A survey conducted by CNBC in conjunction with the Financial Planning Association recently revealed that American small business owners aren’t saving enough for retirement. Information was collected from nearly 200 financial advisors who work with small businesses owners between the ages of 35 and 70.
According to survey results, which were revealed on Aug. 19, 70 percent of small-business owners’ wealth is invested in their business — a fact that will eventually hinder plans for retirement. In general, 42 percent of small business owners say that developing a retirement plan is a challenge. But, of those that do have a plan, a 401k is preferred.
To help small businesses overcome retirement challenges, advisors say that owners need to diversify, prepare for the worst, and plan for succession.
For the full survey results, click here.
Ric Lager
Lager & Company, Inc.
