Don’t Bet on Your Business to Fund Your Retirement
If you own your own business and have a good business, you may be planning to fund your retirement by selling your company someday. But as Entrepreneur author Sudan Patel writes: Your business is not a retirement plan.
Betting on your company is a risky way to fund your retirement account. If your industry or business slows down, your future savings will be at risk. Patel explains it this way:
This is why it is so important to create a traditional financial cushion to keep you financially secure, rather than betting on selling your company in a few years and making it your next successful venture.
You can develop a complex investment strategy with your stock, bond and mutual fund financial advisor, or you can streamline the process and set up a fuss-free plan like the SEP IRA, or get tax-deferred deposits with a single 401k that you can customize yourself …
If you are a small business owner and haven’t started investing yet, this is worth considering. There are many options for saving for retirement if you are self-employed.
Patel offers more tips for retirement at the link below.
It’s never too late to invest wisely. Just don’t make forays into your retirement funds. | Businessman