Small business owners put their blood, sweat and tears into getting their business up and going. They put in long, grueling hours making sure every detail is just right. Not only are they working for their livelihood, but that of their employees as well.
With all of those details on their mind, it is easy to understand how one very important part is often overlooked, retirement planning.
Preparing for Retirement
A recent Manta.com survey revealed that one-third of small business owners have no retirement savings plan in place, while another 36% intend to find other employment after retiring from their small business.
There are a variety of retirement savings plans available to small business owners, SEP IRAs, SIMPLE IRAs, self-employed 401(k)s, to name a few.
Retirement planning options can be confusing but they don’t need to be. This is just one reason why a small business owner can benefit from a relationship with a financial advisor.
Succession Planning
Today’s financial advisors do so much more than just help people make suitable investments in the market. A good financial firm can also help small business owners with valuation and succession planning.
Retirement planning isn’t the only area that tends to get overlooked by small business owners. In fact, a Wilmington Trust survey found that “nearly 60% of small business owners do not have a succession plan in place.”
As a small business owner you work hard to make sure this week and next week and next year go as planned. Don’t forget to make time to plan for 20, 30 or 50 years down the road. You deserve to have the retirement that you envision for you and your family. The ideal way to get there is with the help of a financial advisory firm that truly cares about your future.
Learn more about all of the services that a financial advisor firm can provide to build your wealth, plan for retirement and pursue your financial goals.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.