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Retirement Mistakes Small Business Owners Make - Strategy #1

June 16, 2022

Building, running, and growing a company is tough. Business owners have countless responsibilities and too few hours in the day. Often, in the midst of fulfilling your professional priorities, you end up putting your personal financial life on the back burner.

If you have not prepared for your retirement, you are not alone. Many entrepreneurs think growing a business is all they need to retire. However, just having a business does not automatically mean you have a retirement strategy in place. Without a documented roadmap—one that goes beyond the hope of simplyselling your business or passing it to your family—you could end up pushing back your ability to retire. In one survey, 34% of respondents said that they have no retirement strategy, while 12% have no plans to retire at all. Both of which are likely short-sighted.3

Delaying retirement is not always an option, though. Life often brings surprises, and you cannot always control when you will retire. For example, you may retire
early because of certain challenges, such as health problems or a disability. In 2020, only 28% of retirees were very confident in their ability to cover medical expenses during retirement.4

To help ensure that you can experience retirement on your terms—rather than reacting to what life or the business world throws your way—you need to proactively address these items… today.


• Define your ideal retirement. Clarify when you want to retire and what lifestyle you hope to enjoy.

• Build strategies to address your retirement. Determine the actions needed to fill the gaps between your current assets and the income you will need to support your desired retirement.

• Hold yourself accountable. Do not let the busy life of business ownership keep you from staying on track toward the retirement you desire.