(Newswire.net — November 27, 2017) Syosset, New York —
When you start a new business, you are put under enormous pressure and strain, especially if you have employees. Money pressures can quickly become a weight around the neck of many entrepreneurs. A poll showed that 29% of entrepreneurs whose companies failed said that they ran out of cash. Where does this leave the business owner and his retirement? What happens if they reach retirement age and have no savings? Equally worrying is will the business make it?
Not all companies or businesses require massively deep pockets or a large investment, but that does not mean the running of the venture is not stressful or that it does not have a lot riding on it. The fact of the matter is that it seems that the entrepreneurs are gambling on their future, rather than save in the present. Their bet is to put everything into the company and hope it pays off in the long run. A full quarter of small business owners say they are not saving even one dime for retirement.
In many cases, it is not only the entrepreneurs who are affected. Employees are at the mercy of the business, whether it fails or succeeds affects them as well. Three in ten workers say they find preparing for retirement emotionally stressful.
Not all business owners are playing it fast and loose. Entrepreneurs closing in on retirement seem to have a handle on what is going on. [4] Thirty-nine percent of business owners between the ages of 45 and 64 had traditional IRAs or Roth IRAs, and 29% were saving in 401(k)-type accounts.
Finding the right way to invest in their own future is a must for all entrepreneurs. Pouring energy and money into the company is laudable, but retirement should definitely be on the agenda. If you are a small business owner or own your own enterprise, seeking solid financial advice from a professional could be the best way to go. Seek out all the knowledge you can, and make a decision based on what you feel will be the best outcome for you.
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About David Lerner Associates
Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Lawrenceville, NJ; and White Plains, NY.
David Lerner Associates
477 Jericho TurnpikeSyosset, New York 11791
United States
800 367 3000
ellen.ford@davidlerner.com
https://www.davidlerner.com