Baby boomers possess 40 percent of all small businesses in America, and millions of Americans rely on boomer-owned businesses for their income. Millions of vendors, suppliers, and freelance workers also rely on boomer-owned companies. So, what happens when the baby boomers retire?
10,000 baby boomers retire every day, and their children aren’t taking their place to run their businesses. Millennials are less likely to continue their family business, as 58 percent of business owners say they have no transition or succession plan for their company. Many of them aren’t able to pass on their business to their children because of the cost of retirement.
Nearly half of boomers have no retirement savings at all, and even those who have saved are likely still not able to afford retirement. Healthcare expenses have spiked the cost of retirement by 88 percent in the last 20 years.
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