This plan offers the greatest possible contribution among retirement plans as it recognizes that you are both employer and employee.
As an employee, you can contribute up to 100% of compensation, up to the annual contribution limit of $18,000 in 2017. Plus, you can make the employer contribution of up to 25% of compensation for a total maximum contribution of $54,000.
Rebecca Baldridge is an investment professional with expertise in communications and marketing, particularly equity research and financial writing.
Other specialties include equity analysis and valuation, research management, equity sales, and investor relations.
And don't forget market conditions, which determine if a business can be sold at an attractive price.
The last thing any entrepreneur wants is to be forced into divesting at a fire-sale price.
With so much to act on and think about just to keep your business in the black, it's easy to shunt aside longer-term planning Still, there are long-term planning issues that are critical to your personal success as a small business owner, and they aren't going away, particularly when it comes to planning for your retirement.
You don't have the luxury of an employer offering a 401(k) or pension plan, complete with a selection of appropriate investment vehicles, to ensure your financial future. Too many small business owners avoid the crucial elements of planning for their futures.
A business will only sell if it can continue to operate as a going concern.
Is there a succession plan in place that will insure business continuity?