Question: I’m 64, retired, and want to invest $400,000 of my $2.4 million portfolio in a winery I’d co-own with a few partners. Am I crazy?
Answer: Many people look forward to retiring because it typically means a break from the daily grind of work. But there’s a downside to not working — having too much free time. If you’re starting to feel restless in retirement, you may be interested in starting a business — not necessarily for the money, but to have something meaningful to do with your time. And let’s be honest: Being a vintner sounds like a lot of fun.
If you’re 64 with $2.4 million, you may have enough money for a pretty comfortable lifestyle — especially if you have a nice Social Security check coming your way every month. But do you have enough to invest a good portion of your savings in a co-owned winery?
Clearly, there are some risks involved. Not only could taking $400,000 from your savings force you to change your broad withdrawal strategy, but you could conceivably lose all of that money if your business fails. You’ll need to do some due diligence, of course. Wine making is a tough industry these days, according to Silicon Valley Bank, with only 16% of vintners saying their business was
I’m 64, Retired, and Want to Invest $400,000 of My $2.4 Million Portfolio in a Winery Startup. Am I Crazy?
