Virtually everyone dreams of a secure retirement, and this includes small business owners.

The problem for such individuals, however, lies in the fact that many small business owners depend on actually working to make a living.

While some companies or governmental organizations provide pensions and guaranteed retirement plans, owning a small business may not afford such a luxury.

In fact, many small business owners are not nearly as well-off as the public might think.

Why Are Small Business Owners Adversely Affected?

One of the biggest problems faced by small business owners when it comes to retirement is that they do not have access to big business retirement investments.

A small business owner may work for many years to make a meager living, all the while; his or her high costs of operation may keep the prospects of investing in the future low.

For example, you may think that someone who owns a worldwide franchise is making tons of cash, but in all likelihood, the money that is made goes right back into the business.

As a result, many small business owners find themselves in the position of employees, unable to retire without working.

How to Break This Cycle

In the article, “4 Tips for Creating Retirement Income Streams,” the author discusses a variety of ideas for small business owners to retire with confidence.

First and foremost, it’s about planning.

While you may not receive investment opportunities, such as 410(k) options, from an employer, you can still plan and invest in options that will pay off later.

Also, you may want to put off retirement in order to gain access to additional funds.

Currently, if you wait until the age of 70 to access Social Security benefit, you could see a substantial rise in the amount of money you receive each month.

Invest in Annuities

Finally, now may be a good time to take a look at investing in annuities.

An annuity is a program in which you pay in money, and after leaving the program, typically after a period of time has passed or an investment minimum has been met, you can receive a cash payout for life or for a set amount of time.

To learn more about annuities and how they will affect your business and your future, consult with a financial advisor.

About the Author: Andrew Rusnak is an author who writes on topics that include retirement income strategies and small business development.