Business Owners Worried about Saving for Retirement

April 14, 2011 ( - The latest American Express OPEN Small Business Monitor finds retirement savings is a worrisome topic for business owners.

More than eight-in-ten (81%) are worried about their ability to save for retirement, up from 74% last spring. Of these, one-third (34%) are very worried about their ability to save for retirement – unchanged from last spring.   

A press release said the economic downturn has had an effect on the amount of money business owners estimate for retirement. One-in-four entrepreneurs estimate they will need less than $750,000 (26%), between $750,000 and one million dollars (26%) or between one and two million dollars (25%) to retire.   

The average amount estimated by entrepreneurs is $1,205,000 to retire, slightly less than the $1,286,000 they estimated in spring 2007.   

The survey also found that for the first time since 2006, growth has surpassed survival as the number one priority for entrepreneurs, and more than one-third (35%) plan to hire, the highest level since the fall 2008 survey.   

Among those with hiring plans, one-third plan to hire one (35%) or two employees (33%), less than one-in-ten (8%) plan to hire three, and one-in-five (20%) plan to hire four or more over the next six months. When asked which person would most help their business, more than one-in-ten (14%) said they would hire an accountant/bookkeeper, nearly one-in-ten (9%) said a social media expert, and 6% said either a marketing /advertising person or a sales representative.