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How do you retire if you own a business or are self employed? Social Security benefits play a key role in retirement for many people, and it may have a special meaning for a self employed person. Let’s think about what a business owner lives off of during retirement.
• If you have a big business, you probably have started some kind of employer-sponsored retirement account for you and your employees (401(k), defined benefit plan, etc.)
• If you are a sole proprietor, you may have established some kind of vehicle such as a SEP IRA.
• You may have sold your business completely, cashed out, and invested the distribution.
• You may have sold part of your business and retained a partial stake, continuing to receive some income.
• You’ll likely be eligible for Social Security benefits
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