Most leaders of small and medium-sized businesses plan to work past the age of 65, according to research.
A 2018 survey by Aldermore of 1,008 senior SME decision-makers revealed that 73% of business owners are planning to work past their state pension age.
Almost two-thirds (63%) of business owners would like to retire by 65, but only 37% think they will be able to.
In fact, more than a third (35%) plan to work into their 70s, and 11% believe they will never be able to retire.
SME owners gave various reasons for working longer, with nearly half (48%) planning to do so because they enjoy their work.
However, the decision is based on necessity for many others. In 2017, 40% of SME owners said they didn’t expect to have enough in private pensions and other savings to maintain a decent standard of living in retirement. In 2019 this number had increased to 45% according to a study by the RSA.
The government recently announced that the state pension age would be rising to 68 in 2037, a move that Steve Webb, the Pensions Minister approves of as a way to increase the standard of living by working and saving for longer.