There are over 30 million small businesses in the United States. Many people start their own businesses in order to become their own boss and take control over their schedules, career goals and finances. It can be incredibly rewarding to start and own a successful small business. But one thing that many small business owners may not think about is a retirement plan.
Many people are familiar with 401(k)s, but IRAs are another popular retirement savings vehicle and they come in several varieties.
The Solo 401(K): A retirement savings vehicle designed for the smallest businesses.
Some solopreneurs think they will “work forever,” but that perception may be flawed.