SMALL BUSINESS RETIREMENT CRISIS
A recent study by the American College revealed that 40% of small business owners have no retirement. That does not mean the rest of the 60% have enough to retire. Experts estimate that you will need 70 to 90% of your pre-retirement income to maintain our current standard of living. SBA, on the same subject, stated that over 9 million self-employed individuals are without retirement plan coverage.
As a small business owner you make sure that your utilities are paid as well as other essential operating costs that keep your “doors” open. Starting today, make a payment towards your retirement one of those essential operating costs. It is imperative that every self-employed person sets up a retirement vehicle such as a SEP, 401(K), or IRA.
The excuse that you don’t have enough money does not work. If you don’t have enough, make more! BizQuack was established to help you increase your bottom line by working smarter not harder.
The first step is to find a financial advisor who works with small businesses, preferably a CFP or an experienced small business financial advisor. That person will meet with you and help you determine how much you need to save on a regular basis to achieve your retirement goal.
There are plenty of good advisors who will meet with you to review your position at no charge. Find someone with whom you feel comfortable, because chances are, this will become a long term relationship. A good place to look is in the BizQuack membership base. Spend time with several advisors, and then select one.
Each of us has our own preferences in how we live and the same will hold true for your retirement. There is no such thing as a “one size fits all” retirement plan. You MUST have your very own plan!
The first step on this journey begins with you starting a “touch only in case of retirement ” account and establishing a relationship with a financial advisor.
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