Again, I’m sorry to be the bearer of bad news, but if you are a small business owner, and you have an IRA (Individual Retirement Account) or a 401k, you don’t actually have a sufficient retirement plan. Let me explain why:
Saving money is good, but not if that means sacrificing your dreams. Not only do conventional retirement accounts (401k, 403b, 457, SEP, SIMPLE, IRA) contain massive hidden fees but they only work if:
1. Taxes don’t go up.
2. Your income decreases upon retirement.
Bottom line, taxes will likely go up between now and the time you retire. And you’re likely planning on increasing (or at least maintaining) your current standard of living, not decreasing it.
Believe it or not, there are actually retirement plans out there without Third Party Administrators, confiscatory fees, or discrimination rules. They allow you to defer hundreds of thousands of dollars and even self-compete like a pension, entitling your spouse to the benefit if you die.
If you want to maintain or increase your lifestyle upon retirement, then you’ll need to hire someone who can help you avoid the conventional 401k, 403b, 457, SEP, SIMPLE, IRA in favor of a retirement plan that supports your unique vision of retirement.