Financial Adviser Hastings

Entrepreneurs shun valuable retirement planning


Entrepreneurs are putting their business ahead of retirement planning, according to Prudential’s Class of 2012 survey.

Nearly half (46 percent) of those who own small businesses have no private pension savings, with 18 percent looking to keep working rather than relying on pension funds.

Furthermore, over a quarter (27 percent) preferred to invest in their business than a pension, with 19 percent thinking of their business as their pension fund.

However, this is a risky strategy that could see entrepreneurs facing financial difficulties later in life. While 40 percent say they will never retire, ill health could force individuals to leave work earlier than they would choose to, leaving them without this source of income and reliant on the state pension.

Therefore, business owners should start making pension provisions now to maintain a good standard of living later.

 

 

 

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