SmallBusinessNewz

Close to half of small business owners are worried they will not have enough money to retire (43%) and many are concerned about not being able to pay for medical costs of a serious illness or accident (47 %) according to a new Wells Fargo/Gallup Small Business Index survey.

Eighty-seven percent of small business owners said they do not plan on traditional retirement (stopping work completely) but close to half (47%) say they may cut back on work. The majority of those who do plan to cut back on work or stop working say they will do so at an older age than first planned (60%) with two-thirds saying this is because of financial reasons.

The majority of small business owners (62%) believe their businesses will continue when they stop working with nearly half (45%) believing their businesses will be continued by a family member. Sixty-nine percent say in retirement, they will travel more than they have in the past, and 84 percent say they will spend more time on personal hobbies and interests.

"Many small business owners are choosing to work later in life, but an increasing number of business owners who wish to retire are finding it difficult," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's small business segment.

"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 they enjoy. It is important that small business owners plan ahead for their retirement years, even if they don't foresee stopping work completely."