Clark Howard's Tips

Small business owners not saving nearly enough

October 27, 2005

Almost 19 million people are running micro-businesses in the United States today. That means one person is running either a full-time or part-time business, and Clark is so excited about that number.

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The flip side to this is that one in three of these micro-business owners have nothing saved for retirement. About a quarter have minimal savings, meaning it would not last them more than a year.

Those who have saved enough for retirement comprise a measly 7 percent!

Entrepreneurs fuel our economy, and they need to stay solvent and take care of themselves. There are special tax breaks for entrepreneurs, too. So you must consider the future while you're working on your dream business.

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