Most leaders of small and medium-sized businesses plan to work past the age of 65, according to recent research.
Ian Orgill at CHW Bolton Accountants says, “Whilst retirement is seen as a well-deserved end to a life of hard work, unfortunately it seems like a distant dream for some of Britain’s SMEs owners.”
A survey done by Aldermore of 1,008 senior SME decision-makers revealed that 73% of business owners are planning to work past their state pension age.
Whilst almost two-thirds of business owners would like to retire by the age of 65, only 37% think that this is within their reach.
Actually, 35% of those surveyed plan to work into their 70s, and 11% believe they will never be able to retire.
SME owners gave many reasons for working longer, with 48% planning to do so because they enjoy their work.
But, the decision is necessity driven for many, as 34% do not anticipate that they will have sufficient money to live comfortably unless they continue to work.
When it comes to giving up work, the process isn’t always straightforward for business owners. It’s difficult to make time to actually sit down and consider retirement or succession planning when you are ensconced in the day to day running of your business.
The key to a successful retirement or succession strategy is for business owners to plan early and not think about it as an event, but a process.
Ian says, “Running a business can mean long hours and SME owners deserve a relaxing and enjoyable retirement and by planning as far in advance as possible they can achieve this.”
If you need advice about planning for your retirement or any other issue relating to your finances contact Ian Orgill at CHW Bolton Accountants on 01204 414243 or via our contact us page.
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