New Survey Finds retirement for entrepreneurs Uncertain entrepreneurs are unsure they will retire comfortably
entrepreneurs are confident in many key areas of running their businesses, including handling finances, knowing when to hire and manage employees, according to a new survey from TD Bank, America’s Most Convenient Bank®. Life after entrepreneurship and personal finances present a different story: More than one-quarter (26 percent) of entrepreneurs are not confident they will have enough savings to retire comfortably.
Baby boomers, for whom retirement is on the horizon, are the least confident when it comes to their retirement savings, with 28 percent saying they are not very or not at all confident that they have enough savings, compared with 21 percent of millennials.
A key factor in this lack of confidence could be that on average, baby boomers started their current business at 43 years old, whereas millennials began their business at an average age of 26 years old, giving these younger adults more time to grow the business and invest in their retirement funds.
Retirement for entrepreneurs
The TD Bank small business survey asked more than 660 entrepreneurs nationwide about their management experience, how and when they started their business, confidence in major business tasks and areas where they need advice or help.