As a business owner, you’re always busy, thinking about ways to attract new customers, deal with the competition and cope with the trends affecting your industry. But you also need to think about yourself. Specifically, how will you pay for your own retirement?
Fortunately, you have some attractive retirement plan options. For example, depending on your circumstances, you could contribute to either a SEP-IRA or a SIMPLE IRA. Both of these plans offer the potential for tax-deferred earnings, and any contributions you make on behalf of employees may be tax deductible.
You might also want to consider an “owner-only” 401(k), which functions similarly to a 401(k) offered by large employers.
In choosing an appropriate plan, you’ll need to weigh several factors, such as whether you have any employees and how much you can afford to contribute. You may want to consult with your tax and financial advisors for help.
In any case, don’t wait too long. The sooner you begin saving for retirement, the better prepared you’ll be when that day arrives.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
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