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Dear Business Owners, Secure Your Retirement Savings

Updated: Feb 17, 2023

Trying to build retirement savings, while you foster your business, can be challenging. With only so many dollars to go around and an endless list of professional expenses, you might rather reinvest in your company. However, even if you are ready to sell your business at retirement, you need to have savings that are completely separate from your business.

The reality is that solely relying on the value of your business to carry you into retirement is a risky approach, which can easily backfire. Not only can industries change, and companies falter, but many baby boomers are selling their businesses right now, which could potentially make a sale tougher in some markets.

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, now is the time to start building your savings.

In one survey, 61% of respondents claimed that preparing for retirement makes them feel stressed. If you are allowing stress to postpone your retirement planning, allow this to be the moment you commit to creating a strategy.

Middle-aged Asian man confidently looking out his business’s doorway.
Have confidence in your retirement plan as you build your business.

What To Do Now

1. Balance your personal and business finances. When deciding how to invest your available assets or what salary to draw, make sure you focus on addressing both sides of your financial life.

2. Explore available retirement-savings tools with your financial professional. With the passage of the SECURE Act, many rules regarding retirement plans have changed, making this a great time to evaluate your strategy.

3. Review your budget and create a disciplined savings approach. Identify ways you might be able to trim your current expenses or save on your tax liabilities. Also, establish a habit of regularly contributing to your personal retirement savings.

Final thought.

Launching and growing a small business is a challenging, time-consuming endeavor that is not for the faint of heart. As experienced financial professionals, Peak Wealth Planning is here to help you overcome the obstacles that business owners often face and seize the opportunities before you.

Are you ready to add a financial professional to your advisory team? Schedule a call today to learn if Peak Wealth Planning will be a good fit for you.

Peak Wealth Planning specializes in helping high-net worth individuals and families plan for the future.

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About the Author

Peter Newman is a Chartered Financial Advisor (CFA) and president of Peak Wealth Planning. He works with individuals nationwide that have accumulated wealth through company stock, ESOP shares, real estate, or running a business. Peter applies his unique background to help clients achieve their specific goals and enjoy peace of mind.

Peak Wealth Planning provides concierge services to meet your wealth management needs. Services include: financial planning, investment management, esop diversification, retirement income, insurance, and estate planning advice. Peak Wealth Planning is a fee-based financial advisor based in Champaign, Illinois, and Fraser, Colorado.


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