It’s easy to postpone an event that isn’t forthcoming and retirement planning is one of the most important life planning events that gets postponed, for a staggering number of people. This is especially true among those that are self-employed; who are not preparing for their future, today…    – Linda Pell

One of the best things those several years away from retirement can do; is realize that you are never too young to begin a savings plan.  A major step to independence is to structure your business as a business.  A business with a plan involving budgets for personal and business expenses, paying yourself a salary and investing in a simplified employee pension or an IRA are a must.  Statistics by the numbers:  50%+ of all working households are at risk of being unable to keep up their standard of living in retirement.  45% of Americans have NO savings, including 40% of baby boomers.  Only 22% of US workers feel confident that they’ll have enough savings during retirement years. If financial planning isn’t your expertise, hire a Certified Financial Planner.

Below are seven financial points everyone can benefit from implementing, as compiled by the CFP Association:

• Due to inconsistencies in monthly income, systematize as much of your finances as possible.
• Determine a spending and savings budget and stick to it.
• Set up an emergency fund to cover roughly nine months of expenses before funding a retirement account.
• Save when the going is good.
• Work with an accountant or investment advisor to determine your effective tax bracket and deduct taxes as earnings come in.
• Shelter as much income as possible with a retirement account.
• If you own real estate, look at a schedule for when to sell and how to defer income taxes that might be incurred.