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Small business owners are not financially prepared for retirement Atlanta, GA

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Small business owners are not financially prepared for retirement

businessman analyzing data

Throughout the recession, most Americans have focused on the day-to-day: paying their rent or mortgage, car or student loans, medical care; and buying necessities such as groceries and clothing. However, there is growing concern among economists and financial analysts that Americans are not saving enough money for retirement.

With the uncertainty of the federal Social Security problem, retirement plans are something that people in Georgia and throughout the country need to make a priority. But when money is tight, it is only natural that people will divert the money they would put towards retirement to daily necessities. This practice may result in later retirement, greater dependence on welfare programs, and an increased number of bankruptcy filings among retirees.

For small business owners, this is nothing new. According to a recent study, approximately two-thirds of small business owners believe they will outlive their retirement funds, and one-third already plan to work past standard retirement age and into their 70s.

The survey, which was conducted by Guardian Life Small Business Research Institute, polled approximately 1,400 small business owners to determine their feelings on their preparedness for retirement. Less than half of the respondents reported that they feel fairly or very well prepared for retirement, and 10 percent reported that they plan to work full-time past age 65. An additional 14 percent plan to work at least part-time, and 39 percent plan to toggle between periods of work and periods of leisure.

While working into retirement may be unavoidable for many small business owners, the survey is a wake-up call for workers in any setting to make retirement plans a priority. If you are unable to do so because of unmanageable debt, a bankruptcy attorney or other financial professional may be able to help.

Source: Atlanta Journal-Constitution, “Small business owners are unprepared for retirement,” Henry Unger, 17 June 2011

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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