So Money with Farnoosh Torabi
1765: Best of So Money: Top Retirement Strategies
Dec 23, 2024
Dive into a treasure trove of retirement wisdom, featuring insights from experts and early retirees. Learn how to navigate limited incomes and make the most of Social Security benefits. Discover effective retirement strategies, the magic of small, consistent actions, and the importance of setting clear financial goals. Hear contrasting views on financial independence, the secrets behind early retirement, and the joy of living life beyond conventional limits. Get inspired to plan your financial future with practical tips and success stories!
26:02
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Quick takeaways
- Many small business owners lack retirement plans, making them vulnerable; new legislation like Secure 2.0 provides tax incentives to help them save.
- Hannah Cole emphasizes the importance of early IRA contributions and compounding interest, potentially saving individuals up to $130,000 over their careers.
Deep dives
Planning for Retirement as a Small Business Owner
Small business owners often face unique challenges in preparing for retirement, as highlighted by insights from industry experts. Many small businesses lack a retirement savings plan, leaving their owners vulnerable in the future. Jean Smart emphasizes the staggering statistic that one in four Americans have saved nothing for retirement, indicating a significant gap in retirement preparedness across the country. New legislation, such as Secure 2.0, incentivizes small business owners to establish retirement plans, providing substantial tax benefits to make saving for the future more accessible and affordable.
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