For most business owners, retirement looks a little different than it does for the traditional 9-to-5 crowd. And that’s a good thing! You’ve built your business with your own two hands, so why shouldn’t your retirement reflect that same independence and vision?
But here’s the thing—planning for retirement as a business owner isn’t always straightforward. There are unique challenges and opportunities to consider, and the earlier you start thinking about them, the better off you’ll be.
First off, let’s toss out the idea of a “normal” retirement. As a business owner, your path might not look like leaving the office at 65 with a cake and gold watch. Maybe you want to step back gradually, work part-time, or even sell your business and move on to a new venture. The key is figuring out what you want your retirement to look like.
Ask yourself:
Do I want to fully retire, or just reduce my workload?
What would an ideal day in retirement look like?
Do I want my business to continue without me, or am I planning to close or sell it?
As you start planning, here are some key questions to ask yourself:
What’s my exit strategy?Will you sell your business, pass it on to family, or wind it down? Each option comes with different financial and emotional implications.
How much do I need to retire comfortably?Many business owners have reinvested so much into their company that they’ve overlooked personal savings. Take the time to calculate what you’ll need to live the retirement you envision.
What’s my plan for healthcare?Without an employer providing benefits, you’ll need to make sure you’ve accounted for healthcare costs.
What happens to my business if something unexpected happens to me?It’s not the most fun topic to think about, but having a succession plan or contingency plan in place is critical.
Yes, money matters, but retirement planning is about more than just dollars and cents. Have you thought about how you’ll spend your time? What hobbies, passions, or travel plans do you want to pursue? Many business owners struggle with the transition because their identity is so closely tied to their work. Thinking ahead about how you’ll find purpose and joy in retirement is just as important as crunching the numbers.
The beauty of being a business owner is that you have tools at your disposal that traditional employees might not. You can:
Build your retirement nest egg by selling your business or its assets.
Create passive income streams through rental properties, investments, or other ventures.
Plan for flexibility—you’ve already mastered the art of wearing many hats!
Retirement planning can feel overwhelming, but it doesn’t have to be. Start small by defining your vision, asking yourself the tough questions, and seeking advice from trusted professionals. Your retirement doesn’t have to look like anyone else’s—it’s yours to design, just like your business.
So, what does your dream retirement look like? It’s never too early (or too late!) to start planning for your next great adventure.
Lunch + Learn
📅 When? 02/12/2025
🕒 What Time? 12 o'clock
📍 Where? Whitehall Public Library
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