The Office of Advocacy at the Small Business Administration released two new economic research studies about small-business owners and retirement. These reports shed some very good insight into our self-employed community and the trends in preparing to retire. Be sure to check them out below.
Click here for the full report on
Retirement, Recessions and Older Small Business Owners
Click here for the
Executive Summary
Click here for the full report on
Financial Viability and Retirement Assets: A Look at Small Business Owners and Private Sector Workers
Click here for the
Executive Summary
These reports highlighted some key points that are unnerving and should serve as encouragement for you to make preparations now so you are not left scrambling when it comes time to retire. The first point is that these studies found small-business owners over 50 years of age are significantly less likely than employees to have a pension or retirement plan. Additionally, small-business owners reported thinking about retirement less frequently than employees as well. Of those small-business owners who did have a retirement account, they typically had lower amounts of assets compared to employees.
As a small-business owner, it is imperative that you begin to plan for retirement before you actually are ready to retire. The sooner you start, the better off you will be when the time comes. Don’t hesitate, check out our
video about retirement savings from an NASE expert and head over to the
IRS website to compare different retirement plans and find out which one is right for you.
Just because you are not ready to retire does not mean you should not starting planning for it.