Nearly two-thirds of small business owners fear outliving their retirement money and one-third plan to work into their 70s, according to a new study.
The retirement views of the nation’s small business owners are “radically shifting,” said a news release about the study conducted by the Guardian Life Small Business Research Institute. The Institute, part of Guardian Life Insurance Co., polled 1,433 small business owners who operate companies with two to 99 employees.
The impact of the recession and longer life expectancies have caused a majority of small business owners to shed “a traditional view of retirement, in which individuals stop working in their mid-60s for a life of leisure –- something fewer than 10 percent foresee themselves doing,” the news release said.
The study of small business owners found:
– Less than half — 45 percent — feel very or fairly well prepared for retirement
– 39 percent expect to go back and forth between periods of work and periods of leisure
– 14 percent plan to work part-time
– 14 percent think they will engage in volunteer work along with paid work
– 10 percent plan to work full-time
– 9 percent say they will fully retire and never work for pay.
- Henry Unger, The Biz Beat
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