Most small business owners don’t have the advantage of an HR department, so things like retirement planning are not on everyone’s radar. When you work for a large company, you have someone there who can make sure you sign up for a 401K and have advisors helping you. When it’s just you and a few employees you have to make the effort to get this done. And it’s an important thing to put on that to-do list.
Small business owners need to know realistically what they plan to do with the business when they are ready to give it up and retire. Do they plan to sell it and use those funds for retirement? Will the sale of the business be enough for them to live in retirement? If they plan to pass it down to children how will that work? Will the children buy the business, will it be a gift? How will that impact your retirement planning?
If you need retirement and investing help, do your homework. Get recommendations from others; check on how their fee structures work before you sign on the dotted line. But most importantly make sure you are the active planner in your retirement planning, otherwise you may be working long past retirement just to make ends meet.
Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
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