Let me start with a few sobering statistics:
- 49% of respondents to Pricewaterhouse Coopers study said they find it difficult to meet household expenses, up from 43% a year ago.
- On retirement (from FINRA survey) only one in 5 reported having a written plan for retirement.
- from another survey, 55% don’t know how much they will need to retire.
- 4 in 10 don’t ever expect to afford retirement.
I should add my own survey results:
- many people don’t want to know what it takes to retire
- some believe that they will, by some miracle, find retirement survival possible
When I bring up the retirement topic, I get a very common response “let’s work on growing the business, retirement, we will cover at a later date”
In a small business, retirement has to be part of the business plan; without it, you have just created a job for yourself that offers no benefits. You might as well work for someone else and avoid all the worries.
I believe that we are headed for a retirement crisis in America. Talk about cuts to medicare and social security plus a national health plan that no one understands will further compound the retirement issue.
Advice is very hard to give when it isn’t asked for, but for those of you that are willing to listen, the best time to face your own retirement situation is now. A retirement plan does not have to be a thousand page document, a good Certified Financial Planner can give you a quick overview to help you on your way.
Always avoid the temptation for instant gratification. Send some money ahead for the future.
The odds of going alone – of solopreneuring your way to financial freedom – are not promising. The success rate is so low and the failure rate is so high, it’s foolish to go solo.
Have a great day!