Big changes came to small business owners, student-loan re-payers, retirement plan beneficiaries and part-time employees on December 20th, 2019 when The SECURE Act was signed into being. Depending on which side of the coin you are, it could either help or hinder your financial growth.
Before the TCJA, you could do a Roth conversion for a tax year, and then you had until the tax deadline (April 15th) to undo that Roth conversion. But now with the new TCJA laws, you can’t undo Roth conversions like that anymore.
You'll never be financially independent (and that’s a GOOD thing!) – you’ll use money to take those dream vacations; you may give some to your children and grandchildren when you pass; you’ll always have to use it in some form or fashion, so you’ll want to have a plan for it.
Perhaps your business began as a one (wo)man shop and you were successful enough to expand, or maybe you had employees from the get-go. Either way, one of your small business owner ‘hats’ is to provide a plan for both you and your employees’ retirements, while also doing what’s in the best interest of the company.
Being a one (wo)man shop is more challenging than you anticipated, but you’re loving every minute of being your own boss and the freedom it allows. However, you can’t neglect your “boss duties” of yourself – retirement planning. It’s easy to get so caught up in the now of your business that you forget to plan for the future of you. But that’s why you’re reading this article – to see what your options are and how you can best plan for your future.
When you chose to enter the entrepreneurial space, it was most likely to help people in some way. You can help make the lives of your employees better, simply by providing a savings vehicle for them.
