According to a survey by the Society of Actuaries of 1600 retired or close-to-retirement investors 45-80, just 35% said they have a detailed retirement road map designed to manage the risk of running out of money.
This survey, along with increasing life expectancy, rising health costs, inflation, and a very uncertain economy, should make every business owner very concerned.
This survey was conducted with current investors; many small business owners are fully invested in their business and, unfortunately, many don’t have any other retirement plans. The notion that one can work until one dies, is no longer a viable alternative.
As a business consultant and coach, I am usually invited to work with a firm that has problems. Marketing, sound management systems and financial budgets and records are the problems I most frequently encountered. In many cases, the business is operating in the red (on borrowed money) or at best is breaking even with no company reserves or retirement benefits.
My first goal is to increase revenue and reduce debt. Retirement planning and company reserves are hardly taken into consideration in the first six months to a year of working with a client. Yes, I would like to start the retirement planning process at the start of a relationship, and sometimes, I get a client who is financially able to start the planning process and take his company to the next level at the same time.
If we can’t change the retirement preparedness mentality in our nation, we will be facing some very dire circumstances beginning in the next 10 years. Young workers don’t understand that without proper planning they can slip into poverty in their retirement years. Our nation is in such debt now that it cannot possibly accommodate the needs of the elderly who have no retirement capability.
With increasing health costs and no money for living expenses, what do you think our “politicians” are going to recommend as a solution?
Old age is a reality as is a lack of jobs for those over 65. As a Certified Financial Planner, I am acutely aware of the upcoming retirement crisis and will work with my clients to make their retirement planning a priority as soon as financially possible.
Save your extra funds today, cut unnecessary expense; send your money ahead to wait for your retirement. Instant gratification isn’t worth potential poverty in your old age.
Nick J Petra www.strategicduck.com Let our team of experts work with you first in business planning and then retirement planning.
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