Do you feel comfortable with your retirement plan? This recent article in Fox Business News says that if you’re a small business owner the answer to that question is probably no. In fact, according to the survey cited in this article, only 33 percent of small business owners feel they have a retirement plan that will get them through their golden years!
This is a concerning statistic. Why is it that so many small business owners skimp on their own retirement? It can’t be lack of knowledge, because most of them have enough financial savvy to keep their businesses doing well. And it isn’t likely that the reason is lack of awareness, as the survey indicates that all participants were conscious of the need for a substantial plan for the future.
Perhaps the reason is that small business owners feel the best investment in their future is to invest in themselves. Where an employee in a large corporation is likely to take any investment income and put it in stocks or savings, a small business owner is more likely to turn around and put that money back into growing her own company. However, what the Fox Article seems to be telling us is that even when it is their own choice, these entrepreneurs are still a little nervous about the future of their investment. So… are small business owners merely more willing to live on the edge? Or are they destined to fall off?
What is your view of the future of small business owners? And if you are a small business owner please weigh in; how do you feel about the future of your own retirement? Whatever your situation, it’s a question that bears some consideration.
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