As my husband and I prepare to retire in December, I’m thinking about how to start planning for our retirement and how our money will change during the transition.
My husband and the other owners of the two local small businesses that have closed since the recession are the ones who taught me the lessons of financial success.
But there are many more of us in New Jersey, and if you want to live on a budget in 2017, the state is the place to be.
Here’s how you can help your fellow New Jerseyans prepare for retirement.
Understand what it means to be a small business owner.
If you’re not already a small owner, you should be.
Small businesses in New York, New Jersey and Pennsylvania are among the fastest-growing in the country.
The New York Times estimates that there are nearly 1.7 million small business owners, with more than half of those being owned by women and nearly half by minorities.
The percentage of women and minority owners is higher in New Hampshire than in any other state.
New Jersey has the largest number of women of any state in the nation, at more than 7 percent.
The median age of the small business community is about 58 years old, with the oldest group, men, in their late 30s and early 40s.
Small business owners are also more likely to have higher incomes, more years of education, higher wages, and better health care coverage.
Small and independent businesses are the fastest growing employer in the state, and their success is being celebrated in New Brunswick, which has been named one of the 50 Best Places to Work for Small Business by Forbes Magazine.
In New Jersey you’re a part of a vibrant community, surrounded by nature and surrounded by people you can count on for a warm welcome.
If the economy doesn’t work out for you, and you can’t find work, you’ll still have a solid network of friends and family members who will take your place.
Small or independent businesses also have the potential to make a significant contribution to the economy through their sales and marketing efforts.
They can help build a network of support that is essential to a thriving economy.
A successful small business can bring in revenue that can be used to expand and grow the business, to support its employees, and to support other small businesses in the community.
Invest in your savings.
It’s easy to overlook how much money you need to save for retirement if you don’t know where to start.
The Federal Reserve’s annual Survey of Consumer Finances (SCF) estimates that you need about $4,700 a year for your basic needs, and $5,500 for retirement, to reach a balanced budget.
You can find a wealth of information about saving, and the SFC report also suggests that you should consider a variety of investments, including: stocks, bonds, mutual funds, and CDs.
Make sure you’re covered by insurance.
Insurance companies will offer you benefits if you’re financially secure.
For example, your company can set up a retirement plan and you’ll get coverage when you reach retirement age.
And in many cases, you can opt for a guaranteed benefit, such as 401(k)s or health insurance, if you have sufficient income to cover the costs of those benefits.
If your employer doesn’t offer coverage, or if you lose your job and your company isn’t able to help you, you may have to find another employer that offers a similar benefit.
If there are benefits available to you, it’s worth making sure they are available.
Make an emergency fund.
If a major event or other unexpected event forces you to close your business or relocate, you have a great chance of being able to keep paying your mortgage and other bills, even if you can no longer sell or rent your business.
Make a “business emergency fund” and keep all of your investments in it.
It will give you an additional cushion of income that you won’t be able to tap for retirement unless you find a way to pay off your debt.
Start saving for retirement at home.
Many small businesses are located in communities with limited financial resources.
Some may have difficulty finding a place to rent a home, or may find it difficult to afford a down payment for a new home.
In these cases, consider purchasing a home loan to help cover the mortgage payments for the home.
If home ownership isn’t feasible, you might be able by borrowing from a credit union.
For more information on home loan options, visit the Small Business Administration’s website.
Get started saving with an investment account.
If it’s not financially feasible to make withdrawals from a savings account, you could put money in a “investment account” that’s available to people who don’t have access to the savings.
A “small business” investment account is an account that’s open to small businesses of any size.
In some cases,