Retirement Worries Plague Small Business Owners

The working small business owner will probably keep on toiling through retirement age, due to financial and medical cost concerns.

There may be people planning to spend a later time in life fishing for marlin off Islamorada, but they may not be coming from the ranks of small business operators.

The latest Wells Fargo/Gallup Small Business Index survey said nine of ten business owners plan to keep working. Out of that group, 47 percent may cut back on the work they do.

Forty percent say they will not fully retire or cut back, and will only stop working when they are forced to do so for health reasons. For those who eventually retire at an older age, two-thirds cited financial reasons for not retiring sooner.

All of these answers add up to one thing: financial planning. Wells Fargo, naturally, suggests planning ahead for retirement, even if one wants to keep working later in life.