Too many Americans are neglecting retirement planning and building up the funds in their retirement accounts. Fortunately, thousands of workers are finally realizing the importance of saving, investing and planning for long retirements. Unfortunately, this is not true for small business owners. Small business owners tend to focus on the viability and growth of their business, ignoring much else, including their long-term financial needs.

The owners of small companies often face retirement planning pitfalls. A comprehensive, sustainable retirement plan is key to a secure retirement, but in many cases, other issues are taking priority over retirement savings. Many small business owners have put retirement savings on the back burner as they focus on stabilizing and expanding their businesses. Small business owners typically invest an average of 70 percent of their wealth in their growing companies, according to data from a recent Business and Financial Planning Survey by the Financial Planning Association and CNBC.

The study showed that 94 percent of financial planners have discussed the issue of succession planning with their clients, typically no later than the first major business expansion, but 47 percent of advisors reported that only a fifth of their small business clients had any succession plan at all. The consuming nature of running a small company prevents most owners from focusing on their future. According to the survey, 42 percent of owners polled said that developing a retirement plan and exit strategy was their most pressing financial challenge. The trick is to find a balance between their personal and professional money goals.

Fortunately, the small business owners do provide for their employees’ retirement needs. In 2014, 59 percent of small companies offered their workers employee-funded 401(k)s and other plans. Small business employees are increasingly optimistic regarding their retirement planning, according to a 2014 survey from the TransAmerica Center for Retirement Studies. Of the small business workers polled, 60 percent reported that they were “very confident” or “somewhat confident” that they would be able to retire comfortably and 49 percent strongly agreed or somewhat agreed that they’re can build large enough nest eggs to last through their retirement years.

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