Retirement Plan! I can’t even make ends meet. I can’t use bread and butter money to stash away for the future!
Sometimes, that is statement I hear from individuals and business owners. So many just struggle through the daily grind, and don’t think about their retirement. Some small business owners think they have a good plan, i.e., place the entire risk on their business. When they are old enough they will sell the business to finance their retirement. Both of these positions are alarming, and are missing the biggest advantage to a retirement plan: time. When you invest tax deductible money in a retirement plan, it grows tax free over many years. If done correctly, compounding growth can set you up for a nice nest egg when you need it.
Ok, so I got your attention, sort of. But which retirement plan? Well, the AICPA has launched a nice tool to help you decide. Check it out.