WFG: For Small Business Owners, Retiring Means Careful Planning

PHILADELPHIA, PA, October 04, 2012

According to a recent survey from The American College, small business owners are, generally speaking, better at gearing up for a new endeavor than they are at winding one down. The new data finds that many small business owners are so devoted to growing and expanding their companies that they fail to put the proper planning into their own retirement--a sobering reality that has won a comment from World Financial Group. World Financial Group, or WFG, is a company that provides retirement planning services to individuals all over North America, including countless small business owners. WFG has responded to the report with a new press statement.

As for the report itself, The American College finds that as many as 40 percent of small business owners do not have any kind of personal pension plan or retirement savings in place. What is more, 75 percent do not have any written plan, documenting how they plan to retire. When it comes to preparing for their own retirement years, the study observes, small business owners tend to be well behind the curve.

The article notes that, in many cases, this lack of retirement planning stems from how busy these entrepreneurs are with developing their business. As a result of the hustle and bustle of daily business ownership, personal retirement planning is placed on a backburner. Nevertheless, the article advises business owners to ensure that they have personal retirement savings in place, outside of their business assets.

In its new statement to the press, WFG expresses agreement.

In fact, WFG advises that having a retirement plan in place is important not just for ensuring that the business owner can enjoy his or her twilight years, but also to offer a way out, should something unexpected happen and the business fail to survive. "Having a written retirement plan included in the business' exit strategy provides a solid foundation in case unexpected events occur," confirms the WFG press statement. "It's easier to strategize at the beginning, for peace of mind, than it is after an unlikely event happens."

The article itself makes note of several different options that small business owners have at their disposal, including numerous kinds of retirement savings plan. The main takeaway offered by the article, however, is that business owners should invest not just in their businesses, but in themselves. The article notes that, while it is possible to sell the business in order to fund one's retirement, this can prove extremely risky, and it is advised that small business owners have other options on the table.

WFG is a North American company that offers services in retirement and college planning, in addition to life insurance.

About World Financial Group:

World Financial Group (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. WFG's independent associates, located throughout the United States and Canada, strive to help individuals and families often overlooked by the financial services industry to plan for their financial futures, advocating the power of choice for clients through agreements with several of the financial and insurance industries' leading companies.

WFG is a business unit of the Life and Protection Division of Transamerica Life Insurance Company. The Transamerica companies offer a wide array of innovative financial services and products with a common purpose: to help individuals, families, and businesses build, protect and preserve their hard-earned assets. With more than a century of experience, Transamerica has built a solid reputation on solid management, sound decisions and consumer confidence. For more information, visit www.transamerica.com.

World Financial Group Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517, PO Box 100035, Johns Creek, GA 30096-9403. Phone: 770.453.9300. www.WorldFinancialGroup.com