Headlines

Small Business Is Great … but Can You Ever Retire?

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

Published

7 years ago

November 1, 2016

INSTORE Staff

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

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”