Most Small Business Owners Will Delay Retirement
Owners Cite Need for More Savings In Survey
CLEVELAND -- Increasingly more small business owners are uncertain about whether or when they will retire as they fail to apply their business and financial skills to their own finances.
A recent KeyBank survey found that while small business owners have confidence in their financial planning abilities, the majority pay little attention to personal financial matters, most notably retirement planning.
The survey of 976 small business owners, fielded by Zogby International, shows that they are living contradictions when it comes to finances and retirement.
Of those surveyed, 78 percent said retirement planning should be considered by age 30 and almost half (46 percent), said they have their plans set and on track.
However, 67 percent believe they will, or could, run out of money in their lifetime.
"There's conflicted confidence in what small business owners say they are doing and what they actually are doing. Consequently there's real concern about how financially prepared they are for retirement," said Marc Vosen, president of Key Investment Services. "While they know what it takes to be in control, many have a laissez-faire attitude when it comes to managing their money."
Asked what they are more likely to do on a regular basis, 32 percent said they are more likely to get a physical exam from a doctor, 33 percent are more likely to get a tune-up from a mechanic, while only eight percent said they would review their finances with an outside expert.