Devoted to small businesses and those who run them

If you are a small business owner, how much do you think about retirement?

I guess it depends on what your long term plans are for your business and what you want to do yourself.

Many people don't start their first business until they leave their regular jobs and retire from the day to day workforce. They use their nest egg to go into business for themselves.

The Wells Fargo/Gallup Small Business Index survey interviewed 600 small business owners by phone in late 2007. The findings indicate that 

43 percent of small business owners are concerned they will not have enough money to retire and 47 percent say they are worried about not being able to pay for the medical costs associated with a serious illness or accident.

Other findings include a whopping eighty seven percent saying they won't retire in the traditional sense. This seems to be a growing trend among baby boomers.

The survey indicates this percentage is up by 5 percent since the 2005 survey. Like Gen Y, baby boomers want things on their own terms. This includes cutting back on working hours, or retiring at a later age, depending on health. Two thirds who opt to work to an older age say it is partly for financial reasons.

Succession planning is a key implication, with almost half "believing their businesses will be continued by a family member."

What are your plans for retirement from your small business?