For a small business, two things are constantly on the minds of ownership throughout it’s inception and completion. 1) How am I going to grow the business and 2) How am I going to close (retire from) the business. According to a new Paychex Small Business Survey, the majority of surveyors believe that help in converting a lump sum into an efficient monthly salary disbursement was needed.
In addition, “fifteen percent of small business owners said that nothing would make them more confident about retirement, while eight percent believe better retirement tools would help them understand retirement expenses, such as healthcare costs.”
The issue of retirement has been a major concern in America as many Baby Boomers are now working later in their lives in order to pay for basic necessities. This has in turn delayed the working lives of many Millennials causing them to stay at home later and achieve higher degrees in an effort to compete with experience. To help achieve retirement sooner, “10 percent of the respondents said they would like assistance in converting lump-sum accounts to projected monthly income. Another 10 percent said they want greater guidance on investments and appropriate savings rates.”
Within the poll, 39% of respondents indicated that they are not confident they will be financially secure to retire before 65. This is a big issue and one that many small business owners today should prepare for as soon as possible.