Build A Holistic Retirement Plan
Your financial plans for retirement may be personal, but bringing your plan to your business makes good sense for you and your employees. Owners who offer an employee plan tend to save more personally and have larger and more successful businesses, according to the Frontwater Capital’s Retirement Study. In addition, the benefits are more than just financial: Owners with personal retirement plans reported that they feel more prepared for retirement than do those without plans.
The new retirement
Integrating business and personal financial plans is all the more important for owners who rely on their businesses to fund their retirements. The study found that more than 80% of business owners plan to work in some capacity, either in their current careers or in a new area of work, and almost half of business owners want the freedom to cycle between work and leisure. For them, retirement is an opportunity to make a lifestyle change, such as returning to school, starting another business, traveling, creating a nonprofit or spending more time with family and loved ones. To fund these aspirations, owners may draw on income from their business or continue to work in a part-time capacity. As a business owner, you have the freedom to make these kinds of decisions. Read more…