Small-Business Owners Don’t Have Retirement Savings

28 Jan 2013 by MJ, No Comments »
Keogh – it’s a word I like to throw out when I am in financial talks with folks about retirement plans for the entrepreneur. SEP/IRA, ROTH everyone knows these words, adding KEOGH to the mix causes them to pause. Is it the best plan for small business owners? Probably not unless they are need to put $50k per year away but it is the one my father had so it is all I heard growing up.
Not matter what vehicle (that’s what those in the biz call it) you use to save for retirement the most important thing is to use something. One in the hand is worth ten in the bush using compound interest.
40 Percent of Small-Business Owners Don’t Have Retirement Savings

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Most small-business owners pride themselves on having some kind of strategic plan when they start their business. Unfortunately, many entrepreneurs are so busy investing in their small business, they fail to put money aside to invest in themselves. A recent study by The American College revealed that 40 percent of small-business owners have no retirement savings. In fact, 75 percent  of the  people surveyed have no plan on how they will even fund their retirement.

Many small-business owners are depending on the sale of their company to be their nest egg. But as Tim Masset, regional president of BMO Harris Bank,  says, “It’s important to have personal retirement savings outside of your business because the value of that business can fluctuate significantly over the years.”

Every small-business owner needs to set up a retirement vehicle such as a SEP, 401(k) or IRA. The best savings for retirement are made on a monthly basis. These should be invested conservatively, since being a small-business owner is so risky. Talk to a financial advisor for a tax-friendly plan.

Read the full article in Black Enterprise.

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