Late Start, Big Finish: Retirement Strategies for Entrepreneurs Who Got a Late Start

This is a familiar story among entrepreneurs. Having bootstrapped your business and reinvested everything to scale, you’re in your 40s or 50s with little retirement savings. Don’t worry, you’re not alone.

SCORE reported that 34 percent of entrepreneurs had no retirement plan in 2019. Recently, however, the 2025 WealthRabbit Small Business Retirement Report found that nearly one out of five small businesses have no retirement savings, and most have saved less than $50,000. In addition, the study found that entrepreneurs between 45 and 55 saved a median of $50,000, which is far less than the $1.2 million financial experts recommend for someone earning $120,000. Further, their 401(k) balances are considerably lower than those of their peers who work in corporations, who generally have 401(k) balances of $152,100 to $199,900.