If you’re like many small business owners, you’re never going to retire. You plan to continue working until it’s over. Whatever “over” means. Unlike the goal of most working Americans, retirement is not high on the priority list for the nation’s entrepreneurs, according to a NFIB National Small-Business Poll. Nearly half (46 percent) of small employers told researchers they never intend to fully retire.
But retirement is on the minds of a growing portion of the nation´s population that is being pushed up the age scale by the ranks of baby boomers (and whose top ranks turn 60 this year), and a majority of those who own and operate small firms and anticipate full retirement at some point say they expect to phase out of the business rather than end their involvement abruptly.
Half said they plan to dispose of their current businesses through sale or closure at or prior to retirement. Slightly less than one third (29 percent) expect to pass the business on at that point and 22 percent foresee neither selling nor relinquishing their operation.
Nearly eight in 10 of those surveyed are somewhat confident that they will have adequate resources to live comfortably in retirement. This may be overly optimistic because the data show that 38 percent admit they are behind in acquiring financing for their post-ownership years.
What about you? Are you planning on a retirement? How will you finance it? Leave me a comment?