Do You Have a Retirement Plan for Your Business?
If you own your own business, you know it’s hard work! Likely, you have a “to-do” list that seems never-ending. If one of the items on your list is retirement planning, it probably gets pushed down the list as other things come up.
The good news is that there are lots of options available to business owners in terms of retirement savings plans. Many of them also offer the benefit of tax deductions for the business or tax-deferred growth on your investments. If you have employees, you may be able to set up a plan that allows them to save for retirement as well. Lots of small businesses don’t offer this benefit, so you will be a step ahead in terms of hiring and retaining employees if you do.
Putting it off or relying on strategies like never retiring or selling the business to fund your retirement can come back to haunt you. What if you need to stop working earlier than you planned due to injury or illness? What if there is a downturn in your particular industry just as you want to retire and you can’t find a buyer or you have to sell for less than you anticipated? Not planning for the “what ifs” could mean a much different retirement than you planned.
Even if you are just starting your business venture, the sooner you start saving for retirement, the sooner you will meet your goals. Even a small amount each year can make a difference. You are working hard to build your business. Now is the time to take the right steps to ensure a stable retirement.
If you have questions about your retirement planning, I would be happy to discuss your options with you. Let’s cross this off your list so you can get back to doing what you do best – building your business!
BIO: Mary Ellen DeRoche, MBA
I have worked in financial services for over 25 years. Many of those years were spent at a large company. Working as a financial advisor for a small firm has reinforced for me that my passion lies in the individual relationships I foster with my clients and the ability to make a difference for them.
I currently work with both individuals and small business owners, assisting them with financial planning and asset management that helps them reach their retirement goals. I enjoy working with other women and helping them navigate the unique financial challenges they may face.
Outside the office, I enjoy cheering on my sons’ sports teams, reading, and being active in the community, including doing event planning for the school PTO.
Not sure if you’re on track to meet your goals? Schedule a complimentary Retirement Readiness meeting with me by clicking on the link below. I look forward to hearing your story.