Millions of business owners are unprepared for retirement. So what are they waiting for? According to the latest research from The American College, the majority of small business owners are concerned but not planning for retirement yet. The American College is the nation’s largest non-profit educational institution devoted to financial services reports. The new research reports that a third of women and a quarter of men surveyed reveal they have not estimated how much they are going to need when they retire.

Mary Quist-Newins, Director of the State Farm Center for Women and Financial Services at The American College said, “The lack of retirement planning by so many people is stunning, especially since business owners have no one else to rely on when it comes to putting their retirement in place.” She adds, “When you consider that the mean age of our respondents is just over fifty you have to wonder, ‘What are these individuals waiting for?’ Retirement will be upon them before they know it.”

The research questions the quality of retirement preparation being done by the majority of small business owners. Twenty-five percent of those surveyed used online calculators, which often have serious limitations in adequately projecting changes. Inflation, taxes, medical expenses and income streams are often not taken into account. Half of the participants use the assistance of a financial professional and the rest use pencil and paper.

The primary concerns expressed by roughly four out of ten small business owners are increases in the cost of living. Another finding is the potentially dangerous tendency small business owners approaching retirement have to oversimplify an increasingly complicated financial planning situation. Inflation, medical expenses, longevity and asset management as well as the accumulation and distribution of income, long-term care and tax management.