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Getting Small Business Owners to Focus on Their Own Retirement Needs

According to a study by The American College, 40% of small business owners have no retirement savings or pension plan in place — even though many are over 50. Furthermore, the study found that three-fourths of those owners have no written plan for funding their retirement. Equally surprising, many of these business owners don’t engage advisors to help them.

Many business owners focus so much on expanding and maintaining their businesses that their own retirement planning winds up on the back burner. But most are concerned about their retirement. So while many plan advisors approach business-owner prospects about setting up a plan for their employees, perhaps the focus should be on the owners first — followed by, if they are not prepared, a discussion of how prepared they think their employees are for retirement. Read more here.

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