Income in Retirement: Owning a Business as a Part of Your Retirement Plan

The Principle:

Many folks come to us wondering the best way to ensure they have some form of income in retirement. Have you always dreamed about owning your own business? Or do you see the financial opportunity that owning a business could provide? How does that work alongside your retirement plans?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

When you were a young adult, the world was your oyster. You had less to worry about, less to fear, and maybe even a bit more fun. Now, your experiences shape your perspective and sometimes that causes inhibition. But does it have to?

As you get older you may have more knowledge and experience but are overly cautious about taking some risk or creating your own path to success. Some professionals want to work hard but then at the end of the day, clock out and go home. While others may be more open to thinking creatively to use their skills in a bigger way by building a business.

A business owner does not always have to be an inventor or work in a specific type of industry. Creating a strategy and leveraging the experience you have may allow for opportunities to own a business. A business will shift how you work, but may become an asset and a part of your retirement plan.

What Else Should We Consider:

Will owning a business keep you in the workforce longer than you wanted? Not necessarily. Sometimes having a business can provide some of the flexibility to take off but still work longer into retirement. Also, don’t assume the time to start a business has already passed you by. There are several strategies you could put into place to get a business started now, even in your 50s and 60s.

Listen to the entire episode or click on the timestamps below to hear specific segments.

[0:49] – When you’re young, you probably had less to worry about. 

[4:43] – How many people would actually leave the corporate world right now to make their own way?

[6:05] – If you want to take your work to the next level and build a business, you have to create a strategy.

[6:50] – A business can become a part of your retirement plan and long-term strategy to ensure you have a stream of income in retirement.

[8:18] – Does having a business prevent people from retiring when they want to?


Today’s Truth:


The Host:

Brian Bowen – Contact

owner business in retirement. Is it a good way to maintain a steady source of income in retirement? Brian bowen of integrity financial planning discusses the pros and cons