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As more and more Entrepreneurs start their own businesses there is a growing issue. They are not saving for retirement. An American Express Survey in 2013 said 60% of small-business owners were not saving the money they needed for retirement. And 73% were worried about maintaining their lifestyles in retirement.

 

Via USA Today

 

"Record numbers are not saving any money or not saving enough," says Jerry Linebaugh, CEO of the Linebaugh Group in Denham Spring, La. "I am a small-business owner myself. I have been since I was 16. Capital is the lifeblood of any business, and small businesses don't have enough."

"A lot of time they get caught up in work," says Michael Foguth, founder of Foguth Financial Group. "Successful entrepreneurs put in a lot of hours and sweat equity. Now they want to reap the rewards. They want to take a vacation, do something fancy. They spend it on materialistic things or pump it back into the business for greater growth opportunities."

"The short answer for why most don't save — they are running their business," says Neil Smith, executive vice president of Ascensus in Dresher, Pa. "They are busy driving revenue growth, watching the bottom line, dealing with employees. They make the conclusion that the business will be their retirement fund. In many businesses, it can be a difficult transaction to get the liquidity out of the business."

Published inPBC Blog

 

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