Small Business Owners · South Elgin, IL
Retirement Planning for Small Business Owners
Your business is a big part of your wealth, but it shouldn't be your whole retirement plan. Brian Lee helps owners save, protect what they've built and plan their exit.
Helping business owners retire faster and better
Your Business Is Not Your Retirement Plan
Owners pour everything into the business, and personal planning often waits. Brian Lee works with business owners in South Elgin, Elgin, St. Charles, Geneva and the Fox Valley to build wealth outside the business, too.
Separate business and personal wealth: don't count on a sale as your only exit strategy.
Use tax-advantaged accounts: SEP IRAs, Solo 401(k)s and SIMPLE IRAs can lower taxes while growing savings.
Have an exit plan: sale, succession or closure, plan what comes next.
Fix the pitfalls
5 Retirement Surprises Business Owners Can Avoid
Fix the pitfalls that can put your retirement and financial future at risk.
01
Counting on the Sale
A sale can take longer and bring in less than you expect. Build savings outside the business so your retirement doesn't depend on one deal.
02
Missing Tax-Advantaged Savings
Owners can often save more, with bigger tax breaks, through the right retirement plan. Many never set one up.
03
No Exit or Succession Plan
Without a plan for who takes over, or when to sell, you may be forced into decisions on someone else's timeline.
04
Healthcare Before Medicare
Leaving the business can mean leaving your coverage. Plan for premiums and costs until you're eligible for Medicare.
05
Unprotected Income
Illness, injury or the loss of a key person can hurt both the business and your family. Disability and life insurance protect both.
Retirement plans for owners
Choose the Right Plan for Your Business
Each plan has different contribution limits, costs and rules for employees. Brian helps you compare them.
SEP IRA
Simple to set up and run. Contributions are made by the business and can be a percentage of pay, which suits owners with few or no employees.
Solo 401(k)
For self-employed owners with no employees other than a spouse. Lets you contribute as both employer and employee, often allowing higher savings.
SIMPLE IRA
A low-cost option for small businesses with employees. Employees can defer part of their pay, and the business makes a matching or fixed contribution.
Retirement Readiness Quiz
How Ready Are You for Retirement?
Answer these seven statements honestly to see where your plan stands.
Score one point for every resounding “Yes”
“Probably” or “not sure” doesn't count.
1
I have a retirement investment plan based on my future needs, with enough savings for both the things I need and the things I want to do.
2
My investment portfolio is reviewed regularly to adjust for risk, so my exposure to big market swings is managed.
3
My retirement investments are structured to reduce the impact of things that could lower my income.
4
I know the right time to draw on my retirement savings and how to avoid early withdrawal penalties and extra taxes.
5
I know which debts to reduce or pay off to maximize my retirement income, and I have a plan to get there.
6
I've chosen the best age to start Social Security, based on my whole plan, to maximize my lifetime benefits.
7
I have a spending plan for early retirement, so I know how much I can spend without risking hardship later.
What Your Score Means
6–7 points
Congratulations. You've done a lot of the essential work to make sure your retirement income meets your needs and lasts. There may still be ways to increase the income from your portfolio, so review it as the economy changes.
4–5 points
Good job. You've done a lot of planning for your dream retirement. There are just a few gaps to address to maximize your monthly income and protect your portfolio for life.
0–3 points
The good news is there are still many decisions you can make to get the retirement you really want. You can build a plan now and stop worrying about how you'll afford it. Help is here.
Protect what you've built
Protection for You and Your Business
Disability Insurance
Replace part of your income if illness or injury keeps you from working.
Disability insurance →
Life Insurance
Protect your family and help fund a buy-sell agreement or key person coverage.
Life insurance →
Long-Term Care
Plan for care costs so they don't drain the wealth you've built.
Long-term care →
Areas we serve
Retirement Planning for Business Owners in South Elgin, IL
Brian Lee helps small business owners in South Elgin, Elgin, St. Charles, Geneva and the Fox Valley set up retirement plans, protect their business and plan an exit. Meetings are available online or by phone.
South Elgin, IL
Elgin, IL
St. Charles, IL
Geneva, IL
Batavia, IL
Bartlett, IL
Streamwood, IL
West Chicago, IL
Carol Stream, IL
Carpentersville, IL
Algonquin, IL
Lake in the Hills, IL
Schaumburg, IL
Hoffman Estates, IL
Huntley, IL
Wheaton, IL
North Aurora, IL
Warrenville, IL
Naperville, IL
Crystal Lake, IL
FAQ
Business Owner Retirement Questions
Straight answers to common questions from small business owners.
Ask Brian a QuestionWhat is the best retirement plan for a small business owner?
It depends on your income, whether you have employees and how much you want to save. A SEP IRA is simple, a Solo 401(k) often allows the most savings for owners without employees, and a SIMPLE IRA works well for small teams. Brian can compare them for your situation.
Can I rely on selling my business to fund retirement?
It's risky to depend on it alone. A sale may take longer, or bring in less, than you expect. Building savings outside the business gives you more options and a safety net.
When should I start an exit or succession plan?
Ideally years before you plan to leave. Early planning gives you time to increase the value of the business, prepare a successor and manage the taxes on a sale.
How do I protect my business if something happens to me?
Disability insurance protects your income, and life insurance can fund a buy-sell agreement or cover the loss of a key person, so the business and your family are protected.
Do you work with business owners outside South Elgin?
Yes. Brian works with owners across the Fox Valley and western suburbs, including Elgin, St. Charles, Geneva, Batavia, Schaumburg and Naperville. Meetings are held online or by phone.
Plan Your Retirement Beyond the Business
Book a free consultation with Brian Lee, online or by phone.
