I’ve written before about how I don’t really see myself “retiring” in the traditional sense of the word. I really can’t picture ever being in a place where I can just stop working all together. But, I have talked to some small and home business owners who are not planning for retirement because they think they WON’T be able to. Just because you are building and running your home business, doesn’t mean that you can’t be planning for a comfortable retirement too.
The first step is to see a financial or retirement planner to help set up a strategy. You can still invest in an individual retirement account (IRA) or other type of savings plan for the sole purpose of saving for retirement. Some individuals make a plan to build up their businesses and then sell them, retiring on the revenue generated from the sale of the business. Investments are another way to build wealth while working toward retirement. You will want to get a good, honest, accurate picture of your current and projected financial situation in order to make a workable and reasonable plan.
Just as if you were planning for retirement in a more “traditional” job, it takes planning and discipline to build a retirement savings while you are also building a business. This isn’t always something a person can do on his or her own and, fortunately, there are plenty of experts out there who can help guide you through the process. Remember that the earlier you start, the longer you have to build your retirement wealth–but that doesn’t mean that you can’t start at any point or any time. Even if you have just put your life savings into your home business, you can still start planning, saving, and investing with an eye on retirement.
See Also: Can You Envision Retirement?
Jumpstart Your Retirement Savings
An Overview of Retirement Planning