Mistakes Entrepreneurs Make When Planning for Retirement

Starting and operating a business isn’t the easiest path to take to success. It’s one that’s fraught with risk, particularly for the long-term financial health of the entrepreneur. For the young, it’s usually a risk worth taking. For older entrepreneurs, however, the realities that come with age and outside responsibilities make starting a new venture much more of a gamble.
Despite the risks, though, members of the baby boomer generation are still twice as likely to take the plunge into a new business venture than their younger peers. Some of that comes from the confidence born from years of success in previous ventures, and a desire to finally exercise some control over their professional lives. In either case, jumping into a new business with both feet at an advanced age takes some skillful planning to ensure a successful path to retirement. If you’re in that position, here are the three biggest mistakes that entrepreneurs make when planning for retirement, so you’ll know what to avoid.
Mistake