Planning for retirement is 'lacking for businesses'

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Planning for retirement is 'lacking for businesses'

When reaching retirement age, almost two thirds of people do not have in place any plans for their company, new research has shown.

Furthermore, Barclay's Financial Planning discovered that when it comes to planning for the future, 83 per cent of sole traders were not sure what exactly would be their income once they retire.

The group most likely to have figured out the future of their firm when reaching retirement age were those who owned a business with a turnover in excess of £1 million. Half of this group of people had plans in place.

Stephen Ingledew, commercial director at Barclays, said; "Despite being driven within the business world, there is an alarming apathy amongst business owners with so many yet to consider the future of their company when they retire."

He went on to say that succession planning was "vital" for both the owners of a business and their families and he recommended visiting a financial expert for advice on the best route available.

A total of 30 per cent made passing on a business to the next generation of family the most popular choice for the future.

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