Retirement Planning for Business Owners

The most common problem we see with business owners is that their business is often the main, if not only, asset that they count on for retirement. While your business may be your largest asset it is a good idea to diversify your investments in order to have options when looking a streams of revenue.

There are many retirement account options open to business owners and the number of options can make things confusing. For example, you may consider opening a traditional 401(k), SEP-IRA, SIMPLE, or pension plan that can reduce your income taxes now, while simultaneously placing some of your wealth outside your business.

From a financial perspective, these account are tax-deferred, so the investment growth avoids taxation until you retire, which greatly boosts returns. The “best” retirement plan really depends on how much income your business earns, how stable your earnings are, how many employees you have, and how generous you want to be with those employees.

In order to decide what’s best for you Rippe Financial Group customizes a retirement plan taking into account your goal and helping you to have options in exiting your company so you can cash out at max value.