Retirement planning is always a crucial aspect of your money management both for short-term and long-term financial goals. However, if you are a business owner, all of your funds and resources often go into keeping your company afloat and growing as opposed to other sustainable investments.

Unlike salaried employees who might have the benefit of employer-sponsored retirement plans, as a business owner, you must proactively design and implement your retirement strategies.

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Here are some key takeaways as to why retirement planning is essential for business owners and how they can navigate this complex but vital process:

Here are some key retirement planning strategies for ambitious business owners.

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Once you hit age 50, or well before that in many cases, how you've been saving for retirement and what you have in your accounts is pitted against skyrocketing housing markets, a volatile stock market and general cost-of-living increases.

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If you own a business it seems like you have to prepare all possible outcomes and hope what you have is enough to last you through your golden years.

To put your best foot forward, you can try one, or preferably a combination, of the following:

A Savings Incentive Match Plan for Employees, also known as a SIMPLE IRA, is a plan for you and your employees. Both you and your employee can contribute money up to the 2024 contribution limit of $16,000. For those aged 50 or older, you can defer up to $19,500 by taking advantage of a $3,500 catch-up contribution.

With this plan, you can match your employee contribution up to 3% of the employee's compensation or contribute 2% of each eligible employee's compensation of up to $345,000 in 2024. Though you are not required to provide retirement plans as a benefit, all of your employer contributions are tax deductible and can incentivize your employee motivation and loyalty.

A SEP IRA, short for simplified employee pension, is another IRA to which you and your employees can both contribute. As a small business owner, this plan allows you to make pretax contributions of up to 25% of income or $69,000 depending on which is less, and all contributions are tax-deductible.

It's also good for your employees to note that they won't pay taxes on the amounts an employer contributes on their behalf until they take distributions from the plan upon retirement.

What's nice about these plans is that they work no matter how many employees you have, and the amount you contribute is flexible. This is beneficial because if you have a bad business year you aren't mandated to a specific amount.

Whether you are a partnership, corporation or nonprofit, even owners of the business are considered employees and can therefore make their employee contributions, which gives you wiggle room for larger contributions and greater flexibility overall. This can be a great option for small business owners looking to establish retirement plans that benefit their employees as well as their strategic investing and savings.

If you've just started your small business and are financially ready to provide employee retirement plans, that doesn't mean you shouldn't still be setting aside money for yourself. You could set up a traditional IRA, Roth IRA or other solo 401(k) plan to contribute to as long as you can.

Here are some key takeaways from example options:

The peace of mind that comes with putting a retirement plan in place is priceless. Getting to that point, however, comes with some nickel-and-diming.

For many business owners, their businesses represent their primary source of income and their legacy. Whether you want to see your business continue to thrive under new leadership or ensure its sale benefits your family or chosen causes, retirement planning gives you the tools to make those dreams a reality.

Here are some key benefits to consider when it comes to retirement planning:

The bottom line is that retirement planning is an essential, yet often overlooked, aspect of financial management for business owners. Though it may be years down the road, establishing a business exit strategy should be one of the first steps you take toward formulating your retirement plan.

This small business you own could become one of your largest assets for funding your retirement plans, keeping your options diversified.

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This article originally appeared on GOBankingRates.com: Retirement Planning: Strategies and Benefits for Business Owners