“When you are a small business owner, almost every part of your business is intertwined with your personal life. You are your business and your business is you,” said David Burton, a tax adviser at Harness Wealth.
Having a retirement plan in place and setting aside money early can ensure you have a solid financial cushion for when you make the decision to retire.
1. Assess your retirement needs
It’s important to figure out how much you’ll need to live comfortably in retirement.
Be sure to calculate for potential scenarios, like if you decide to sell the business or if you’re no longer generating business-related income.