Checking my Google Reader RSS feed is one of the first things that I do each morning. One of the headlines that caught my eye was from @incmagazine “Small Business Owners Fear Being Unable to Retire”
And the sub-headline went on to say “But one expert says small business owners keep working “because they love what they are doing and don’t see the point of retiring.”"
This got me thinking. Although I have not yet made the transition into full-time entrepreneurship I have set goals around making that transition. It is also my goal at some point (before the traditional retirement age) to be able to retire & travel the world.
Talking to other business owners, not only is the ability to retire a concern but in the shorter term being able to simply take an extended vacation (or for some, a day off).
Nearly two-thirds of small business owners fear outliving the money they need to retire, according to a poll from the Guardian Life Small Business Research Institute. Many of the 1,433 small business owners surveyed expect to live well into their retirement years, with one in three saying they plan to retire older than 70. Less than half (45 percent) felt very or fairly well prepared for retirement. Nearly one in seven plan to work part-time in retirement while 10 percent expect to work full-time.
Have you thought your business through to retirement? As a small business owner what steps are you taking to prepare?
Read the full article on inc.com: http://www.inc.com/news/articles/201107/small-business-owners-fear-outliving-money-they-need-to-retire.htm