If financial security is a four-legged stool, most contractors teeter on only one or two legs when it comes to retirement. That’s because our industry is sorely lacking in a retirement ethic. There’s not one contractor out of 10 in our industry that has a reasonable plan in place to finance retirement for himself, and certainly not for employees. If you talk about retirement plans with them, you see a puzzled look in their eyes. They either haven’t given it much thought, or the thought they’ve given fills them with dread.
Business owners deserve to spend their twilight years in comfort and without financial worries, but only a small percentage of them will. For many, it’s too late. But for contractors with a few decades to go before retirement age, consider the following advice.