Small business owners unprepared for retirement: The American College
By Lauren McNitt
ProWEB Wire (Industry News)
Many small business owners are not prepared for retirement, according to new research from The American College.
While most small business owners are concerned about retirement, one-third of women and a quarter of men said they have not estimated how much they will need to save to retire. In 2009, there were 27.5 million businesses in the U.S., with small businesses representing 99.7 percent of all employers firms, according to the U.S. Small Business Administration Office of Advocacy.
The new data indicates millions of business owners are unprepared for retirement.
While 66 percent of women and 70 percent of men surveyed had estimated how much money they would need to retire, just half of those individuals had done so with assistance from a financial professional. In addition, most small business owners — 77 percent of women and 74 percent of men — said they have no written plan for retirement.
While small business owners may not be adequately preparing for retirement, they are concerned about the costs of retirement. About 4 in 10 said they are concerned about increases in the cost of living, high health care costs and maintaining their current life style in retirement.