A survey by Aldermore of 1,008 senior SME decision-makers revealed that 73% of business owners are planning to work past their state pension age.
Almost two-thirds (63%) of business owners would like to retire by 65, but only 37% think they will be able to. In fact, more than a third (35%) plan to work into their 70s, and 11% believe they will never be able to retire.
SME owners gave various reasons for working longer, with nearly half (48%) planning to do so because they enjoy their work.
However, the decision is based in necessity for many others, as 34% do not think they will have enough money to live comfortably otherwise.
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.
Running your own business can mean long hours and SME owners deserve a relaxing and enjoyable retirement, but it is in their own hands to ensure this happens by planning as far in advance as possible.