Having enough money to retire is a constant concern for most Americans. The truth is, most people don’t have enough money to retire when they’re ready to stop working.

As an entrepreneur, preparing for retirement is just as important even if you love the work you do. Your income is variable, you’re managing a team, and there’s no option to stash money away in a cushy 401(k) plan. So what do you do?

Getting up to speed with retirement savings doesn’t have to be difficult. Here are some easy ways for entrepreneurs to invest in retirement.

Open a SEP IRA

A SEP IRA is a Simplified Employee Pension Plan. It allows you to contribute up to 25% of your net annual earnings or $54,000 per year, whichever is less.

Contributing to a SEP IRA allows you to put so much more money into your retirement account and in less time.

Another option is to start with a Traditional IRA or a Roth IRA. With a traditional IRA, your contributions are tax-deferred meaning you’ll pay taxes on them during retirement.

With a Roth IRA, your contributions are made with money that is already taxed so you can withdraw it tax-free when you retire. The one downside about IRAs is that they have income limits and lower contribution limits. You can only save $5,500 per year if you are under the age of 50 and $6,500 per year if you are over the age of 50.

Still, it’s a great way to start stashing something away for your golden years.

To make it easier, set up automatic payments from your checking account to your IRA account(s) whenever you get paid from your business.

Consider a Solo 401(k)

Another investment vehicle you can consider trying that is taxed deferred is a Solo 401(k). This is essentially the same as a conventional 401(k). The major difference is that it’s only for self-employed individuals with no employees.

However, your spouse may also be eligible for this plan. As of 2018, you can contribute a maximum of $18,500 or $24,500 if you are 50 years or older.

Diversify Your Portfolio with the VTSAX

The VTSAX stands for the Vanguard Total Stock Market Index Fund. If you’re interested in investing in stocks, this is an ideal tool to use for stocks, mutual funds, and ETFs. I read The Simple Path to Wealth by JL Collins last year and he swears by this strategy as it allows him to retire a millionaire.

The VTSAX was created in 1992 as a way to provide investors with exposure to the entire U.S. equity market, including small-, mid-, and large-cap growth and value stocks.

When you invest in the VTSAX, you essentially own a small piece of every publically traded company in the U.S. You don’t have to worry about picking stocks and analyzing company growth.

It’s just the right amount of risk and conservative investing. Plus, it’s a great way to diversify your portfolio outside of retirement accounts.

Dedicate a Client or Income Stream Toward Retirement

Small business owners know the importance of diversifying their income. A good motivation to continue to diversify is having the ability to dedicate specific income streams toward specific financial goals.

For example, if you have a lot of business expenses and find it hard to set aside enough money to save for retirement each month, you can create an additional income stream. Then, deposit anything you earn from that income stream to your retirement fund.

You don’t have to come up with a whole new product line to make this work. It can be something as simple as gaining a new client or offering a new service.

Saving for retirement is something you don’t want to push off or miss out on even if you’re passionate about your business. Realize that it doesn’t have to be difficult or extremely-time consuming either.

I’m interested to hear your thoughts. Do you use any of these solutions as ways for entrepreneurs to invest in retirement?