Findings from a survey commissioned by financial institution TD Wealth maintain inflation and supply chain issues negatively impacted business owners’ retirement plans in the past 12 months.
TD Wealth commissioned advertising, technology, and data company Big Village to conduct an online survey fielded in August 2022, yielding 724 responses.
The analysis targeted business owners with more than one employee and household investable assets of $100,000 or more to determine retirement plans and the future of their business, TD Wealth noted.
“Record inflation and supply chain troubles have presented significant challenges for business owners, and while both show signs of improvement, the impacts will be felt into 2023,” TD Wealth Senior Vice President and Head of Investment Management, Brokerage, Planning, Retirement & Strategy said. “Business owners are depending on registered financial professionals to weather short-term volatility and help with the long-term success of their financial plans.”
Survey results indicated 65 percent of respondents reported they changed their retirement plans in the past 12 months, with 31 percent noting that changing their asset allocation while 30 percent postponed retirement and 30 percent lowered retirement contributions.
Additionally, survey results indicated that 54 percent of survey respondents revealed their business has been negatively impacted by inflation and supply chain problems in the last year, with 31 percent of owners considering moving the location of or selling their business to offset increased costs.
In the wake of challenging economic conditions, 90 percent of surveyed business owners expressed confidence their retirement savings would generate the income that they are planning to live on, according to the analysis.