Personal Finance Tip of the Week: Retirement options for small business owners


As a small business owner, you’re probably used to handling a lot of responsibility, so it should be no surprises that funding your retirement will likely fall on your shoulders. A lot of what retirement is staked on is your savings over the course of your career and life. Most small business owners plow their earnings back into their business to keep it growing, so they rarely pay themselves a big salary, especially if it isn’t necessary. Here are five ways small business owners can start saving for their retirement:
• Run your numbers: Think about how much you will need to live on in retirement, especially since your business won’t be picking up the tab for some expenses
• Consider hiring a financial advisor: An advisor can help you focus and get started on your retirement plan early.
• Start a diversified retirement plan: There are four main options: a SEP-IRA, a SIMPLE IRA, a Solo 401(K) and a SIMPLE 401(k).

 

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