Donna Genie (creator/uploader) discusses modern retirement for small business owners, emphasizing that retirement now offers flexibility and freedom. She warns many business owners reinvest all profits into their businesses and advises setting aside personal savings. For simplicity, she suggests an IRA in many cases but urges viewers to consult an accountant or financial advisor for personalized planning.
Retirement. Oh, that's a great thing. But retirement is a really different thing than it used to be. Retirement now means not just calling it a day and sitting on the front porch in the rocking chair watching the cars go by, but retirement means a new flexibility and a new freedom to accomplish the things that you want to in your life. So how do you go about saving for retirement when you're operating your own business? So many of us, including me, for a long time, take all that money and funnel it back into the business to try to grow it. But I'm here to tell you, you need to set a little aside for yourself. Your business will thrive and operate. I'm often asked, what's the best retirement plan for somebody who owns their own business? Well, obviously there's some differences based on financial situations, but I can tell you that most of the business owners I see have the wrong plan. If we're looking at this strictly simplicity, you can go with an IRA in most cases. Again, I'm going to give some general advice. You need to have specific advice to apply to your particular situation. So please reach out to your accountant or your financial advisor to make sure you've got the right plan.
