Entrepreneurs Overlook Retirement Planning Options, Experts Warn

Business owners are often so focused on growing their enterprises that they neglect to plan for retirement, which can include understanding how Social Security benefits fit into their strategy. Experts recommend consulting financial advisors to avoid common pitfalls, such as starting retirement planning too late or lacking a clear plan. Additionally, pooled employer plans (PEPs) have emerged as a viable option for small to mid-sized businesses, simplifying retirement savings by allowing multiple employers to collaborate within a single plan. While older entrepreneurs possess unique advantages, such as industry experience and financial stability, they too must prioritize personal financial planning alongside their business goals. This shift in focus from business growth to personal finance is crucial for securing a comfortable retirement. Overall, entrepreneurs must recognize that their business should not be their sole retirement strategy.