Don't bank on selling your small business to fund your retirement

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A huge number of entrepreneurs have reported putting aside no retirement savings at all. For some, selling the business is their only retirement plan.

like a dark cloud for small business owners. Many invest blood, sweat and tears — and every penny — into building their business but never set cash aside for the future.

Rather than gamble on everything going right, diversify your nest egg so it will last you well into your later years.Saving for retirement is often the last item on your budget and the first to get cut in favor of other priorities, Hall said. Instead, make it as important as paying your mortgage or running your business.

But Carlson, a financial counselor and certified financial planner, makes a point to invest where she can. She and her husband contribute to his employer-provided retirement plan. They each also put money into individual retirement accounts, among other investments. — TRADITIONAL, ROTH IRA: Individual retirement accounts are easy to open and available to virtually anyone. You can contribute up to $6,000 in 2022 . The mainis whether you want tax savings now or later. Traditional IRAs use pre-tax income, but you pay taxes when the money comes out. With Roths, it's the other way around.

If selling is still part of your retirement plan, the help of a professional is essential, said Norm Sherman, a certified mentor with SCORE, a national volunteer organization that offers free business mentorship. First, you need to know whether your business is sellable and what you can realistically expect to net in a sale.

 

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