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March 4, 2012

Survey Reveals Small Business Owners Are Unprepared for Retirement

The American College recently conducted a study to determine how prepared small business owners are for retirement. A few of the key findings revealed through the study are below:

• Nearly one third of women and one fourth of men who own small businesses are unprepared for retirement and have no estimate as to how much money they will need for retirement.
• Sixty-six percent of the women surveyed and 70% of the men had estimated the cost of retirement, but only half of those with an estimate had come up with the figure with the help of a financial professional.
• Of those respondents who had a estimated the cost of?retirement, a quarter had come by the figure by using online calculators. The remainder of those with an estimated figure came up with the estimates by performing simple calculations with pen and paper.
• Seventy-seven percent of women and 74% of men surveyed had no written retirement plan.
• Nearly four in ten of those surveyed stated that the increase of cost of living was their main concern for retirement.
• Only 37% of women and 38% of men believed that their retirement needs were complex.
• Over 50% of respondents stated concerns about maximizing the value of the business to help fund retirement.
• Only 10% of the women and 20% of the men surveyed had a succession plan in place to transition the business upon retirement.

See Michael Cohn, Small Biz Owners Not Prepared for Retirement, Accounting Today, Feb. 29, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention. Statue?

March 4, 2012 in Estate Planning - Generally | Permalink

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