Small Business Owner Retirement Security Declines

About two-thirds (68%) of small business owners say they are now more concerned about their retirement security than they were last fall.

According to the survey of about 630 respondents, more than half (57%) of business owners report they are on track to save the funds they need for retirement, compared to 55% last spring.

Nearly 40% of small business owners say they believe Social Security will fund less than 25% of their retirement, but 58% think the program is salvageable with private investment accounts, a recent survey by American Express found.

Sixty percent of small business owners plan to make capital investments over the next six months, and they plan to invest most heavily in technology (45%). In addition to technology, other investment areas include office equipment (22%), office furnishings (15%), manufacturing/production equipment (14%) and real estate (13%).

Sixty-four percent of small business owners find it stressful to strike a work/life balance, with women seeing as it a greater challenge than men. In fact, 20% say their greatest frustration is being strapped for time, followed by managing employees (16%) and finding the money to fund their business (15%).