Report: Why You Still Can't Retire
The recession and subsequent weak economy have put a strain on all small businesses. And for many business owners, this has meant having to work years beyond when they had hoped to retire, the Wall Street Journal reports.
"I am so tired," Danny Sullivan, founder of Arguello Catering in Redwood City, California, told the Journal. "I don't know that I'll ever be able to retire."
Sullivan, 62, is one of many small business owners for whom retirement remains elusive. With the economy struggling to recover, many entrepreneurs are unable to find business exits lucrative enough to allow them to retire.
Consequently, many entrepreneurs are working well into their 60s and 70s, the paper finds.
In August, the Journal and executive training organization Vistage International surveyed more than 799 small business owners and found that almost half plan to retire after age 65--and more than a third (38%) say they will retire later than they had predicted five years ago.
More than half (56%) said a majority of the money they would need to retire is still tied up in their business.