It’s no surprise that our nation’s economy is heavily dependent on smaller businesses. Every person reading this article can name at least one person that owns their own business. In all likelihood, you can probably name many more. They may be in lawncare services, farming, healthcare, construction, retail, automotive services or a number of other industries but they all have one thing in common. Most of these business owners are not saving enough for retirement and are not taking advantage of the numerous options for saving that are available.
Many business owners put everything they have into building and maintaining a successful business. They can work long hours and go above and beyond to maintain the integrity of the business. Many have built a client base and a process of service they hope to sell to someone in the future. They depend on the value of the business to fund their own retirement. Unfortunately it doesn’t always turn out that way. So what can you do to offset the risk that you can’t find the right buyer or the market price for your business won’t be enough to support your retirement?
Employees are limited to individual savings options or to what their employer has chosen for the business. As a business owner, there are numerous options available with slightly different benefits to each option. Many of these plans are simple to implement, easy to maintain and can offer tax deductible contributions. As with most investing, it helps to start early. To learn more about creating a retirement plan for your business call me at 864-718-0600.