Reinvesting all of the money you earn back into your business isn’t a retirement strategy. 

While it can feel a lot sexier to bet on yourself and your ability to grow, it puts you at a huge risk if anything happens in your business and it’s not able to provide you the retirement fund you wanted. 

But saving for retirement feels daunting for a lot of business owners. When we were at 9-5 jobs, our employers would just take some money and put it into a 401K. We barely thought about it. 

If this is you, tune into this episode to hear the different types of retirement accounts you can consider (some of which even help lower your taxable income to save on that tax bill!) 

You’ll understand the different account types to know what to ask your CPA and you can work with your bookkeeper (or us here at Know Your Worth) to help know how much you can sustainably pull from your business to contribute to your retirement.

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03:27 — Re-investing into your business isn’t a retirement strategy 

05:16 — The easiest (and best) place to start contributing to your retirement fund as a business owner

10:49 — Understanding the penalties for taking money out early

14:53 — When should you work with a professional or set these up yourself? 

16:41 — Why you don’t want to wait to start investing

📚 MENTIONED IN THIS EPISODE

https://gusto.com/r/sydney0959 (affiliate link)

While we aren’t able to advise on what types of retirement accounts are best for you (ask your CPA!), we help you know how much you can pull from your business to contribute to your retirement as a bookkeeping client. 

When you become a bookkeeping client at Know Your Worth, we not only create your financial statements for you every month, but we also show you how to use them to make the decisions you need to grow your business and personal wealth. 

You’ll confidently know what you can afford to contribute monthly and we’ll help find lump sum opportunities throughout the year to contribute even more when you have pay-in-full clients or high-revenue months so you can have a well-funded retirement. 

The investment starts at $400 per month.