It is National Small Business Week, so here’s to you small business owners! I have had the privilege to work with many small business owners over the years and I have great respect for every one of you. Did you know business owners typically have a higher average annual income and more investable assets than most Americans? Yet, only 47% have a retirement savings plan through their business. It is estimated that individuals need at least 70 to 90% of their pre-retirement income to maintain their current standard of living when they stop working, but 53% are “at risk” of not having enough to maintain their living standards in retirement.
So here is a question to you business owners: are you doing enough to save for retirement?
If not, know it is never too early or too late to start planning and saving. The earlier you start, the better prepared you will be to reach your retirement goals.