By Stewart Darrell, CFA


Business owners: make time to prepare for retirement

If you’re a business owner, are you taking the steps necessary to ensure a prosperous retirement? Business owners face a variety of unique questions when it comes to retirement planning, and many put off answering those questions longer than they should. In fact, one-third of nearly 2,000 small business owners recently surveyed said they don’t have a retirement plan. Their reluctance is likely related to the fact that many business owners do not expect to retire until age 65 or later, and many expect to continue working in some capacity even after their “official” retirement date.

Although it is challenging for business owners to find the time to plan for retirement while juggling the day-to-day responsibilities of running a business, retirement planning is critical to long-term financial stability. One way to begin or fine-tune the process is to work with an experienced financial advisor who will serve as the catalyst for helping business owners establish long-term financial goals, develop a dynamic financial plan, and implement an appropriate investment strategy.

At Harris Financial Advisors, we understand retirement planning from a business owner’s perspective

Prior to anticipated retirement, Harris Financial Advisors engages business owners in ongoing, dynamic financial planning to address many topics on the minds of entrepreneurs today, including:

  • Portfolio management, asset allocation and diversification
  • Overall risk management from a business and portfolio perspective
  • Maximizing retirement accounts and benefits
  • Securing cash flow
  • Understanding the long-term tax implications of retirement

Our advisors also understand the unique tools business owners have when it comes to developing retirement strategies. Not only do we have expertise in various well-known savings mechanisms, including the Solo 401(k), SEP IRA, Simple IRA, and Roth IRA, we also help entrepreneurs elevate their retirement strategy beyond simply counting on the sale of their business to fully fund their retirement needs. Enhanced strategic financial planning includes:

  • Developing retirement goals – When it comes to lifestyle, family and potential philanthropic pursuits, what do you need and/or want to be able to fund in retirement
  • Assessing your exit strategy – Do you hope to sell your business? Enact a succession plan? Let the business wind down gradually? How do these options impact your overall retirement picture?
  • Transitioning to portfolio based wealth – How do you intellectually and practically adjust to managing your net worth inside an investment portfolio, instead of inside the walls of the business you used to run?

Whether your retirement is imminent or many years from now, if you are a business owner, the professionals at Harris Financial Advisors welcome the opportunity to establish a working relationship with you – one that is dedicated to your retirement strategy. Contact us today to begin the conversation.