The Millennial generation is often blamed for not saving enough money for retirement. However, the problem does not only affect this group. According to a new survey, many small business owners do not have enough savings for retirement.
Manta is an online community for small business owners that conducted the research. They surveyed 1,960 small business owners on site.
Lack of savings
According to the findings, 34% of these entrepreneurs do not have a retirement savings plan. This could mean that they will have to work longer or may not have enough money to live off.
Insufficient income (37%) was the most common reason for lack of planning. The survey revealed that other reasons for this lack of planning included investing their savings in the business (21%), and selling the business to fund their retirement (18%).
It is important that business owners plan their retirement well. The average couple enjoys a comfortable retirement, spending £26,000 per year. This figure can rise to £39,000 if they live a luxurious life.
Your financial advisor will be able to help you with the right solution for your savings needs.. If you only have a small amount to invest, you’ve already made a good start. You can now start building your retirement fund.
A good financial advisor can help you by researching the best plan for your business. The plan may involve contacting an Equity Release Solicitor such as https://www.tivoli.legal who can help you to release some of the money available in your home.
The survey showed some positive points. Those entrepreneurs who have a retirement plan are saving the right amount of money in the correct type of account.