You are here: Home - Retirement - Retirement planning - News -

Small business owners to work longer, but they like it

0
Written by:
08/02/2018
Three-quarters of business owners plan to work beyond the state pension ages, with more than a third planning to work into their seventies, according the latest Aldermore Future Attitudes report.

This chimes with the recent data from the government’s Wealth and Assets Survey showing that three in four self-employed people aren’t investing into a pension.

The Aldermore report surveyed over a thousand business owners across the UK, found that almost while two-thirds (63%) would like to be retired by the time they are 65, less than two fifths (37%) of respondents believe they will be able to do so, and more than one in ten (11%) maintain that they will never be able to retire.

Where they plan to continue working, over a third (35%) of business owners say they need to do this to fund their later years, with (34%) saying they will have to work in order to have a nice lifestyle.

For many, working longer isn’t a burden – nearly half (48%) of those surveyed said they like working, and almost a third (31%) enjoy the daily challenges their business offers them.

When asked how they will finance their retirement, over two fifths (46%) plan to use their personal or state pension, with one fifth (21%) dipping into other savings or investments. Over one in seven (15%) plan to sell their business or property.

Carl D’Ammassa, group managing director of business finance at Aldermore, said: “Planning for retirement is at the top of everyone’s agenda once they reach a certain age, and it is a time that can be fraught with difficulties and concerns. It is understandable that in this current economic climate and with the UK’s ageing population, more SME leaders are working long after the state retirement age in order to make ends meet, with over one in ten also required to provide financial support to family members.”

“Despite a significant number of business owners having to work throughout their later years, it is encouraging to see that so many of them are still relishing the opportunity to be their own boss and lead the way well after they are 65.”

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
young savers
Millennials: the financially responsible generation?

Millennials are often labeled as being financially irresponsible, but they may be in better financial shape than other generations, according...

Close