23: Your Business Isn't a Retirement Plan - How to Start Saving for Retirement with Alex Conway

Reinvesting all of the money you earn back into your business isn’t a retirement strategy. While it can feel a lot sexier to bet on yourself and your ability to grow, it puts you at a huge risk if anything happens in your business and it’s not able to provide you the retirement fund you wanted. But saving for retirement feels daunting for a lot of business owners. When we were at 9-5 jobs, our employers would just take some money and put it into a 401K. We barely thought about it. If this is you, tune into this episode to hear the different types of retirement accounts you can consider (some of which even help lower your taxable income to save on that tax bill!) You’ll understand the different account types to know what to ask your CPA and you can work with your bookkeeper (or us here at Know Your Worth) to help know how much you can sustainably pull from your business to contribute to your retirement.  03:27 — Re-investing into your business isn't a retirement strategy 05:16 — The easiest (and best) place to start contributing to your retirement fund as a business owner10:49 — Understanding the penalties for taking money out early14:53 — When should you work with a professional or set these up yourself? 16:41 — Why you don’t want to wait to start investing📚 MENTIONED IN THIS EPISODEhttps://gusto.com/r/sydney0959 (affiliate link)📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDEGet the Profit and Loss Guide ❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANTGet the Tax Planning Questions Guide 🛍 75+ TAX WRITE OFFS Get the Tax Write Offs ✅ BOOKKEEPING CHECKLISTGet the Book Keeping Checklist 💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERSApply for Bookkeeping or Financial Analysis Services 👋 CONNECT WITH SYDNEY & KRISTEN Website: https://knowyourworthpgh.com/Instagram: https://www.instagram.com/knowyourworth_pgh/ YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/