You’ve worked tirelessly to build your business over decades––or maybe you’re just starting out, but beginning with retirement in mind.
Either way, the big “R” word––retirement––is on your mind and you want your golden years to be as golden as possible.
As entrepreneurs, you didn’t follow the traditional path of getting a job, working for 40 years, and retiring with a pension at 65. But thankfully, that gives you more choice about what comes next. However, when you’re self-employed, retirement has an additional complication: what to do with your business.
In this mini-guide, we cover a few retirement strategies specifically tailored for self-employed small business owners.
1. FIRE-ing yourself
Based on the FIRE (“Financial Independence, Retire Early”) movement, the concept of “FIRE-ing” yourself is to build investments outside of your business that pay you enough income to cover your lifestyle expenses. Previous iterations of this movement were known as “Financial Independence, Financial Freedom,” or “Building your own pension fund.”
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