Planning your retirement has always been on your to-do list. Perhaps you told yourself that starting tomorrow, you’ll give more time to think about how to secure the future, only to find out that tomorrow would yet again be a busy one–striving hard to meet the payroll, making sure that smiles would never leave the face of the customers, keeping the staff in their best state to serve, and keeping an eye to every equipment that has to be fixed. With so many immediate priorities, coming up for a long-term goal would then again be delayed and taken for granted.
A recent survey by TD Bank found that nearly half (47 percent) of small business owners do not have a retirement plan in place. Without a retirement plan, the future seems so blurry and scary. Further stress and worry in the time to come could be prevented by taking some actions now. Today, we’re going to help you make your future a priority with these following tips:
Envision Yourself Years from Now
Where do you see yourself and your small business years from now? When you’re already weak and gray, as all of us will, would you choose to sell your business, hand it down to a family member, or to simply close it? Your business plan would be a loud voice in dictating how your retirement plan would look like.
Build a Retirement Plan
The earlier you decide to start saving for your retirement, the more stress-free you will be as you come closer to that day. There are many options available today such as simple, SEP, traditional, Roth IRAs and 401(k)s. Each vary from another, and their pros and cons must be considered before making a decision. To make saving easier for you, consider paying yourself on a quarterly basis as you pay your business taxes.
With the advancement of technology, there are now more ways on how to gain knowledge and wisdom on your finances. Bank seminars and even online videos are big help in gaining insight on topics such as when to expand, when to seek credit and the types of loans available to small businesses. Always make your retirement goals congruent to any financial decision you’re going to make.
Consult a Financial Adviser
Once you’re already sure of what you want, an accountant or a financial adviser can tell you how to make it all happen. If the finance side of the business isn’t your strong suit, a financial adviser can help you make more informed decisions about your money, including savings, taxes, and investments.
For small business owners, preparing for retirement isn’t something that could be accomplished in just a day. It takes time, commitment in setting aside a percentage of your paycheck for the future, and a lot of things that could only be met by working hard. By learning continuously about the changes and updates in the world of finance, and by working together with your financial adviser to reach your goal, you can be assured that a happier post-entrepreneur life is waiting for you.
Contact us at (678) 231-6140 to face your retirement years with full confidence.
With over 37 years of experience as a Certified Public Accountant, Terry L. Kime understands the importance of financial literacy. He decided to specialize in tax preparation, financial planning, and investing after obtaining his Master’s Degree in Science of Taxation in 1986 to help people gain more power over their money.
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