Retirement For Home Business Owners
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As a home business owner you are responsible for your own retirement planning, and you must be proactive in this regard, as you probably don’t have an account such as a 401 plan into which money is automatically deposited. If you plan to operate your home business for the remainder of your working years, it is very important that you start to save now for retirement.

First, you must know how much you will need monthly to live on during your retirement, and then you have to come up with a savings plan. One way to do this is to actually make a list of all your assets and debts to determine your net worth and write out a plan based on where you want to be financially in a certain number of years.

Once you have your plan you can begin to save in a number of ways. As an example, you can start with a bank or credit union interest-bearing account into which you deposit 10-15 percent of your monthly earnings. Then as this amount grows, you can use it to invest in CDs (certificates of Deposits), an individual retirement account or the stock market. It will be up to you to take the initiative and actually make a deposit into your account each month.

As a home business owner, you may be working part-time to supplement your family’s income. You might consider expanding your business and using some of that income to begin your savings plan.

Now, just as you keep track of all your business finances as an organized home business owner, you must also keep accurate records of all your retirement accounts. It is a good idea to consult a financial advisor who can help you meet your goals in the best possible way.

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