USA Today recently published an article about how entrepreneurs aren’t saving enough for retirement. Foguth Financial Group President Michael Foguth contributed his thoughts.
Retirement: Why small-business owners don’t save
by: Rodney Brooks
Excerpt: Baby Boomers are becoming entrepreneurs at an amazing pace. By some accounts they are starting 50% of new businesses. The U.S. Small Business Administration says more than 5 million Boomers 55 and older either own businesses or are self-employed.
There are plenty of reasons for this rush to entrepreneurship: They have the skills, they have the dreams and many aren’t ready to retire. Also, many don’t think they have opportunities to continue to work in Corporate America once they get to a certain age.
But what these entrepreneurs are not doing is saving for retirement. While financial planners are not ready to call it a crisis, they are concerned.
“A lot of time they get caught up in work,” says Michael Foguth, founder of Foguth Financial Group. “Successful entrepreneurs put in a lot of hours and sweat equity. Now they want to reap the rewards. They want to take a vacation, do something fancy. They spend it on materialistic things or pump it back into the business for greater growth opportunities.”
Editor Note: Michael Foguth is quoted frequently in major media as a trusted source of financial wisdom. He provides financial advice to the Howell area from his offices in Brighton, Michigan.
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