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From CS Monitor and Small Business
The first report,written by SBA economist Jules Lichtenstein, looks at planning by small business owners for their own retirement.
The author's results offer substantial evidence for concern that business owners are not saving enough and that their retirement savings may be inadequate.
Some of the findings:
- Individual-based (outside work) retirement account ownership, contribution activity and employment-based participation (at work) among business owners are low.
- IRA ownership rate for business owners is only about 36 percent, and only one-third of business owners with an IRA contributed for the 2005 tax year.
- Less than 2 percent of business owners own a Keogh plan.
- Only about 18 percent of business owners participated in a 401(k)/Thrift plan.