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By Cher Zevala
Special to the Financial Independence Hub
Small business owners typically spend their days juggling a huge variety of tasks, whether they have a team around to help them or not. From managing accounts and serving customers to handling marketing and sales and developing new products or services, there are many priorities which compete for attention. As a result, it can be tough for entrepreneurs to find the time and the energy to think about their future, particularly when it comes to retirement savings.
However, that doesn’t mean that it should keep being put off until later. If you own your own business, it’s important that you don’t end up at retirement age without enough savings to see you through. If you need to take care of your future, read on for some steps you can follow today to tackle retirement planning.
Know Your Goals
When it comes to retirement for small business owners, one of the first things entrepreneurs should think about is their long-term goals. Whether you want to retire in ultimate style one day or just want a basic amount of cashflow to see out your days with a simple life, it’s important to be clear on what your exact goals are for the future.
Apart from working out how much money you will need to retire in the manner you wish, you should also have goals about when you want to retire, and how you want to go about doing so. For example, would you prefer to sell your business, hand it down to a family member, friend, or colleague, or simply close it up when you’re ready to retire? Or perhaps you would prefer to sell just your share of the business to a business partner? Your goals for the future will determine how you prepare for your retirement, so you need to know them well in advance.
Make a Plan
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