Owning your own business is exciting, rewarding, and hopefully lucrative. One potential challenge for small business owners is to put a plan in place to begin building their own retirement savings. Then, tack on the difficulty in matching employee benefits offered by large companies and you can have some big shoes to fill.
Retirement plans, in particular, can often suffer in small businesses. According to a TD Ameritrade survey of self-employed Americans, 55% are behind in saving for retirement, by about $335,000 per person. That's a $1.7 trillion shortfall just for self-employed baby boomers!