1. Small Business Owners Perspectives on Retirement The Guardian Life Small Business Research Institute www.smallbizdom.com June 2011 The Guardian Life Insurance Company of America, New York, NY
20. Second Career BASE: BUSINESS IS A SECOND CAREER Q920. Why did you leave your prior career and go into business for yourself ? Reason for leaving prior career Total Base (n=469) You wanted to live your life on your own schedule and not have your job set it for you 52% You did not want to work for someone else 47% You wanted to make a lot of money 28% You knew you had something unique to offer 26% It was something you always dreamed of doing 26%
21. Second Career Financially Prepared for Retirement BASE: BUSINESS IS 2 ND CAREER Q765 Which of the following will you use to fund your retirement: Sources of Retirement Funding BASE: BUESINESS IS 2 ND CAREER Q725 How well do you think you are prepared financially for your own retirement? Total Base (n=469) Very well prepared 16% Fairly well prepared 32% Somewhat prepared 39% Not really prepared at all 13% Total Base (n=469) Savings in stocks, bonds, etc. 76% Social Security 79% IRAs 67% Retirement plans/pensions from former employers 38%
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24. Classification Information www.smallbizdom.com Q1330 Household Savings and Assets % Under $50,000 14 $50,000 - $99,999 7 $100,000 - $249,999 14 $250,000 - $499,999 14 $500,000 - $749,999 12 $750,000 - $999,999 6 $1,000,000 - $2,499,999 14 $2,500,000 - $ 4,999,999 6 $5,000,000 or more 2 Q1325 Household Income % $75,000 to $99,999 18 $100,000 to $149,999 30 $150,000 to $199,999 20 $200,000 to $249,999 9 $250,000 to $499,999 12 $500,000 or more 6 Decline to answer 5 Q1320 Company Industry % Accommodation and Food Services 2 Administrative Support Services 1 Agric./Forestry/Fishing/Hunting 1 Automotive Services 2 Engineering Services 3 Legal Services 1 Research Services 1 Technology Services 7 Waste Management/Remediation Services * Other Services 9 Manufacturing 4 Q268 Gender % Male 69 Female 31 Q280 Age % 25-29 2 30-34 5 35-39 6 40-44 10 45-49 15 50-54 15 55-59 19 60-64 20 65 and over 8 Q1305 Years Owning Business % 1-10 44 11-20 29 21-30 21 31-40 5 More than 40 1 Q600 Business Type % An owner or part owner of a business 89 An owner or part owner of a professional practice (such as medical, dental, or law or accounting practice) 11 Q610 Work Full-time for Business % Yes 94 Q615 Number of Full-time employees % Under 5 62 5-10 21 11-20 10 21-30 3 More than 30 4 MEAN 7.6 Q1315 Family Owned Business % Yes 51