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Accession Number PB2013-104777
Title Retirement, Recessions and Older Smaller Business Owners.
Publication Date Dec 2012
Media Count 62p
Personal Author D. Bruce K. Kapinos T. Gurley-Calvez
Abstract Retirement planning is fraught with uncertainty including preparing for future health needs, longevity, taxes, and inflation. This planning is further complicated in recessions, when short-term financial needs might trump longer-term savings, and particularly in the last recession when different types of assets (e.g. housing) were impacted more by the economic downturn. This report examines how older small business owners prepare for retirement and how they fare financially during recessions compared to their wage and salary counterparts. We use a publicly available panel data set to examine the retirement savings decisions of self-employed and non-self-employed individuals nearing retirement age with particular emphasis on the role of economic downturns. We examine specific elements of retirement wealth, preparation, and financial literacy for self-employed relative to wage and salary workers. Previous research suggests that small businesses (fewer than 10 employees) are less likely to offer pension plans and that business owners have low rates of retirement account ownership and contributions (Dushi, Iams, and Lichtenstein 2011; Lichtenstein 2010). Additionally, we assess whether recent recessions impacted the retirement preparation of business owners to a greater or lesser degree than non-business owning households. Finally, we explore several possible causes for differences in retirement preparation between older small business owning households and their non-business owning household counterparts, including their degree of financial literacy.
Keywords Assets
Economic analysis
Financial management
Health needs

Source Agency US Small Business Administration
NTIS Subject Category 70D - Personnel Management, Labor Relations & Manpower Studies
96 - Business & Economics
92C - Social Concerns
Corporate Author Small Business Administration, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1310
Contract Number N/A

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