Retirement Options For Small Business Owners
We’ve read several articles on the subject of retirement and the small business owner. The articles report that only a small fraction of American entrepreneurs and small business owners are prepared for retirement.
As a small business owner, there are several options for planning for your retirement. Before we discuss some of the those options we need to mention that the research revealed that having a single retirement option might not be in your favor. For example, winning the Powerball lottery may be a wonderful way to fund your retirement, but realistically it may not happen. We encourage you to take a few minutes to think about your retirement plans and then think diversification options.
Here are some retirement tips:
Contact your financial adviser or accountant to “run your numbers” and figure out how much you may need for a comfortable retirement.
If you don’t have an adviser or accountant, consult one that is able to offer you guidance. An adviser will be able to help you focus on your retirement goals and detail your tax saving benefits.
These are some popular retirement options for small business owners:
Plan ahead for unexpected expenses that may affect your small business – especially if you work in a business with “seasons.” Unexpected expenses may hinder your opportunity to fund your retirement.
Think about automating your retirement savings. By using an automated transfer to your retirement account, you avoid forgetting about a manual transaction.
Preparing for retirement is possible for the small business owner! If you haven’t started a retirement plan yet, carefully consider your options first and run your numbers! While we all hope to win the Powerball lottery, it probably won’t happen – especially with these odds – 1 in 292 million!
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