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SME owners have various options to consider when preparing for later life, including whether they can afford to retire at all, says Mike Carpenter

6 January 2014

Retirement planning is a key consideration for any small-business owner. Often eclipsed by more immediate concerns such as profitability and cash flow, it is an essential element of any SME’s long-term strategy.

Although a wide range of retirement options exist, their availability varies greatly based on factors such as the owner’s future plans for the business, how much time they have before they retire and what arrangements have been made for succession planning. Advisers must help SME owners to consider each of these factors individually before deciding on a retirement strategy.

Before any plan can be put into place, advisers should identify when their clients expect to retire and establish how much money they will need. The current UK pension age – 65 for men and 60 for wom...

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