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5 Retirement Strategies for Small-Business Owners and How to Address Them

March 1, 2024

As a business owner, you face unique challenges when building a financial future. This report provides insights into mistakes small business owners often make and steps to take when building toward the retirement you desire.

Strategy #1: The Retirement Roadmap

Building, running, and growing a company can be tough. Often, in the midst of fulfilling your professional priorities, your personal financial life is placed on the back burner. Believe it or not, you’re not alone.

Many entrepreneurs see their growing businesses as a means to retire. Furthermore, many start retirement plans when the business is first started and don’t often review whether the approach still works for the business. However, just having a business does not automatically translate into having a retirement strategy in place. Without a roadmap—one that goes beyond the hope of simply selling the business or passing it to family—you could end up pushing back your ability to retire. In one survey, one-third of respondents said they have no retirement strategy, while 34 percent said they’ll look for new job opportunities after they retire from their business.

But, as we all know, delaying retirement isn’t always an option, and life often brings surprises. For example, certain health challenges may cause you to retire early. A valid concern is that only 31 percent of retirees were very confident in their ability to cover medical expenses during retirement.

To help ensure that you can retire on your terms, you need to be proactive and address the following items as soon as possible.

Strategy #2: Your Exit

For many business owners, selling their companies at top dollar or passing them

down to future generations is the goal. However, studies have shown that even though 50 percent of business owners plan to leave their businesses in the next decade, only 34 percent have a business succession plan in place. Over 40 percent of small business owners plan for their retirement to begin after age 65.

No matter how much you love your business, a clear exit strategy is necessary to help foster your company’s longevity and preserve your financial health.

Strategy #3: Business Reinvestment and Retirement Savings

Trying to build retirement savings while you grow your business can be challenging. With only so many dollars to go around, you might be tempted to reinvest in your company instead. However, even if you are ready to sell your business at retirement, you need savings that are completely separate from your business.

The reality is that relying solely on the value of your business to carry you into retirement can be risky and easily backfire. Not only can industries change and companies falter, but the market for small businesses can also be highly competitive depending on multiple economic factors.

Would you and your family be able to enjoy a comfortable retirement without your current income or profits from selling your business? If the answer is no, then it is past time to start building your savings.

Strategy #4: Get Sufficient Life Insurance Coverage

In this section, let’s discuss life insurance. Most people are familiar with life insurance, but the role this product plays for small business owners can be more complex than for the typical individual. Of course, sufficient life insurance can help protect your family’s financial security if you were to pass away. However, a business owner could have extra liabilities, such as business collateral. If you take out loans to support your business by using personal assets as collateral and you pass away, your family members may be on the hook for that debt, which could jeopardize their financial standing. However, life insurance provides an added layer of protection for your loved ones.

Keep in mind that this report is for informational purposes only. It’s not a replacement for real-life advice, so make sure to consult your legal or tax professional before considering using personal assets as collateral.

Strategy #5: Outside Support

Running a successful small business requires a number of skills, from delivering your product or service to managing employees and enabling growth. Although there is no shame in building a team to support your success, many business owners seem to forget that they do not have to do it alone.

Take medical insurance, for example. Learning the ins and outs of various medical policy choices can be challenging and is often best left to people who know what questions to ask.

Also, consider the following: In the past 22 years, federal agencies have published 15,458 rules that may negatively impact small businesses. Hiring outside help gives you access to experienced professionals who can apply their knowledge to your specific needs and manage regulatory obstacles efficiently.

Download the full article here.

Contact Omni360 Advisors for guidance and support in Retirement Planning.


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Recent Posts
An Overview of Asset Transfer Strategies

You may need to transfer assets for all sorts of reasons. A working knowledge of ...

The post An Overview of Asset Transfer Strategies first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Tax Planning with Charitable Trusts (Lead vs. Remainder Trusts): A Guide

When navigating the complex world of estate planning, financial planning, and tax planning, understanding the ...

The post Tax Planning with Charitable Trusts (Lead vs. Remainder Trusts): A Guide first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more