Preparing For Retirement As A Small Business Owner

January 13, 2021

Summary

Over on the EMB app, we’ve been talking about saving for retirement. Mike Gunn of Gunn Landscaping had posed the question “Who has advice on saving for retirement?”. As you may have seen in the comments, this is not a topic that’s often discussed amongst green pros. In fact, many of you may not have started planning for your retirement.

For some of you, retirement may feel like ages away. A lot more of you, may be more focused on the day-to-day stresses and responsibilities of running a small business. But not too worry, you’re not alone. A lot of small business owners don’t have retirement plans for themselves or for their employees. However, it’s never too late to start.

As Financial Advisor Craig Hausz advises in this post:

• "Forget the past and set up a plan now. Even if it's just a small amount, say $50 a month, right now is the best time to start. I encourage people to find their comfort zone and stretch a little beyond it," Hausz explains. "You'll soon find that you get used to that amount no longer being available for you to spend."

Hire A Good Financial Planner

There are plenty of great financial advisors with credentials that will help you create a custom retirement plan suited to you and your needs. When looking to hire a financial planner Hausz suggests you “ "Find someone with proper credentials who gives independent, objective advice. By credentials, I'd first and foremost look for someone with a CFP (Certified Financial Planner) designation and/or a CPA for planning. For investments, the CFA (Chartered Financial Analyst) credential is best. Many insurance agents and stock brokers will tout the tests they took (Series 7, etc.), but in the end, they end up selling products. I'd never settle on someone that doesn't have one of those three credentials unless you don't have other options.