If not, you're not alone. Many Gen X business owners face challenges when it comes to retirement savings. Yet, there are also opportunities to increase your retirement readiness.
In this clip from the CNBC#FASummit, Lazetta Rainey Braxton, MBA, CFP® shares with Sharon Epperson and Dan Doonan three key considerations for GenX Business Owners:
✅ Treat your business finances like your individual finances.
Just like personal finances, you have competing interests with your business finances. It's important to make trade-offs and prioritize your goals. For example, do you want to reinvest in your business to grow it, or do you want to save more for retirement?
✅ Consider opening a solo 401(k) to fund your retirement account.
If you have no W-2 employees as a self-employed individual, you can contribute to a solo 401(k), which allows you to contribute as both the employee and the employer. This can be a great way to save for retirement.
✅ Save, even if you can only save a little at a time.
Saving for retirement can be tough, especially when starting out. Challenge yourself to contribute a little, and as your business grows, continue to shift more dollars to your retirement accounts.
CLICK HERE to watch the full segment.