SME owners having to put off retirement

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SME Owners having to put off retirement

John Williams - Tuesday 05.02.08, 16:33pm

A recent article in the online Small Business Newz reports that getting on for half of Small Business owners are expecting to have to continue working past the official age for retirement. Although the survey was carried out in the USA, it is believed that the trend is similar in the UK.

Many small business owners are choosing to work later in life, but an increasing number who wish to retire are finding it difficult, says the report.

While we have been encouraged by successive governments in the UK to plan for our futures with private pension schemes, many people wishing to retire are finding that their pensions are almost worthless, and are forced to carry on working.

More than one third of small business owners are concerned that if they retire, they would not be able to maintain the standard of living that they currently enjoy, says the report while urging owners to plan ahead.