Gene Perret once said of retirement, “It’s nice to get out of the rat race, but you have to get along with less cheese.” One of the greatest fears as a business owner or a self-employed entrepreneur is the inevitable time at which they will have to step away from everything they have created. As the owner of a consulting business and a financial planner for the last 6 years, I often meet with business owners to help design their retirement packages. The truth is, there are quite a number of options for retirement plans, and most of my clients are not even aware of most of the types of retirement accounts available. In this article, we will discuss the various types of retirement plans and offer insights into a few strategies that are commonly used by small business owners and self-employed entrepreneurs. For the sake of brevity and clarity, this article will only cover retirement plans and strategies available to for-profit businesses.
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