When you're hustling to build a business, you probably aren't thinking about retirement. Aren't 401(k) matching and HR departments making saving for your golden years seem like something reserved for corporate workers? As an entrepreneur, though, you're charting your own course.

However, ignoring retirement as a business owner can present unique challenges. In a recent study from Georgetown University's Center for Retirement Initiatives, 47% of U.S. workers over 18 were without a workplace retirement plan as of 2023. That's a staggering 59 million out of 125.6 million private sector workers. When you include the 23.4 million gig workers navigating non-traditional employment, the number of those without access soars to 82.4 million.

Regardless, you are not protected by automatic contributions or a traditional pension as an entrepreneur. The conventional retirement system wasn't designed to account for entrepreneurship's dynamic and often unpredictable nature.

So, where does this leave you? You are potentially vulnerable if you don't take control of your retirement. In the long run, it's about the sustainability of your entrepreneurial journey and the legacy you leave behind. So, let's explore why retirement planning is not a luxury, but an essential element of your entrepreneurial strategy.

Related: These Are the Expected Retirement Ages By Generation, From Gen Z to Boomers — and the Average Savings Anticipated. How Do Yours Compare?

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