Business owners lost ground on retirement in the pandemic; cash balance plans may help them recover

The COVID-19 pandemic and lockdown wreaked havoc on businesses, as closures, labor shortages and supply chain constraints cut into revenues and profits. Businesses that have recovered are reassessing their retirement plan strategies and goals.

A recent survey from TD Wealth Management[1] found that nearly two-thirds (65%) of business owners surveyed made meaningful changes to their retirement plans in the past 12 months, including their asset allocation (31%), postponing retirement (30%) and lowering contributions (30%). Today, many are seeking out advice on how to make up lost ground creating an opportunity for financial advisors.…