If you’re a small business owner, you need to start taking retirement seriously. Only a small number of small business owners are actually prepared for retirement. That’s not surprising, considering that many business owners will either take home any extra money or invest it in growing their business. Here are a few tips for getting ready for retirement.
Make Plans for Your Business
Who will take over your business? If you offer a service, such as if you offer one-man bands, then there usually will be nothing left over once you retire. Sometimes, however, you can sell your business. Other times, a family member can take over the operations.
Set Goals and Run the Numbers
You need to run the numbers and see how much you should be setting aside for retirement. How much will you need to live on? What age do you want to retire, and how much do you need to set aside beforehand to reach your goals? How much of your income can you afford to set aside?
Start Saving Now
Although setting aside money for retirement might sound like an unnecessary burden right now, you will thank yourself for it in the future. Research the various retirement options that are available to you and start setting aside a portion of your income. Look into the different IRA’s and 401(k)s that are available.
Get in touch with a retirement adviser. They will be able to inform you of all the options you have. They’ll help you create a robust plan that will keep you financially secure in your later years. Contact us today for help.