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A vast majority of business owners in a new survey express confidence in their plans to ensure financial security in retirement. But those closer to that landmark date are less confident, the survey findings show.
TD Wealth's business owner retirement readiness survey found that 78% of millennial business owners and 69% of Gen Xers were very confident that their long-term investment plans would help them achieve their goals.
In contrast, only 59% of baby boomers said the same.
"High-net-worth business owners face a myriad of challenges when it comes to their financial security in retirement," Kenneth Thompson, TD Wealth's head of trust and investments, said in a statement.
"A financial plan is not only crucial to having confidence in retirement, but also to confidence in a business owner's exit strategy, succession and estate planning, and other priorities that are vital to achieving financial goals."
For business owners who do achieve their financial goals and can retire in luxury, a number of attractive residential options around the country beckon.
Seven out of 10 business owners in the survey reported that they worked with a financial advisor, including 77% of millennials and 64% of boomers. TD Wealth said business owners who worked with an advisor were significantly likelier to be confident in their future income compared with those who do not.
"While everyone can benefit from working with a financial planner regardless of age or net worth, business ownership adds an entirely new dynamic and complexity to retirement planning that necessitates a very particular expertise," Thompson said.
