YouTube video by Donna Genie offering general advice for small business owners on saving for retirement. She emphasizes starting to set money aside even when reinvesting in the business and introduces retirement options, naming IRAs for simplicity and highlighting the often-overlooked 'solo 401(k)' (single 401k) as a powerful option for owner-only businesses.
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, but start small if you need to set aside that money before you grow. Now, I'm often asked, what's the best retirement plan for somebody who owns their own business? If we're looking at just 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. I want to tell you the secret. The secret plan that most people don't know about even a lot of the financial advisors is a solo 401k or a single 401k. These go by some different names, but to put it in simple terms, it is a simplified version of a 401k for people who don't have employees who would qualify. So if you like a lot of small businesses, it might be you and your spouse who work in the business, but you don't have any other employees or maybe you just have part time employees.
