As many as 5 million self-employed baby boomers are $335,000 short from saving $1 million for retirement, according to TD Ameritrade's 2015 Self-Employed Survey.
There are approximately 15 million self-employed Americans. Results from TD Ameritrade's survey show rising healthcare costs are a significant driver of the inability among the self-employed to adequately save for retirement.
Here are six key takeaways from the survey.
- 26 percent of survey respondents said healthcare costs have reduced their ability to save and 35 percent said the rising cost of health insurance has negatively impacted their business.
- 61 percent of respondents are more anxious about saving for retirement now compared to before they set up their business.
- 51 percent of respondents want the next president to reduce healthcare costs.
- However, 64 percent do not expect their needs to be among the next president's priorities, and 57 percent believe political and economic changes over the past three to five years are hurting their business.
- 40 percent do not support a $15 minimum wage.
- 20 percent feel government regulations have produced worse effects compared with three to five years ago.