Not only do many small businesses refrain from offering formal retirement savings programs, even their owners don't have retirement plans. (Photo: Getty)

Retirement is a daunting prospect for many small business owners who don’t feel financially prepared to stop working when they reach average retirement age.

According to a recent survey by Paychex, Inc., 30 percent of small business owners said they felt “somewhat confident” that they’ll be ready to retire sometime between the ages of 61 and 65, 21 percent of respondents selected “not at all confident” on the survey’s retirement readiness scale, and eighteen percent fell between “somewhat confident” and “not at all confident.”

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