Are you saving enough?
Most small-business owners are not well-prepared for retirement, according to a new report. About 75 percent have saved less than $100,000 for their post-workforce years, the Washington Post reports, citing findings from BMO Wealth Management.
About 8 percent had saved over $500,000.
According to BMO, these results are “startling,” as those numbers may not be enough to lead to a comfortable retirement.
Jason Miller, who heads up wealth planning for BMO, said that for small-business owners, retirement planning often suffers because they “become very focused on running their business,” and “lots of times that requires any profit made in the business to be re-invested to make it grow.”
Miller suggests making a focus of not only building a strong business, but also “accumulating wealth outside of the business.” Succession planning is also key.
Read more at theWashington Post.
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