A recent study by The American College revealed that three-quarters of small business owners (SBOs) have no written plan for retirement.
Specifically, 77 percent of female SBOs and 74 percent of males said they did not have a formal framework in place to achieve their financial objectives.
Although two-thirds of women and 70 percent of men said they had calculated an estimate of their retirement needs, just half of these respondents said they had consulted a professional financial services adviser.
"The lack of retirement planning by so many people is stunning, especially since business owners have no one else to rely on when it comes to putting their retirement plans in place," said Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at The American College. "Small business owners need to start preparing for retirement now."
Entrepreneur magazine reports that experts in the financial services industry typically say those looking to maintain their current lifestyle will need at least 70 percent of their pre-retirement income.