Some of you are still wishing & dreaming that when it comes to age 65, you're going to be a multi-billionaire, living on a beach somewhere with all the golf you can stand. Unfortunately, you have no plans on how to make that happen and some of you, me included have no plans to be retired from life.
But that doesn't mean we don't think about where our money will come from when all the hustle and bustle of operating a solo enterprise slows down either! Studies show that people don't save for retirement because they're confused by all the different types of accounts.
I'm not only talking about your 401K from your employer, social insecurity or passively waiting to see what happens. I like a good adventure as much as the next person - except when it comes to money, I have these personality disorders if money gets funny - it must be right!
For those of you who are too young to understand what it must be right means - here it is in plain language: You can pay every single bill you have, go to Vegas for 2 weeks, gamble away $500 a night and not worry where you're going to live when you get back home!
Since I'm not an expert on retirement planning and there probably are many who claim to be and are not, I'm just honest about my inexperience in this area. So I went looking for retirement resources to get answers specifically tailored to the solo entrepreneur and small business owner.
Here's what I think are some of the best places to start weeding through the confusion about what's available:
1. Finish Rich
David Bach is the guy who wrote the book, Start Late - Finish Rich. The site has tons of solid advice on pre-retirement planning and getting started without getting overwhelmed.
2. 401K Help Center
Need help with 401k plan rules and other issues? This is the place to get answers and it's free, unbiased and many plan small business plan sponsors come here to get started.
3. National Assn of Financial Estate Planning
NAFEP is the education portal for attorneys, CPAs and financial planners to get what's available for financial and estate planning, trust and private annuity information. You can learn what financial estate planning professionals are offering before you hand your money over to someone who knows less than you do!
4. 401K Brokers
A Vanguard sponsored company, Craig Gillooly is an attorney who specializes in administering Solo 401k's for the self-employed. The site is a comprehensive resource for the Solo 401k, Individual 401k & Company 401k, contributions, loans, plans, ROTH, direct at Vanguard tailored to the individual & self-employed.
5. The Motley Fool
Everything you could want to know about investing, including stocks, annuity, DRIPS and everything in between. One of the best consumer financial sites yet.
Instead of spending days looking for retirement planning information, I've included the link for you to get The Motley Fool's new FREE report, "The Smartest Way to Build Your Dream Retirement". You'll need to leave your email address but you'll learn which retirement accounts may best fit your needs.
As I said, these are good places to begin your early retirement planning. These are the few I found that can help you get clear on where you might need more knowledge about your options.
Whatever you decide, make sure the road you're traveling towards retirement isn't a shopping cart with all your worldly possessions in it.
That's it for today and I leave you with this
"Planning is bringing the future into the present so that you can do something about it now."~ Alan Lakein
