There’s no denying that small businesses played a vital role in upholding the U.S. economy during the pandemic by providing essential products to consumers and employment stability to workers. Despite their critical efforts to retain normalcy, business owners endured difficult setbacks during the past few years, facing significant economic challenges. In the third quarter of 2022, only 33% of small business owners described business conditions as “good.”

Accordingly, the number of owners who plan to retire earlier than expected has climbed 100% since 2020. It’s hard to blame small business owners, but there are several problems with this massive increase. For starters, an estimated 34% of small business owners don’t have personal retirement savings plans.…