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Early Retirement Plans For Small Business Owners
If you are on the verge of your retirement, then you must secure your near future. The earlier you start planning for your retirement the more you will get options suitable for you. You should at first sort out your sources of money and chalk out, how much you will have or get after retirement. The next crucial aspect is to draw a suitable long-term financial plan. You may grow new hobbies like traveling or participating in a food marathon, for example, and this sure doesn’t come cheap. You may even choose to move to a retirement village or unfortunately end up having medical expenses. Hence, you must have a steady income to feed yourself for the rest of your life!
The rule of the thumb here is not to come to conclusion in a rush. We are talking about long-term investments here and that means sufficient research. Understanding your options may help you save more for retirement and lower your taxes.
If you are a small business owner, then you surely must be a multitasking personality. You must have taken all the decisions by yourself. This skill sometimes can be overwhelming too. Looking at and comparing various features are our suggestions for the best retirement vehicles for small business owners. Remember that you are investing a lot of money in such options and there could be no fallback.
If you do not have any other employee in your business except your spouse, then you are eligible for establishing a 401(k). This is also known as solo 401(k). If you want to maximize your contributions to your retirement plans this is best for you. Only remember that the total employer/employee contributions cannot be more than $54,000 for 2017.
The Simplified Employee Pension (SEP) IRA is also a great option for the sole proprietor if you want to save for retirement with a minimum of an administrative headache. Unlike the previous one, it can cover the employees also. This allows much growth to the business. It is an easy plan to set up.
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