Retirement and the great beyond

Hopefully, things in your business have stabilized. There is still plenty to do to make your business whole again especially if you were economically affected by the pandemic. It is almost like building back your business front he started. Searching for new customers and clients because many of them may have gone out of business themselves. This is the reality many of us face. As bleak as this all might sound there is a silver lining to all of this. If this pandemic has taught me anything, it is that being prepared for my retirement and having some sort of nest to fall back on later in life (since I refuse to state my age) much later in life!

Make the best of a bad situation

Now is the time to take advantage of this opportunity, if you are rebuilding your company or at the very least having to take a hard look at what will work in this new era of business, why not

incorporate retirement into that plan. I know what you are thinking, I’m nuts! If you are just trying to get back on your feet, how can you think about retirement? Actually, now is the best time to think about it.

At first, I thought of saving for retirement as this giant scary bottomless pit that was going to steal all my money. Ok that was an overreaction! Still, it was scary to think if I am barely getting by now, how is putting away money (that I need now) going to help me. I’ll be honest, it doesn’t help you in the wallet, it helps you on your taxes, both personal and business. Which less face it paying less taxes in keeping money in your wallet.

Can you afford it? How can you not!

Unlike W-2 employees, you are not putting any money away towards your social security. That mean when it does come time to retire you will have nothing to retire on. Or at the very least not very much.

These are many plans that can be affordable for most size businesses, whether you are self-employed with no other employees or self-employed with employees. There are many options available to you.

Below are options you can choose from for Self-Employed and Have No Employees

Or Options for When You Are the Only Employee