Health insurance is crucial. A spouse’s group plan or policies in the individual market are great ways to cover your family. Life and disability coverage should be considered. Amounts needed vary on income, debt, and family obligations (child care, college, etc.). Business liability coverage is essential when looking to start your own business. Make sure that you have enough protection in case of an unfortunate incident. IRA’s are great ways to save for retirement. SEP (simplified employee pension) IRA’s allow for much higher contribution limits. If planning on having employees then a 401k or a SIMPLE IRA might be better options. Contact me today to see what plans are best for your business and family.
Authored by: Scott Flowers, Wealth Advisor