#GenX Business Owners: Are You Ready for Retirement?
If not, you're not alone. Many GenX business owners face challenges when it comes to retirement savings. Yet, there are also opportunities to increase your retirement readiness.
In this clip from the CNBC#FASummit, Lazetta Rainey Braxton, MBA, CFP® shares with Sharon Epperson and Dan Doonan three key considerations for GenX Business Owners:
✅ Treat your business finances like your individual finances.
Just like personal finances, you have competing interests with your business finances. It's important to make trade-offs and prioritize your goals. For example, do you want to reinvest in your business to grow it, or do you want to save more for retirement?
✅ Consider opening a solo 401(k) to fund your retirement account.
If you have no W-2 employees as a self-employed individual, you can contribute to a solo 401(k), which allows you to contribute as both the employee and the employer. This can be a great way to save for retirement.
✅ Save, even if you can only save a little at a time.
Saving for retirement can be tough, especially when starting out. Challenge yourself to contribute a little, and as your business grows, continue to shift more dollars to your retirement accounts.
CLICK HERE to watch the full segment.