Don’t bank on your business to fund your retirement
Retirement can loom 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. A huge number of entrepreneurs have reported putting aside no retirement savings at all. For some, selling the business is their only retirement plan. That’s a risky bet, says Keith Hall, president and chief executive officer of the National Association for the Self-Employed. “You’re putting all of your eggs in one basket. Not just your current lifestyle, but your future,” Hall says. ...
