Connect with us

Headlines

Small Business Is Great … but Can You Ever Retire?

“Startling” results show that most owners aren’t saving enough.

mm

Published

on

Most small-business owners are not well-prepared for retirement, according to a new report.

About 75 percent have saved less than $100,000 for their post-workforce years, the Washington Post reports, citing findings from BMO Wealth Management.

About 8 percent had saved over $500,000.

According to BMO, the results are “startling,” as those numbers may not be enough to lead to a comfortable retirement.

Jason Miller, who heads up wealth planning for BMO, said that for small-business owners, retirement planning often suffers because they “become very focused on running their business.” He adds that “lots of times that requires any profit made in the business to be re-invested to make it grow.”

Sound familiar?

Advertisement

Miller suggests making a focus of not only building a strong business, but also “accumulating wealth outside of the business.” Succession planning is also key.


Read more at the Washington Post

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Most Popular