Retirement planning for business owners

Business owners are responsible for planning for their own retirement. Business owners are responsible for planning for their own retirement. This goes for everyone from entrepreneurs running a sole proprietorship or general partnership to managing director and majority shareholders. This is very important, because the earlier you start planning for retirement and accruing a pension, the better off you will be later on.
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Retirement planning for business owners

As you think about the future, you might be considering early retirement, gifting your business to your children, or selling it altogether. But what will your income look like in each of those situations? Will your current assets support the lifestyle you have in mind? You don’t want to be left relying solely on a state pension. You may also want to ensure your partner is financially secure in the event of your passing.

There are various ways to build income for later life, such as:

  • Saving
  • Investing
  • Building up a pension
  • Purchasing an annuity
  • Proceeds from your business

To make the right decisions and plan your retirement properly, it’s important to have insight into both your current and future income and asset position.Financial planning will give you just that.

Rien Pol
Rien Pol Senior belastingadviseur
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Understanding your income

A financial plan helps you understand whether your finances are already in order and can reveal potential risks, such as a pension gap. A good plan also takes into account changes in your personal life, legislation, and unforeseen setbacks. Together, we'll map out your personal situation by addressing questions such as:

  • Will your assets support your current lifestyle after retirement?
  • Is it wiser for you to build wealth or pay off debt?
  • What is your financial position in the event that you or your partner pass away or become disabled?
  • How is your will set up, and has it been optimised from a legal and fiscal perspective?
  • How is your business financed?
  • What would the tax implications be of selling your business, and are there ways to reduce or defer these tax payments?

Answers to these questions provide insight about your retirement plans, bringing the peace of mind and clarity you need to make sound decisions about your financial future.

Are your plans aligned with your needs?

As a managing director and majority shareholder, you may have built up a pension within your own company. The rules around this have changed significantly since 1 April 2017, which means that you are no longer allowed to build up a pension in your own company.

In 2023, broader options were introduced for private pension savings and annuities. In other words, there's good reason to reassess your financial plan and your future retirement income in particular. Together, we’ll look at aspects such as:

  • Your personal wishes, both now and for the future
  • Your retirement and/or survivor’s benefits
  • Other sources of income
  • Tax-efficient gifting opportunities
  • Will optimisation (e.g. for tax purposes).

Wondering whether your retirement plans are still up to date and aligned with the latest legislative changes? We’re happy to sit down with you to explore the options.

Start thinking about retirement today,

don't wait until after your 50th birthday!

We'd love to meet

Would you like to know how best to structure your retirement plans? Or whether your financial plans and projected pension income are still sufficient? Feel free to get in touch: we’re happy to discuss the possibilities with you.

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Rien Pol
Rien Pol Senior belastingadviseur More about Rien
Jacqueline Rijsbergen
Jacqueline Rijsbergen Senior belastingadviseur More about Jacqueline
Jan Bloodshoofd
Jan Bloodshoofd Senior belastingadviseur More about Jan
Annemarie Hulsman
Annemarie Hulsman Senior belastingadviseur More about Annemarie

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Asset structure
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