What Are My Retirement Options If I Own My Own Business?

Owning a business is a thrilling ride, but what happens when it's time to step back and think about retirement? Let's explore the avenues you can take and remember you don’t have to do this alone; your financial advisor may have some great resources for you.

1. Selling Your Business: This could be your golden ticket. Find the right buyer, and you could be looking at a comfortable retirement nest egg.

2. Passing the Torch: Do you have a family member or trusted employee who's shown interest? Transitioning leadership can be a win-win, ensuring your legacy continues.

3. Business as Usual with Passive Income: Consider restructuring your business model. Can you draw a passive income without the daily grind? It's the best of both worlds!

4. Merging or Partnering Up: Potentially joining forces with another business can give you the freedom to step back while still reaping financial benefits.

5. Business Retirement Plans: Look into SEP IRAs, Solo 401(k)s, or SIMPLE IRAs. They're designed for business owners like you and can offer tax advantages.

Remember, your business is a significant part of your life's work. As you approach retirement, make choices that honor your journey and set you up for a fantastic next chapter.

Investing involves risk and you may incur a profit or loss regardless of strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. The forgoing is not a recommendation to buy or sell any individual security or any combination of securities.