Don’t bank on your business to fund your retirement

By KELSEY SHEEHY NerdWallet

Relying on your business to fund your retirement is a risky bet. A business failure, health issues or shifting market conditions can leave you unable to retire fully. Rather than gamble on everything going right, diversify your nest egg so it will last you well into your later years. Prioritize setting aside even a small amount of your gross earnings and enlist an investment advisor or financial planner to help figure out which self-employed retirement plan makes the most sense for you and your business. If selling is still part of your plan, build a detailed exit plan and work with a broker to maintain an accurate valuation of your business.