When it comes to personal finance tips for entrepreneurs—and anyone, for that matter—this tip is an absolute basic.

You, like all other workers, need to be prepared for retirement—and setting up a retirement fund will help you get there.

You don’t have to funnel a ton of money towards the fund, but what’s saved now will help curb your tax bill and grow tax-deferred until you decide to use the funds for retirement.

There are a few different retirement plan options for small businesses: a SEP-IRA, a SIMPLE IRA, a Solo 401(k) and a SIMPLE 401(k). All but the SEP-IRAs work for sole proprietorships, partnerships, LLCs, or corporations.

Before choosing any one of these retirement plans, do your research on what each offers and how that plan can help you meet your retirement goals.

Have questions?

Contact us 📩 for a FREE consultation.