How to prepare for retirement as a small business owner

The process of planning for retirement can be draining and uncomfortable but if done properly, you can retire at any age. [iStockphoto]

Retirement means different things to different people. To some, it is when they reach the maximum working age which on average is 65 years, while to others, it is when they have accumulated enough assets such that the returns from their investments meet all their expenses.

Financial independence after retirement requires planning and commitment. After spending most days of your working years creating wealth, sustaining yourself and taking care of your loved ones, cushioning your sunset years is the best gift you can reward yourself.