MINNEAPOLIS and ST. PAUL, Minn., Sept. 6, 2012 /PRNewswire/ -- According to a recent report conducted by The American College, forty percent of small business owners have no retirement savings or pension plan in place. Furthermore, the study found that three-fourths of those owners have no written plan as to how they intend to fund their retirement.1

Small business owners know the value of a solid business plan. Unfortunately, too many of those entrepreneurs neglect to place the same effort in planning for their retirement. Business owners focus so much on growing and maintaining their business, that often their own retirement is put on the back burner.

"It's important to have personal retirement savings outside of your business because the value of that business can fluctuate significantly over the years," says Steve Weitz, Business Banking Manager Minnesota Region for M&I, a part of BMO Financial Group. "Additionally, having a retirement nest egg is important should the unexpected arise, such as a major health issue or needing to sell the business sooner than expected."

Tina DiVito, Head of the BMO Retirement Institute, offers these tips for small business owners on how to effectively save for retirement:

As with any investment, you should consult with a tax advisor to determine what works best for your personal goals and financial situation.

"Although it's tempting to concentrate solely on investing in their business, small business owners owe it to themselves and their family to have personal retirement savings to help ensure a comfortable retirement," says DiVito.

To learn more about how to financially prepare for retirement, please visit: http://www.bmoharris.com/retirementinstitute

About BMO Harris Bank

Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

United States Department of Treasury Regulation Circular 230 requires that we notify you that this information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Harris Bank, a part of BMO Financial Group and its affiliates do not provide legal advice to clients. You should review your particular circumstances with your independent legal and tax advisors.

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Retirement Plan Just As Important As Business Plan