For workers, some of the guesswork of retirement planning is typically taken out of the equation by company-sponsored 401(k)s and pensions. But what about those who march to the beat of the entrepreneurial drum? In the absence of employer-backed savings vehicles, how should the self-employed navigate the road to retirement?
Given their independent streak, entrepreneurs may feel comfortable mapping their own retirement destiny. But there are special considerations to take into account. Are they setting aside enough money in individual retirement accounts each month? Do they have the right insurance protections in place? Are they taking measures to avoid the hazard of putting all their eggs into one basket (namely, their business) rather than diversifying their investments?
Ameriprise financial advisors are available to explore these and other questions entrepreneurs should consider as they chart their way toward a successful retirement.