Retirement Plans for the Entrepreneur

From Simple IRAs and Solo 401(k)s to SEP IRAs, small businesses have many retirement savings options to choose from. Here are the basics to get started.

(Image credit: Oosterink)

The entrepreneurial spirit lies at the heart of the American dream. The path of the small-business owner is noble yet risky, and some entrepreneurs may feel out of their depth when it comes to managing both their business and their personal financial needs. My experience with successful entrepreneurs is they are rightfully intent on building their business in the near-term but forget the importance of rigor and discipline in taking the long view — that is, building their retirement nest egg.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jamie Letcher, CRPC®
Financial Adviser, LPL

Jamie Letcher is a Financial Adviser with LPL Financial, located at Summit Credit Union in Madison, Wis. Summit Credit Union is a $5 billion CU serving 176,000 members. Letcher helps members work toward achieving their financial goals and through a process that begins with a “get-to-know-you” meeting and ends with a collaborative plan, complete with action steps. He is a member of FINRA/SIPC, a registered broker-dealer and investment adviser.