A TD Wealth survey found that two-thirds of business owners have changed their retirement plans.
Supply chain issues and inflation are impacting business owners’ earnings and retirement benefits.
Inflation topped the list of business owners’ concerns, according to a TD Wealth survey of more than 700 business owners with $100,000 in investment assets and at least one employee. Economic uncertainty followed him in second place.
Read the latest inflation report
These concerns have led some entrepreneurs to alter their retirement plans. Nearly two-thirds of survey respondents said they fine-tuned their retirement plans last year, nearly one-third said they changed their asset allocation, and three in 10 said they had postponed retirement. , the same percentage of people said they had reduced their contributions. for retirement savings.
The concerns are not far-fetched. Inflation reached his highest level in 40 years last year, and problems with his chain of supplies have led to shortages in areas ranging from baby formula to garage doors.
See also: Supply chain disruptions are the new normal. Here are some ways companies can manage the problem.
Younger business owners were more likely to make changes. Half of business owners over the age of 55 said they changed their retirement plans, compared to 70% of those aged 18 to 34, and 70% of those aged 35 to 54. He was 74%. The majority (90%) of these survey respondents said they were confident their savings would be enough for the future.
Read: Small business workers now feel safer in retirement
Most (82%) of these survey participants worked with a financial advisor, and investors were more likely to be confident in their retirement goals than those who did not work with an advisor. (although 83% had a high degree of confidence); 75% of those working with an advisor, and 75% of those without an advisor). These financial professionals were also more likely to suggest new ways to save for the future, such as digital assets and investment opportunities in retirement portfolios such as his ESG funds.
James Beam, senior vice president and head of investment management, brokerage, planning and strategy at TD Wealth, says investors are in better shape when their money and retirement plans are in place. increase. “Without planning and evaluation, it is difficult to judge the current situation,” he said.
(Closed) Dow Jones Newswire
Copyright (c) 2023 Dow Jones & Company, Inc.