The Labor Shortage: Closing Small Businesses & Shattering Retirement Plans

The Covid pandemic is definitely not over for many small businesses across the U.S. Not only does the on-going labor shortage continue, but now it is altering retirement plans.

"Small businesses were already pinched before Covid" said financial expert Derrick Kinney, "Right now, small businesses are facing more pressure than ever before."

It's more like double pressure. These small businesses are still having a hard time hiring people. Plus, because they are also trying to recover from all of the lockdowns, many of them can't afford a lot of the perks that some of big chains, or even the government can offer.

The other big issue facing small business owners is, many who were planning to sell their business as their primary retirement plan, no longer can.

"My heart goes out to those listeners that are in that situation" Kinney told KTRH, "This was not something you asked for. You've worked 25, 35 years, all of your life devoted to that business, and now you are left with nothing, and it will not be the retirement plan you had hoped for."

What are the options? Unfortunately, the economy is not expected to turn around soon. The Biden administration has brought us skyrocketing inflation, with higher prices, and higher taxes on the way. Kinney says many small businesses are going to try and stick it out. If not? They're going to have to cut their losses, and pull the plug.

Going Out Of Business Sign

Photo: Getty Images

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