Small business owners fret about retirement

Jul 13, 2011

Small business owners say they're worried about retirement

Concerns about outliving one's retirement are not exclusive to everyday workers - small business owners, too, say they fear they won't have enough money when they retire.

A survey by the Guardian Life Small Business Research Institute polled 1,433 small business owners who operated companies with two to 99 employees. The report found only 45 percent feel prepared for retirement, while nearly 33 percent said they think they'll work after age 70. Ten percent said they'll work full-time past retirement age while 14 percent think they'll at least need to work part-time. Many are so deeply rooted in their businesses' interests that they feel they won't be able to support themselves without it in retirement, showing their need for a life insurance policy.

"For many small business owners, the conventional concept of retirement is not realistic," said Mark Wolf the institute's director. "They feel that keeping their business going and working in it full- or part-time are essential steps to provide a continuing income stream to supplement savings and investments diminished by the recession"

Whole life insurance policies can offer annuities, which provide income after retirement. Experts say small business owners may want to consider such a policy, especially if they intend to leave an estate for posterity.

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