Small business owners and gig economy workers may enjoy freedom and often benefit from increased flexibility. However, they miss out on the retirement plans and contributions that many full-time workers receive. So, how should a small business owner plan for retirement in the absence of company-sponsored plans? Angela Park Sheldon of Tortuga Wealth Management, based in Los Angeles, offers some tips.

In short, a lack of information. Many small businesses operate with no HR department. The owners may be allocating their budget right back in the business, failing to set aside funds for retirement plans or a financial consultant. Sure, you get to call your own shots, but you don’t know what you don’t know. This is where many small business owners take their biggest misstep: They either fail to invest in a retirement strategy or make critical mistakes on the front end that could cost them in fees and taxes in the long run.

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