Retire? As a small business owner? Yes, this is entirely possible and easier than you might think with a little bit of patience and a lot of planning. Read to find out how you can feel confident about successfully retiring from your small business.

Retire? As a small business owner? Yes, this is entirely possible and easier than you might think with a little bit of patience and a lot of planning. Read to find out how you can feel confident about successfully retiring from your small business.

 

Are you uneasy about the thought of retiring? Whether or not you are planning on retiring from your business soon, life is unpredictable and you should have a retirement plan and healthy savings built up.

The road through life as an entrepreneur is bumpy and unpaved. You might not have the same path as people who work a 9 to 5 job, but you can still retire as a small business owner. This concept might seem strange and unobtainable for you, especially if you aren’t as young as you used to be and haven’t thought about how to be comfortable leaving your business.

Retirement as a Small Business Owner Might Look Very Different

As a business owner, there is no one above you to hold your hand. Unless you took over your business and started out as an employee with a retirement plan already established and you are confident it will continue to be profitable until you die, you’ll need to develop an alternative retirement plan.

If you’re particularly good with numbers and smart about gambling, you could learn to invest in the stock market and live off your earnings once you retire. You could also live off your social security and current savings. But these aren’t reliable plans for everyone, so here are some more feasible retirement plans for entrepreneurs.

Set Goals For Yourself and Your Business

The easiest way to plan for retirement is to save money. You may not be 20 anymore, just starting out in the world with little financial responsibility and decades to save, but it’s never too late to start. Determine how much you can realistically live on once you retire. Set savings goals with a financial advisor and start today.

Also set goals for your business. Set a timeline for retirement and how you plan on letting go. Do you have a younger business partner who can buy you out or take over? Do you plan to sell to a new owner? Will you pass on your business to family? Or do you want to just close up shop and sell your assets? Any of these are acceptable – decide what plan is best for you.

Decide Which Retirement Investment Plan is Best For You

There are many different investment options for you as an employer. From Simplified Employee Pensions (SEPs) to Individual Retirement Accounts (IRAs) and 401(k) plans, educate yourself on your different options and which sounds like the best fit for you and your company. The IRS has a handy comparison chart for all kinds of plans. They also have a guide for calculating your own contributions as a self-employed individual. Take a look and talk it over with your business financial advisor.

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

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