You may be a whiz when it comes to the daily operations of your tanning salon – but if you’re like most small-business owners, you’re ill-prepared for retirement.
Recent research reveals that just over 60 percent of business entrepreneurs are planning financially for retirement; whereas 33 percent are not. The remaining respondents weren’t sure either way. Compare those figures with the general public, of which less than half are preparing for the financial challenges of retirement.
One-third of those who are readying for retirement estimate that their current plan won’t yield sufficient resources to get them through their post-working days. And almost three-fourths of those preparing for retirement mentioned their nest eggs had been impacted significantly by the economy. The majority lost nearly one-fourth of their savings, with 25 percent reporting a loss of 30 percent or greater.
Small-business owners may intend to work past retirement age or to leverage the financial gain of selling their businesses later in life, but it’s difficult to rely on either of those plans to ensure a comfortable retirement.
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Source:
True/Slant: Small business owners aren’t prepared for retirement
