Even if you have a home business and are self-employed, you should have a retirement account. I have a Roth IRA, and am planning to open a solo Roth 401k. It's especially important to prepare for the future when you are dependent almost entirely on yourself for that future.
You might be worried about your retirement (I am a little, but I have a long time horizon), so CNN Money has a great article on rescuing your retirement. We'll look over these ideas in the coming days.
Where are you now?
The first step to rescuing your retirement is to know where you are right now. You need to know the following:
* How much will you keep putting in? You should keep putting something in your retirement account, even though it can be discouraging.
* What is your retirement time horizon? The longer you have, the more likely you are to recover — and recover well.
* Do you have other sources of retirement income? (Possible reverse mortgage, spouse pension, Social Security, savings, annuities, life insurance, etc.)
You can even work the numbers in a retirement calculator to help you plan. But getting an idea of where you are now can be helpful as you move forward with your planning process to make sure that you have what you need to retire.
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