Many small business owners spend so much time managing their company’s current needs, they don’t think about planning for their own needs. Instead of putting aside money for retirement, business profits may be plowed back into the business through expansion, increased expenses, or development of new business lines. However, retirement for an entrepreneur is serious business, something that should be considered as early as possible.
Take some time to meet with financial advisers or a CPA and your attorney. Learn the strategies that can be used now to secure a comfortable retirement later. Assess your current situation and think of what you see in your future. A little planning now can lead to a great ROI in your later years.
After careful assessment, it’s time to develop a plan. Retirement may seem like it’s so far away there’s no need to start planning, but that is short-sighted. Implementing a plan now may allow business owners enough time to amass enough retirement funds even if the economy turns sour or investments are not as profitable as hoped.
Tactics or strategies that might be employed include:
For some small business owners, “the business is their retirement plan.” Even so, forethought and prudent planning provides an extra cushion at a time of life when most people want to rest after a life of hard work.