Sixty-nine percent of small business owners have zero to little confidence they will be able to retire comfortably, Paychex found in a survey.
Thirty percent said they were somewhat confident, 21% said they were not at all confident, and 18% fall between somewhat confident and not at all confident—adding up to a total of 69%. Only 20% said they were very confident they will have enough money to retire comfortably.
Asked what could help improve their situation, 68% said being able to save more. Other ways they would like to receive financial help were assistance in converting a portfolio balance into monthly income, cited by 10%; guidance on investments and the appropriate savings rate, also cited by 10%; and retirement tools to cover a wide range of expenses, including health care, cited by 8%. Fifteen percent said that nothing would help them feel more confident about retirement.
Paychex cites a GOBankingRates survey conducted in 2016 that found 69% of Americans have less than $1,000 in savings. In 2017, the Employee Benefits Research Institute found that 33% of Americans worry about covering basic living expenses in retirement.
Bredin conducted the online survey for Paychex last August among 341 principals of companies with 500 employees or less.