Most working people today say that they expect to continue working past age 65. Yet the real world statistics tell a different story. At least half of us end our working career sooner than we expected, usually for medical reasons.
My two related comments to small business owners are:
- It is simple and inexpensive to set up a minimalistic retirement plan so that everyone is saving at least a little bit. Even a contribution of 3% of pay adds up to an important source of financial security over time.
- It is not expensive to insure those retirement plan contributions so that in the event of premature retirement, the savings that were planned continue to accrue anyway.
I am happy to speak about setting up a small business 401(k) using any of the wide range or design options.