Updated: Sep 29, 2021
As a Solopreneur, planning for your retirement is entirely up to you. Although this probably isn't the reason you started your business, it's good to know you can retire when you're ready.
Owners of pass-through businesses have few options outside of personal savings and the sale of the business for retirement income, unless a qualified retirement plan is installed. By doing so you can benefit from tax breaks. All retirement plans offer tax-deferred growth on earnings. As an employer, you can also benefit from tax-deductible employer contributions.
Depending on your situation and should you have personal or business life insurance needs, you can also set up a Micro(k)® plan that unlike a SEP-IRA, can allow for life insurance insuring you or someone in whom you have an insurable interest. If you have a need for life insurance, buying your life insurance coverage within your qualified plan can “Change Your Life.”
Check out the informative podcast piece on the topic from our friends at Security Mutual Life by clicking the button below.
Communicate with your legal professional and tax professionals regarding your specific situation, also feel welcome to contact us to learn how you can plan for retirement.
Contact us today by clicking on the link below, to learn more starting or updating your retirement plan, so you can eventually live your Life Capitalized™.
This information is for educational purposes only and should not be considered specific tax, legal, investment of planning advice, which will only be provided on a personalized basis. * Please consult your tax and accounting professional/s regarding your specific situation, Arlington Insurance Planning Services LLC does not provide tax advice.