The provision nobody makes for you.
WHY IT IS NEGLECTED
The business feels like the plan.
WHY THAT IS RISKY
Businesses do not always sell, and they do not always survive.
WHAT TO ESTABLISH
What income you would need Over how long What would provide it
WHAT SOURCES MIGHT
A pension arrangement Investments Property Sale of the business Continued involvement at reduced intensity
WHY THE LAST ONE IS COMMON
Many owners never fully stop, by choice or necessity.
WHAT TO DO ABOUT PENSION ARRANGEMENTS
Establish whether the contributory scheme applies to you, and whether voluntary contributions are possible.
WHAT TO ESTABLISH
What arrangements are available to self-employed people and business owners.
WHY START EARLY
Time is the largest factor in what accumulates.
WHAT SMALL REGULAR AMOUNTS ACHIEVE
More than larger amounts started late.
WHAT TO AVOID
Deferring it until the business is successful Assuming a sale will fund it
WHY THAT SECOND ASSUMPTION IS DANGEROUS
Most small businesses cannot be sold for a meaningful amount.
WHAT MAKES A BUSINESS SALEABLE
Not depending on you Documented processes Transferable customer relationships Clean records
WHAT THAT IMPLIES
Building a saleable business is itself retirement planning.
WHAT TO REVIEW
Your position, annually.
WHAT TO ARRANGE
Advice from a licensed adviser.
