Small Business Owners’ Worries

Studies show that as much as half of the total amount of small business owners is worried, that they will not have enough money for their retirement. They comment that in the event that they will need medical attention or to pay for recovering from a serious illness, they won’t have enough money.

Almost all of the small business owners said that they are not planning on stopping work completely when they reach retirement age, but rather cut back on the working hours. Some individuals also state that even though they have passed retirement age, they are still working full time and always looking out for new opportunities.

It is a fact that most small business owners are choosing not to retire completely, however it is also true, that an increasing number of individuals who wish to retire, simply don’t afford to, since they are concerned that after their retirement, they won’t be able to maintain the standard of living they were used to.

Since 2003, Wells Fargo Company Limited, a company that provides a diverse range of financial services, has been studying the trends of small business owners, and set up a Small Business Index. This index basically studies the ratings of small business owners in their currents financial situation, and compares this with the perception of how their business should perform within the next 12 months.

After conducting the studies, the vice president of this company stated that it is very important for small business owners, to plan ahead for their retirement, even though they don’t plan on stopping from work completely.

Reference: http://www.401khelpcenter.com/press_2008/pr_wellsfargo_012908.html