Business Opportunities Weblog

February 5, 2008 by Rich Whittle | 1 Comment

New Mexico Business Weekly:

The latest Wells Fargo/Gallup Small Business Index survey indicates that 43 percent of small business owners are concerned they will not have enough money to retire and 47 percent say they are worried about not being able to pay for the medical costs associated with a serious illness or accident.

Eighty-seven percent of small business owners surveyed said they do not plan on a traditional retirement, although almost half of these say they might cut back on work. This is a 9 percent increase in the number of small business owners who are not planning a traditional retirement since the question was last surveyed in 2005. Forty percent, or five percent more than in 2005, say they will not fully retire or cut back, and will only stop working when they are forced to do so for health reasons.

Sixty percent of those who do plan to cut back on work or stop working completely say they will do so at an older age than first planned, with two-thirds saying this is due to financial reasons.

The Index found that 62 percent of small business owners believe their businesses will continue when they stop working, with almost half of these believing their businesses will be continued by a family member.

Photo by ctr.

In Health, Retirement, Small Biz | 1 Comment