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Business owners don't have long-term financial plan

Posted On Fri, March 2, 2012

A report from The American College found that many small business owners don't have a long-term retirement plan.

One third of female business owners and one quarter of male business owners don't have a specific plan for retirement, according to the report.

"Small business owners need to do more now if they hope to achieve financial security in later life," said Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at The American College. "Without adequate preparation, they could see their 'golden' years turn into lead."

Approximately half of those who own businesses have some amount of concern regarding using their business to fund their retirement, the source added. However, only 10 percent of women and 20 percent of men have a definitive plan to help their business make a transition when they retire.

In addition to securing a retirement plan, it may benefit consumers - especially if they own businesses - to make sure their family's assets are protected in case of the unexpected. Taking out a life insurance policy could do this. Looking at different life insurance quotes may give someone a better idea of what is available.

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