my retirement investments. After spending a decade as a meteorologist and more than two decades as their information technology officer, I had done all that I had set out to do in my career as a federal employee. It was simply time for me to move on and accept new challenges.

Tech businesses and employees should have retirement account options that fit their needs. While they could stick with the traditional 401(k) plan, many other types offer more significant tax benefits and fewer restrictions.

Why Does the Tech Industry Need Special Accounts?

Tech workers’ incomes hit a record high in 2021. The average salary reached over $104,500, with many jobs seeing more than 10%-20% growth in earnings from 2020. Even though this increase is fantastic, it made some of the most popular retirement plans inaccessible.