Donavan Group Personalized Solutions located in Singapore and Tokyo, Japan’s 13 Useful Retirement Planning Tips for Entrepreneurs
While retirement may
not be on your mind currently as an entrepreneur, the sooner you start planning
for this milestone, the better. Before anything else, you need to consider the
ways that you will be able to save
for your retirement while also keeping your business running
today. So, what tips or tricks can you employ to ensure that you will be
financially able to retire when ready?
A. Set Up a Roth IRA
You may not have a company 401(k), but you should take advantage of the long-term benefits of a Roth IRA, which will grow and compound over time (tax free) and be removed (again, tax free) when you are at retirement age. - Jeff Epstein, Ambassador
A. Opt for a Solo 401(k)
If you are a business with no full-time employees (other than you and your spouse), you are eligible for a Solo 401(k), also known as the self-employed 401(k). The benefit to this is that you can contribute up to $50,000 of business income pre-tax ($100,000 if you set up a plan for yourself and your spouse). In 2016, I was able to cut my tax bill by $19,500 thanks to this benefit. - Bryan Kesler, CPA Exam Guide
A. Invest in Technology
Put 10 percent of your annual income into the top performing technology stocks. The compound return rate will give you millions after 20 years, especially if you increase your salary or income over the years. - Duran Inci, Optimum7
A. Buy Cryptocurrency
Cryptocurrency is a unique investment opportunity, but make sure you don’t put in money that you can’t afford to lose. It’s risky and volatile, but the payoffs can be great. For example, bitcoin is now trading over $7,000, and a couple years ago it was around $200. But bitcoin isn’t the only one seeing huge returns. Take a look at Ethereum and ICOs as well.