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Selling Your Shop Is Not Enough To Retire On
Just to follow up for those wishing/thinking/planning/ or actually retiring. Here’s the final update on our retirement situation. We paid all of the income tax owed. The CPA said my wife was off on our 2021 tax return by $1K in tax liability. For those who may not know, my wife is an accountant with 2 degrees; one in accounting and one in economics. She went back over the CPA’s return and found his error in the $1K and let the CPA know about it. We gave the return back to the CPA. He admitted his error, apologized, and signed the edited copy. Imagine that. Pay a CPA to know we were all legit and it turns out my wife was right after all. (See photo)
We paid the $400K income tax yesterday and paid off the house today. Sadly, some expenses never go totally away. While we don’t have CC payments because we now use only debit cards, we still have to pay for utilities, insurance, taxes, gas, and food. My accountant wife has calculated after everything is considered, we will still be able to put $2K/month into savings while still living in the lifestyle we’ve grown accustomed to. Hallelujah! However, with all this damned inflation, that could change dramatically in a heartbeat. 😞
If you remember one of my previous posts, we didn’t retire on the sale of our business in 2015. Where we made our retirement was selling the shop and the .9 acres it sits on. Nobody should be expecting to retire on the proceeds from the sale of your business. It’s simply not enough if you live more than a few years past your retirement.
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