Nearly Half of Small-Business Owners May Never Retire
More than 6 in 10 small-business owners changed retirement plans due to economic downturn
by Dennis Jacobe, Chief Economist
PRINCETON, NJ — Nearly half, 47%, of small-business owners now plan to never retire until forced to do so for health reasons — up from about 4 in 10 in 2005 and 2007 — according to a recent Wells Fargo/Gallup Small Business Index poll. Another 41% plan to cut back on work but stay involved with their business when they retire. Those planning to stop working in their business altogether fell to 1 in 10 during 2010 from nearly twice that level in 2005.