Even if you think you'll keep working in your business until you die, preparing a financial cushion in the event of disability or business disaster is a wise move. Another 23 percent must work to supplement their income from savings or Social Security. Nearly three-quarters depend solely on a combination of Social Security, welfare and relatives.
Procrastination is the entrepreneur's worst enemy when it comes to retirement planning.
Many business owners think they'll simply sell their business to cash out for a comfortable retirement, but that's not always as easy or feasible as planned. You never know how much you'll get if you sell the business. Maybe technology changes and the business is worth nothing. Valuation of a business, structuring for maximum value and finding buyers are time-consuming and require expert advice. Many businesses, inextricably tied to the owner's contacts, sales and marketing ability, have little or no value once that person is no longer in the picture.