Reaching retirement age doesn0t mean DIY projects or leisurely gardening time for the UK0s eager entrepreneurs as passion for their businesses keeps them driven well into later life. New research(1) from Alliance & Leicester Commercial Bank shows that nearly a quarter (23%) of small business owners admit to putting off retirement because they enjoy running their business too much and almost one in ten (9%) say they worry how they would fill their days when they do eventually decide to retire. A massive one in five (21%) say they have no plans to retire at all.
Over half (55%) of small business owners plan to work well beyond the age of 65, compared to less than a third (31%) of the working population(2) as a whole. When they do eventually retire, many entrepreneurs expect that their business will go with them, with two fifths (40%) planning to close it down. Only one in five (20%) intend to sell-up and any relatives hoping to cash in on business success will be left disappointed as just 5% plan to hand their empire over to children or other family members.
Steve Jennings, Director Business Management & Strategy at Alliance & Leicester […]

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