If you’re a woman running your own business, you’ll have some special challenges in planning for retirement and creating your estate plans.
How can you address these issues?
First of all, your career may be interrupted by caregiving responsibilities.
In fact, government statistics show that two-thirds of caregivers are women.
Should you choose to take time away from your career to provide care to family members, you may have fewer years to contribute to a retirement plan.
So, when you’re working, try to put in as much as you can afford to a plan that’s designed for business owners.
A financial professional can help you pick the right one.
And when caring for elderly parents or other relatives, you’ll want to avoid entangling your finances with theirs.
Finally, it’s important to work with a legal professional to create estate planning documents that address your personal and family needs, as well as those of your business.
A lot goes into preparing for retirement and developing estate plans.
So, start early and get the help you need.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
