Retirement Planning For The Self-Employed

Owning your own business can be a great opportunity for you in both your career, as well as from a financial standpoint. Whether you’re thinking of starting with a mom & pop shop, or you’ve got a huge factory in the works, the opportunities are simply at your fingertips. What many entrepreneurs concern themselves with however, is the idea of retirement. As it’s not as simple as working under someone else and having the plan laid out, there are things you must do for yourself when thinking about how to plan for your future — below are a few you can take note of.

• 401(k) plans. There are certain types of plans for retirement such as this labeled as ‘solo’ plans. These help you plan for the future in ways that allow you to make salary deferrals based on needs (and your age).
• Simple budgeting. It’s easy to say you’ll go out and spend x amount of dollars because you’ve earned it throughout the year, but there are also taxes that go along with your purchases and income. Be prepared and consult with a financial planner at American Investment Planners LLC for more information on this topic.
• Look for write-offs. One of the best parts about your own business is the ability to use things for tax write-offs. Whether these are donations or vehicles used for work, they all can add up and make a difference in your finances for the future, which after retirement, will be crucial.
• Consult a professional at American Investment Planners. From income tax to retirement planning and everything in between, the qualified team here at AIP are awaiting your call and ideas for how you’d like to plan your future retirement.

Are you looking for ways to protect yourself for retirement? Own your own business and not sure where to begin? Don’t worry too much, just make sure you’re getting in contact with those who can help. American Investment Planners, LLC is here to make everything as simple as possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.