Rest Confident, Your Money is Safe and Secure at Kirtland Credit Union, a message from our President & CEO. Learn More

All Kirtland CU branches and locations will be closed on Wednesday, January 1st in observance of New Year’s Day.

FRAUD ALERT: Have you received a text message asking to verify a fraudulent transaction? Do not click on that link or call the phone number on your text message. Scammers are using a variety of messages and techniques to gain access to your account. Learn how to protect yourself on our Fraud Awareness and Prevention Center.

If you may experience financial hardship related to the government shutdown, we’re here to help. Call 1.800.880.5328 or visit one of our branch locations for more information.

ROUTING NUMBER: 307070050

ACCOUNT ACCESS

We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.
Check out the Weekly Market Insights
BC-box-check_xxsm_kCreated with Sketch.

Retiring as a Small-Business Owner: What to Know Before You Go

By Kirtland Financial Services

Facebook
Twitter
LinkedIn

The thought of retiring may be intimidating for anyone—but if you own your own business, handing your “baby” to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What should all business owners know before they go?

Set Specific Retirement Goals

When you retire, you want to be running to something—not from something. And after years of operating your business, moving to a slower-paced, less-structured lifestyle might seem very appealing.

However, you probably need some structure, and setting specific goals may be the way to get there. For example, you may decide you want to spend more time on your hobbies. Instead of letting that wish stagnate, you might make a point to set aside a day or two each week to devote to your hobbies.

Plan to Turn Your Business Over

One of the biggest potential dangers during a business transition is failing to cut the cord when warranted. If the business founder/seller remains overly involved in the business, this might stifle growth and send mixed messages about who is in charge. Though there is nothing wrong with staying close for a few years to answer questions, once you exit, it is probably wiser if it is clean. Make—and stick to—a succession plan to manage complications.

Set Up Your Support Team

Adjusting to retired life may be tough, especially if you also wind down your involvement in a business. You may need a strong team of professionals—retirement, tax, legal, and possibly others—to help you stay on track and manage any financial trouble. Working with financial professionals may help ease the transition to retirement, even if you do not require the services of all these financial professionals every year.

Ensure Your Savings are on Track

Many business owners re-invested their retirement assets back into their businesses. This strategy might make retirement tricky, especially if these assets need extraction first. This example gives a good reason for adequate diversification of non-business retirement savings. Your portfolio might benefit from sufficient diversity by holding growth and value investments. If you have the financial capacity to contribute to a Roth IRA, this type of retirement account may be a good way to manage taxes on income and growth on all invested assets.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax-free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

This article was prepared by WriterAccess.

LPL Tracking #1-05361931

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

LPL Financial Form CRS

CRPC®️ conferred by College for Financial Planning.

LPL Privacy Policy | Make Appointment

Accounts
Member Services
Help & Support
About
On The Go
Apple
Android

Connect With Us

Facebook Instagram Linkedin

Routing Number: 307070050

6440 Gibson Blvd. SE, Albuquerque, NM 87108

Copyright. Kirtland Federal Credit Union 2024. All rights reserved

THIRD PARTY LINK DISCLOSURE: We may provide links to third party sites, independent from Kirtland Federal Credit Union. These links are provided only as a convenience. Kirtland Federal Credit Union does not manage the operation, content or any links contained inside of the website you are about to enter. The privacy and security policies of the site may differ from those of Kirtland Federal Credit Union.

To access your investment account – click the button below. The login page for LPL will open in a new window.

access your account

If you have access issues, CONTACT KIRTLAND FINANCIAL SERVICES.

Let's Make Friends

Share the love! Get $200 for you and your friend for each qualified referral you make.

Learn Now

Online and Mobile Banking are currently experiencing technical difficulties and may be intermittently unavailable. We apologize for any inconvenience this causes our members.

Member Login

Not registered, Click Here to Register

Credit Card Rewards Points

REDEEM NOW