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those surveyed preferred to reinvest earnings
back into their companies. That's an admirable
desire, but sooner or later you'll need a plan in
order to retire.
Fortunately, there are some good options for
small-business owners when it comes to saving
for retirement, according to Weiss. Within the
business, there are three options: a SIMPLE
IRA, a SEP-IRA and an individual 401(k).
"There are certain situations where one is better
than the other and one can benefit you more,"
Weiss said. "Start by talking with your business
CPA because a lot of the IRS laws around these
different types of plans are something they're
going to be familiar with."
After you retire, you can focus on your personal
finances only — which you'll be a pro at by this
time, having tended to them all along.
Seattle-based writer HALEY SHAPLEY has been a
small-business owner for more than a decade. She's
also the author of Strong Like Her: A Celebration of Rule
Breakers, History Makers, and Unstoppable Athletes.
