As a small business owner, it’s easy to live in the present. After all, you’re so busy with the day-to-day of your business that you don’t have much time to worry about the future. However, without the security of a built-in pension or 401(k), planning for retirement is vital for any small business owner.
The first thing you have to do is prepare for a disaster. It might be painful to consider, but you have to think about the worst case scenarios and prepare both yourself and your business. If there comes a time when you can no longer run your business, what will happen to it? You need to have a plan in place. You should also be meeting with a financial adviser to help you make informed decisions about money. This adviser will likely tell you to start saving as soon as possible. You have many options, including Roth IRAs and solo 401(k)s. Each has benefits and drawbacks, so do your research. Once you have a plan in place, it’s time to grow your business. The only surefire way to achieve a comfortable retirement, after all, is to build it on the back of a successful business.
Read the full article here: Saving for Retirement: 4 Things Every Small Business Owner Must Do
