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Your Golden Years
Most entrepreneurs are on their own when it comes to planning for retirement. And many are making mistakes. The New Jersey Society of Certified Public Accountants reports these two major errors people make:
- Underestimating your life expectancy
When determining how much money will be needed for retirement, many people tend to underestimate how long they might live. To be on the safe side, calculate your financial needs based on the assumption that either you or your spouse will live into your 90s.
- Misjudging your ability to continue working
Working in retirement presumes that you will remain healthy. Risks such as illness or disability may prevent this. Plan as if your working years won’t continue indefinitely.
Can Exercise Improve Your Business?
This spring, the semiannual Open from American Express Small Monitor reported that there may be a connection between exercise and business success. Fifty-nine percent of small-business owners report exercising several times a week with nearly one-quarter exercising every day. Nearly 29 percent of business owners with companies over $1 million in revenues say they exercise every day. Female business owners are five times more likely than males to come up with their best ideas while exercising (10 percent versus 2 percent), an indication of the gender differences in creativity and brainstorming.
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