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?
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