Australian small business are not planning sufficiently for retirement, with new research from MYOB revealing that over one third of SMEs are currently not contributing to their superannuation.
The latest SME Snapshot from MYOB, found that business operators tend to prepare for retirement after 50 years of age, with over half of those aged under 50 years having done no retirement planning at all. “Our research shows that SMEs believe they will need around $1 million to retire comfortably, yet 54 percent of respondents will not have saved enough when the time comes,” said Tim Reed, CEO of MYOB.
Of those who are self-employed, the statistics are even more alarming. Recent research by the Association of Superannuation Funds of Australia (ASFA) revealed almost one quarter of self-employed people do not have superannuation. Only 27 percent of this group in their 60s were found to have more than $100,000 in superannuation. “It’s surprising to see that superannuation is not top of mind for all small business operators, given many contribute regularly to their employees super,” said Reed.
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