{"id":16886,"date":"2024-04-17T11:43:50","date_gmt":"2024-04-17T16:43:50","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=16886"},"modified":"2024-04-17T11:43:50","modified_gmt":"2024-04-17T16:43:50","slug":"a-small-business-owners-guide-to-retirement-planning","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/a-small-business-owners-guide-to-retirement-planning","title":{"rendered":"A Small Business Owner\u2019s Guide to Retirement Planning"},"content":{"rendered":"<p><b>Retirement planning is a cornerstone of financial security, yet for small business owners with big responsibilities, it can often seem like an unreachable goal.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With the complexities of managing operations, handling finances, and striving for growth, planning for retirement can easily take a back seat as a business owner. However, neglecting <\/span><a href=\"https:\/\/johnsonwim.com\/iowa-fiduciary-services-part-3-retirement-planning\"><span style=\"font-weight: 400;\">retirement planning<\/span><\/a><span style=\"font-weight: 400;\"> can have significant consequences, such as jeopardizing your retirement years,<\/span> <span style=\"font-weight: 400;\">and even the financial future of your heirs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019ve decided to take the leap as a later-life entrepreneur or you\u2019ve been running a family business for generations, it&#8217;s crucial to take proactive steps toward financially securing your golden years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This comprehensive guide will help you navigate the intricacies of retirement planning specifically tailored to <\/span><a href=\"https:\/\/johnsonwim.com\/retirement-planning-for-small-business-owners-in-iowa\"><span style=\"font-weight: 400;\">small business owners<\/span><\/a><span style=\"font-weight: 400;\">. Let\u2019s get started.<\/span><\/p>\n<h3><b>Understanding Your Retirement Options<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As a small business owner, you have several retirement planning options to choose from, each with its own benefits and considerations. Common options include:<\/span><\/p>\n<h4><b>Simplified Employee Pension (SEP) IRA: <\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This plan allows you to contribute to your own retirement account as well as those of your employees. Contributions are <\/span><a href=\"https:\/\/johnsonwim.com\/maximize-your-savings-tax-deductibility-tips-for-business-owners\"><span style=\"font-weight: 400;\">tax-deductible<\/span><\/a><span style=\"font-weight: 400;\"> and the plan is easy to set up and administer, making it a popular choice for small businesses.<\/span><\/p>\n<h5><b>Advantages<\/b><\/h5>\n<ul>\n<li><b>Simplicity &amp; Flexibility:<\/b><span style=\"font-weight: 400;\"> SEP IRAs can require less maintenance than a <\/span><a href=\"https:\/\/johnsonwim.com\/breaking-down-all-things-401k\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\">, and annual contributions aren\u2019t mandatory.<\/span><br \/>\n<span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-16896 alignright\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/1-2-200x300.png\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/1-2-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/1-2-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/1-2-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/1-2.png 800w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/span><\/li>\n<li><b>Tax Advantages:<\/b><span style=\"font-weight: 400;\"> Business owners can deduct contributions made to their SEP IRA and those to employees&#8217; accounts, while potential growth remains<\/span><a href=\"https:\/\/johnsonwim.com\/iowa-fiduciary-services-part-5-tax-options\"><span style=\"font-weight: 400;\"> tax-deferred<\/span><\/a><span style=\"font-weight: 400;\">. Withdrawals are taxable as ordinary income, including during retirement. Since 2023, owners and employees may opt for Roth contributions, offering <\/span><a href=\"https:\/\/johnsonwim.com\/tax-diversification-strategies\"><span style=\"font-weight: 400;\">tax-free distributions<\/span><\/a><span style=\"font-weight: 400;\"> if requirements are met.<\/span><\/li>\n<li><b>Tax Credits:<\/b><span style=\"font-weight: 400;\"> Small business owners may get a <\/span><a href=\"https:\/\/johnsonwim.com\/tax-planning-strategies-for-retirees\"><span style=\"font-weight: 400;\">tax credit<\/span><\/a><span style=\"font-weight: 400;\"> for the startup costs of small employer plans. Up to 100% of qualified costs over three years are eligible. Employers with up to 50 employees can receive a 100% credit, while those with 51 to 100 employees may get a 50% credit. Costs include plan setup, administration, and employee education. An extra credit of up to $1,000 per employee based on employer contributions may apply. The full extra credit applies to employers with up to 50 employees, phasing out for those with 51 to 100 employees, with exceptions based on employee wages.<\/span><\/li>\n<\/ul>\n<p><b style=\"font-size: 1.2em; font-style: inherit;\">Disadvantages<\/b><\/p>\n<ul>\n<li><b>Immediate Vesting: <\/b><span style=\"font-weight: 400;\">This type of plan does not allow business owners to require that employees work for a certain number of years before their contributions are vested, so it does not provide as much of an incentive to stick with the company as plans like <\/span><a href=\"https:\/\/johnsonwim.com\/breaking-down-all-things-401k\"><span style=\"font-weight: 400;\">401(k)s<\/span><\/a><span style=\"font-weight: 400;\"> do, where such requirements are allowed. With a SEP <\/span><a href=\"https:\/\/johnsonwim.com\/three-ways-to-demystify-iras\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\">, contributions become 100% vested immediately.<\/span><\/li>\n<\/ul>\n<h4><b>SIMPLE IRA: <\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The SIMPLE <\/span><a href=\"https:\/\/johnsonwim.com\/three-ways-to-demystify-iras\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\"> is tailored for sole proprietors and small businesses with 100 or fewer employees, offering a cost-efficient <\/span><a href=\"https:\/\/johnsonwim.com\/how-to-help-maximize-returns-from-your-retirement-savings-accounts\"><span style=\"font-weight: 400;\">retirement savings<\/span><\/a><span style=\"font-weight: 400;\"> option. Business owners should stay updated on IRS contribution limits, which can change yearly. Employers must make annual contributions, choosing between a 100% matching contribution of up to 3% of employee compensation or a nonelective contribution of 2% of compensation. <\/span><a href=\"https:\/\/johnsonwim.com\/helping-protect-your-retirement-investments\"><span style=\"font-weight: 400;\">Investment options<\/span><\/a><span style=\"font-weight: 400;\"> typically include stocks, bonds, ETFs, and mutual funds, varying by <\/span><a href=\"https:\/\/johnsonwim.com\/three-ways-to-demystify-iras\"><span style=\"font-weight: 400;\">IRA <\/span><\/a><span style=\"font-weight: 400;\">provider.<\/span><\/p>\n<h5><strong>Advantages<\/strong><\/h5>\n<ul>\n<li><b>Cost &amp; Easy Setup: <span style=\"font-weight: 400;\">Plan setup or administrative fees for a SIMPLE <\/span><a href=\"https:\/\/johnsonwim.com\/animations\/iras\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\"> vary by provider, though some companies don\u2019t charge for this. SIMPLE IRAs generally require less administrative upkeep than<\/span><\/b><span style=\"font-weight: 400;\">\u00a0<\/span><a href=\"https:\/\/johnsonwim.com\/breaking-down-all-things-401k\"><span style=\"font-weight: 400;\">401(k)s<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><b>Tax Advantages: <\/b><span style=\"font-weight: 400;\">Business owners and their employees may be able to elect for SIMPLE IRA contributions to be made on a Roth (after-tax) basis when contributed and <\/span><a href=\"https:\/\/johnsonwim.com\/tax-diversification-strategies\"><span style=\"font-weight: 400;\">tax-free qualified distributions<\/span><\/a><span style=\"font-weight: 400;\"> provided applicable requirements are satisfied.<\/span><\/li>\n<li><b>Tax Credits: <\/b><span style=\"font-weight: 400;\">Small business owners can benefit from a <\/span><a href=\"https:\/\/johnsonwim.com\/tax-planning-strategies-for-retirees\"><span style=\"font-weight: 400;\">tax credit<\/span><\/a><span style=\"font-weight: 400;\"> for startup costs of employer plans. Up to 100% of qualified costs may receive a three-year credit, with 100% for employers with up to 50 employees and 50% for those with 51 to 100 employees. These costs cover plan setup, administration, and employee education. An extra credit of up to $1,000 per employee based on employer contributions may apply, with full credit for employers with up to 50 employees and phased out for those with 51 to 100 employees. Exceptions apply based on employee wages.<\/span><\/li>\n<\/ul>\n<h5><b>Disadvantages<\/b><\/h5>\n<ul>\n<li><b>Relatively Lower Contributions Limit Than a 401(k): <\/b><span style=\"font-weight: 400;\">If a business owner and their employees wish to maximize the money they <\/span><a href=\"https:\/\/johnsonwim.com\/tips-for-building-your-retirement-fund\"><span style=\"font-weight: 400;\">save for retirement<\/span><\/a><span style=\"font-weight: 400;\"> and potentially reduce their <\/span><a href=\"https:\/\/johnsonwim.com\/tax-planning-strategies-for-retirees\"><span style=\"font-weight: 400;\">tax benefits<\/span><\/a><span style=\"font-weight: 400;\">, other plan options may be more beneficial for the business. The pre-tax salary deferral limits in a <\/span><a href=\"https:\/\/johnsonwim.com\/breaking-down-all-things-401k\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\"> are higher.<\/span><\/li>\n<li><b>Eligibility Requirements: <\/b><span style=\"font-weight: 400;\">Small business owners are generally not permitted to make contributions to a SIMPLE <\/span><a href=\"https:\/\/johnsonwim.com\/animations\/iras\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\"> plan if they contributed to any other qualified plan in the same year. An employer generally cannot maintain a SIMPLE <\/span><a href=\"https:\/\/johnsonwim.com\/animations\/iras\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\"> if it has more than 100 employees with $5,000 or more in compensation during the preceding calendar year.<\/span><\/li>\n<\/ul>\n<h4><b>Solo 401(k):<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Designed for self-employed individuals without employees, a Solo <\/span><a href=\"https:\/\/johnsonwim.com\/factors-to-consider-before-cashing-out-your-401k\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\"> allows you to contribute as both an employer and an employee, potentially allowing for higher contribution limits\u00a0compared to other <\/span><a href=\"https:\/\/johnsonwim.com\/considerations-when-building-a-retirement-plan\"><span style=\"font-weight: 400;\">retirement plans<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h5><strong><img decoding=\"async\" class=\"size-medium wp-image-16897 alignleft\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/2-2-200x300.png\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/2-2-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/2-2-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/2-2-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/2-2.png 800w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>Advantages<\/strong><\/h5>\n<ul>\n<li><b>Tax Advantages: <\/b><span style=\"font-weight: 400;\">Sole proprietors can make pre-tax elective deferrals up to the annual limit, reducing both personal and company <\/span><a href=\"https:\/\/johnsonwim.com\/how-much-of-my-money-should-produce-income\"><span style=\"font-weight: 400;\">taxable income<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><a href=\"https:\/\/johnsonwim.com\/exploring-alternative-investment-options\"><span style=\"font-weight: 400;\">Investment growth<\/span><\/a><span style=\"font-weight: 400;\"> within the solo <\/span><a href=\"https:\/\/johnsonwim.com\/factors-to-consider-before-cashing-out-your-401k\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\"> is <\/span><a href=\"https:\/\/johnsonwim.com\/tax-diversification-strategies\"><span style=\"font-weight: 400;\">tax-deferred<\/span><\/a><span style=\"font-weight: 400;\">. Additionally, they can opt for a Roth <\/span><a href=\"https:\/\/johnsonwim.com\/factors-to-consider-before-cashing-out-your-401k\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\"> setup, where contributions are after-tax but earnings aren&#8217;t taxed upon qualified withdrawals after age 59\u00bd, disability, or death, provided five years have passed since the first contribution.<\/span><\/li>\n<li><b>Borrowing:<\/b><span style=\"font-weight: 400;\"> If the plan allows for this option, they may be able to borrow from their plan account.<\/span><\/li>\n<li><b>Early Withdrawals:<\/b><span style=\"font-weight: 400;\"> In certain situations, such as a qualified birth or adoption or a\u00a0<a href=\"https:\/\/johnsonwim.com\/financial-tips-for-international-day-of-disaster-reduction\">qualified disaster distribution,<\/a> it is possible to take an early withdrawal from a solo <a href=\"https:\/\/johnsonwim.com\/factors-to-consider-before-cashing-out-your-401k\">401(k) plan<\/a> account without owing any additional tax. However, sole proprietors will have to pay <a href=\"https:\/\/johnsonwim.com\/iowa-fiduciary-services-part-5-tax-options\">taxes<\/a> at their current tax rate to do so.<\/span><\/li>\n<\/ul>\n<h5><b>Disadvantages<\/b><\/h5>\n<ul>\n<li><b>Paperwork: <\/b><span style=\"font-weight: 400;\">Over time, administering a plan can require a fair amount of paperwork, including filing Form 5500 annually with the<\/span><a href=\"https:\/\/johnsonwim.com\/national-clean-up-your-irs-act-month-tips-for-tax-season\"><span style=\"font-weight: 400;\"> IRS <\/span><\/a><span style=\"font-weight: 400;\">and Department of Labor when the plan\u2019s total assets and the assets of other one-participant plans at the end of the plan year are more than $250,000.<\/span><\/li>\n<\/ul>\n<h4><b>Small Business 401(k): <\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This is a <\/span><a href=\"https:\/\/johnsonwim.com\/every-iowa-retirement-plan-should-include-these-four-steps\"><span style=\"font-weight: 400;\">retirement savings plan<\/span><\/a><span style=\"font-weight: 400;\"> tailored for businesses with fewer than 100 employees. It offers employees the opportunity to make pre-tax contributions, and employers may choose to match contributions, providing <\/span><a href=\"https:\/\/johnsonwim.com\/get-the-inside-scoop-on-retirement-taxes-in-iowa\"><span style=\"font-weight: 400;\">tax advantages <\/span><\/a><span style=\"font-weight: 400;\">for both parties.<\/span><\/p>\n<h5><b>Advantages<\/b><\/h5>\n<ul>\n<li><b>Tax Advantages: <\/b><span style=\"font-weight: 400;\">Employer contributions to a 401(k) plan are deductible up to 25% of aggregate employee compensation for the <\/span><a href=\"https:\/\/johnsonwim.com\/now-is-the-time-to-kickstart-your-tax-planning-strategy\"><span style=\"font-weight: 400;\">tax year<\/span><\/a><span style=\"font-weight: 400;\">, considering only a capped amount of compensation per employee. The capped amount is specified in the federal tax code and adjusted annually by the <\/span><a href=\"https:\/\/johnsonwim.com\/national-clean-up-your-irs-act-month-tips-for-tax-season\"><span style=\"font-weight: 400;\">IRS<\/span><\/a><span style=\"font-weight: 400;\">. In addition, certain administrative costs and other plan expenses may be deductible.<\/span><\/li>\n<li><b>Tax Credits: <\/b><span style=\"font-weight: 400;\">Small business owners can access a <\/span><a href=\"https:\/\/johnsonwim.com\/iowa-fiduciary-services-part-5-tax-options\"><span style=\"font-weight: 400;\">tax credit<\/span><\/a><span style=\"font-weight: 400;\"> for startup costs of small employer plans from January 1, 2023. Up to 100% of qualified startup costs may receive a three-year credit, with 100% for employers with up to 50 employees and 50% for those with 51 to 100 employees. Costs cover plan setup, administration, and employee education, with a potential additional credit of up to $1,000 per employee based on employer contributions to eligible plans. Exceptions apply based on employee wages.<\/span><\/li>\n<\/ul>\n<h5><b>Disadvantages<\/b><\/h5>\n<ul>\n<li><b>Paperwork: <\/b><span style=\"font-weight: 400;\">The potential downside of a 401(k) is that it does require some administrative work. For instance, plans must perform certain annual tests to make sure the contributions made and <\/span><a href=\"https:\/\/johnsonwim.com\/thebenefitofsimplicity\"><span style=\"font-weight: 400;\">benefits<\/span><\/a><span style=\"font-weight: 400;\"> under the plan do not discriminate in favor of highly compensated employees. Many small businesses hire a third-party administrator to help keep up with<\/span><a href=\"https:\/\/johnsonwim.com\/national-clean-up-your-irs-act-month-tips-for-tax-season\"><span style=\"font-weight: 400;\"> IRS requirements<\/span><\/a><span style=\"font-weight: 400;\">, which adds to the cost of managing the plan.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>Creating a Retirement Savings Plan as a Small Business Owner<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"size-medium wp-image-16898 alignright\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/3-2-200x300.png\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/3-2-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/3-2-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/3-2-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/3-2.png 800w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>As a team of experienced Fiduciaries<\/span><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/johnsonwim.com\/\"><span style=\"font-weight: 400;\">Johnson Wealth and Income Management<\/span><\/a><span style=\"font-weight: 400;\"> understands the importance of a strategic approach for business owners preparing for retirement. Here are the essential steps we recommend for creating a comprehensive <\/span><a href=\"https:\/\/johnsonwim.com\/new-retirement-savings-rule-putting-your-interests-first\"><span style=\"font-weight: 400;\">retirement savings plan<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><b>Set Achievable Retirement Goals:<\/b><span style=\"font-weight: 400;\"> The first step in every <\/span><a href=\"https:\/\/johnsonwim.com\/financial-planning-for-a-longer-retirement\"><span style=\"font-weight: 400;\">effective retirement plan<\/span><\/a><span style=\"font-weight: 400;\"> is setting goals. This includes determining your desired retirement age, savings target, lifestyle preferences, etc. Consider potential scenarios, such as selling your business or a decrease in business income. Utilize tools like retirement calculators or consult a <\/span><a href=\"https:\/\/johnsonwim.com\/5-life-events-your-financial-advisor-can-help-you-with\"><span style=\"font-weight: 400;\">financial advisor<\/span><\/a><span style=\"font-weight: 400;\"> to assess your needs. Early planning can help determine the most suitable <\/span><a href=\"https:\/\/johnsonwim.com\/how-to-help-prepare-for-an-unpredictable-retirement\"><span style=\"font-weight: 400;\">retirement strategy<\/span><\/a><span style=\"font-weight: 400;\"> to achieve your financial objectives.<\/span><\/li>\n<li><b>Assess Your Business\u2019s Values: <\/b><span style=\"font-weight: 400;\">Recognize that your business is a valuable asset that can significantly impact your <\/span><a href=\"https:\/\/johnsonwim.com\/how-to-help-prepare-for-an-unpredictable-retirement\"><span style=\"font-weight: 400;\">retirement strategy<\/span><\/a><span style=\"font-weight: 400;\">. Conduct a thorough assessment of your business&#8217;s value, considering factors such as <\/span><a href=\"https:\/\/johnsonwim.com\/navigating-inflations-impact-on-retirement\"><span style=\"font-weight: 400;\">market trends<\/span><\/a><span style=\"font-weight: 400;\">, asset valuation, and potential sales strategies. Consider seeking guidance from <\/span><a href=\"https:\/\/johnsonwim.com\/5-life-events-your-financial-advisor-can-help-you-with\"><span style=\"font-weight: 400;\">financial professionals<\/span><\/a><span style=\"font-weight: 400;\"> to help navigate the complexities of selling your business and mitigate tax implications.<\/span><\/li>\n<li><b>Develop a Succession Plan: <\/b><span style=\"font-weight: 400;\">It\u2019s essential to create an exit strategy for when you retire. This could mean identifying successors and creating outlines for a smooth transition process. Consider providing training and mentorship opportunities for your successor and formalizing business practices to help ensure continuity in operations.<\/span><\/li>\n<li><b>Diversify Your Investments: <\/b><span style=\"font-weight: 400;\">Protect your retirement savings by diversifying your <\/span><a href=\"https:\/\/johnsonwim.com\/balancing-risk-and-returns-in-your-retirement-portfolio\"><span style=\"font-weight: 400;\">investment portfolio<\/span><\/a><span style=\"font-weight: 400;\"> across various assets and savings vehicles. Adjust your <\/span><a href=\"https:\/\/johnsonwim.com\/unmistakable-risks-and-opportunities\"><span style=\"font-weight: 400;\">risk tolerance as you approach retirement<\/span><\/a><span style=\"font-weight: 400;\"> age to safeguard your hard-earned gains and prioritize stable investments such as mutual funds, ETFs, and bonds.<\/span><\/li>\n<li><b>Regularly Review and Make Adjustments:\u00a0 <\/b><span style=\"font-weight: 400;\">Life is dynamic, and your retirement plan should evolve accordingly. Regularly review and update your <\/span><a href=\"https:\/\/johnsonwim.com\/winter-is-coming-protecting-your-retirement-plan\"><span style=\"font-weight: 400;\">retirement strateg<\/span><\/a><span style=\"font-weight: 400;\">y to reflect changes in your circumstances, financial goals, and <\/span><a href=\"https:\/\/johnsonwim.com\/charting-your-course-retirement-resilience-in-volatile-times\"><span style=\"font-weight: 400;\">market conditions<\/span><\/a><span style=\"font-weight: 400;\">. Stay proactive in making necessary adjustments to help ensure your <\/span><a href=\"https:\/\/johnsonwim.com\/the-top-10-myths-about-retirement-planning\"><span style=\"font-weight: 400;\">retirement plan<\/span><\/a><span style=\"font-weight: 400;\"> remains aligned with your aspirations.<\/span><\/li>\n<\/ul>\n<h3><b>How Johnson Wealth and Income Management Can Help<\/b><\/h3>\n<p><a href=\"https:\/\/johnsonwim.com\/\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-16899 alignleft\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/4-2-200x300.png\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/4-2-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/4-2-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/4-2-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/04\/4-2.png 800w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>Johnson Wealth and Income Management<\/span><\/a><span style=\"font-weight: 400;\"> understands the unique challenges and opportunities that small business owners in Iowa face when planning for retirement. <\/span><a href=\"https:\/\/johnsonwim.com\/about\"><span style=\"font-weight: 400;\">Our dedicated team<\/span><\/a><span style=\"font-weight: 400;\"> is experienced\u00a0in tailoring comprehensive retirement plans that address the specific needs and goals of small business owners. We <\/span><a href=\"https:\/\/johnsonwim.com\/services\"><span style=\"font-weight: 400;\">offer personalized guidance<\/span><\/a><span style=\"font-weight: 400;\"> to assess your current financial situation, set achievable retirement goals, and develop a strategic savings and investment strategy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you&#8217;re considering selling your business, creating a succession plan, or maximizing retirement savings options, we provide advice and support every step of the way. With <\/span><a href=\"https:\/\/johnsonwim.com\/about\"><span style=\"font-weight: 400;\">Johnson Wealth and Income Management<\/span><\/a><span style=\"font-weight: 400;\">, you can navigate the complexities of retirement planning with confidence, knowing that your financial future is in capable hands.<\/span><\/p>\n<p><a href=\"https:\/\/johnsonwim.com\/contact\"><span style=\"font-weight: 400;\">Contact us today to schedule a complimentary consultation.\u00a0<\/span><\/a><\/p>\n<hr \/>\n<p><small>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Source. The Retirement Income Source and Sound Income Strategies LLC are associated entities. \u00a9 2023 Sound Income Strategies.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retirement planning is a cornerstone of financial security, yet for small business owners with big responsibilities, it can often seem like an unreachable goal. With the complexities of managing operations, handling finances, and striving for growth, planning for retirement can easily take a back seat as a business owner. However, neglecting retirement planning can have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[186,147,151,82,639,148,28,607,38,43,30,638,608,402,637,45],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Small Business Owner\u2019s Guide to Retirement Planning - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/a-small-business-owners-guide-to-retirement-planning\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Small Business Owner\u2019s Guide to Retirement Planning - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"Retirement planning is a cornerstone of financial security, yet for small business owners with big responsibilities, it can often seem like an unreachable goal. 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