SK Wealth Management, LLC

❓I'm happily self-employed, and I can't figure out which retirement account would work best for me. What are my options? ☝️Solo 401(k) Plans: These plans offer high contribution limits and the ability to make both employer and employee contributions. ☝️SEP IRAs: Simplified Employee Pension IRAs are another excellent option, allowing contributions of up to 25% of your net earnings from self employment. ☝️Traditional and Roth IRAs: While these have lower contribution limits, they offer tax advantages and flexibility that can complement other retirement savings strategies. ☝️Diversification: A diverse retirement investment strategy might include a mix of stocks, bonds, real estate, and other investments to spread risk and potentially increase returns. ☝️Tax Planning: Self-employed individuals have unique tax considerations. Maximizing deductions and timing income can significantly impact your retirement savings strategy. ☝️Health Savings Accounts (HSAs): If eligible, HSAs can serve as an additional tax-advantaged savings vehicle for healthcare costs, now and in retirement. For more detail, check out this week's podcast episode and blog article — it's linked in the comments!

Self-employment offers a lot of freedom to those brave enough, but it also comes with unique challenges—especially when it comes to retirement planning. Unlike a lot of traditional employees, self-employed folks don't have automatic access to employer-sponsored retirement plans. It’s up to you to create your own retirement strategy so you can enjoy your golden years with solid financial security. Take a few lessons from the entrepreneurs featured in this great Financial Times article.

Are You Paying Yourself or Just Your Business? As a business owner, it’s easy to put everything back into the company. Growth takes money. But if you’re not setting aside anything for yourself, you’re putting your future at risk. In this week's SK Wealth Podcast, we talk about why paying yourself is a must. Your business should support your future, not just itself. 🎧 Listen to the full episode here: https://buff.ly/z6QZX9V

☝️ One of the complexities self-employed individuals face is balancing retirement savings with business reinvestment. It's tempting to pour all profits back into the business, but this can leave you vulnerable in the long term. You want to strike a balance that allows for both business growth and personal financial security. Jason takes you through the details in this week's blog about retirement considerations for self-employed folks like you — just tap the link in the Comments! 👇

🔊New Episode Monday! 🥳 When you’re self-employed, you get to enjoy the freedom of being your own boss. BUT you also have the responsibility of securing your own financial future without the help of employer-sponsored retirement plans. Navigating the various retirement options available to a self-employed business owner can be tricky. With a little strategic planning and some help from your financial planning team, you can enjoy the freedom of self-employment, and set future-you up for a great retirement. Join Jason and Mac to learn about a variety of self-employed retirement options on Apple Podcasts, Spotify, or on our website under the Insights tab. https://buff.ly/IcwEetz

Finding the right buyer for your business requires for careful thought and effort. Take into consideration all financial implications to you and your future goals, as well as the impact on your employees, and the legacy you wish to leave behind. To decide if you're ready to sell your business, try asking yourself: ❓Have I achieved my business goals? ❓Am I emotionally ready? ❓Do I know what I want to happen to my business? ❓Do I have a retirement plan?

Remember those black and yellow FOR DUMMIES books? This isn't just a graphic -- Business Succession Planning for Dummies exists! We recommend it as a good starting point. There's a link to it in the comments section below.

The 4️⃣ Pillars of a well-executed Business Succession Plan: ✅ Choosing a successor ✅ Identifying potential obstacles ✅ Training and development of new stakeholders ✅ Filling organizational gaps Timing plays an important role in your succession plan -- and Mac wrote an article all about it! Check it out in the comments section. 👇 #SuccessionPlanning #RIFinancialPlanners #SmallBusinessOwners #Retirement

❓What is succession planning and why is it important? ✋Succession planning involves preparing your business for a smooth transition of leadership to the next generation of ownership. ⛵️ You'll need to balance the interests of many different stakeholders, including family members, key employees, and partners who aren't actually involved in the day-to-day. Managing these various interests, addressing tax and legal considerations, and ensuring the long-term success of the company can be complicated. We always recommend working with a Certified Financial Planner to help you map out your succession strategy. https://lnkd.in/dy7VppTA #FinancialPlanning #FinancialPlannersRI #SmallBusinessOwners

🧑🧑🧒🧒 Parents of toddlers and/or teenagers: this guide to teaching financial savviness to your kiddos has it all. Andrew offers tips for leading by example, introducing budgets and investments, and teaching older children healthy financial habits by involving them in everyday financial decisions. Click for some great tips on how to: 🏦Open a bank account with your child. 😥Teach them about taxes. 🐖Match their savings. 💳Teach them about debt. 📈Teach them about investing. Check out that article here: https://lnkd.in/d3g4pDuF #FinancialLiteracy #ParentingTips #MoneyManagement