logo
    • News
    • Classifieds
    • Free Subscription
    • Book Store
    • Submit
      • Submit a Classified Ad
      • Submit an Educational Announcement
      • Submit a letter to The Editor
    • Past Issues
    • Regional Trade Shows
    • Contact
    • News
    • Classifieds
    • Free Subscription
    • Book Store
    • Submit
      • Submit a Classified Ad
      • Submit an Educational Announcement
      • Submit a letter to The Editor
    • Past Issues
    • Regional Trade Shows
    • Contact
News
January 14, 2022
Now is the time to plan for retirement

By Marcelle Dibrell

Among the most important considerations for any American worker is their retirement plan. While there is that portion of the labor force who intend to work until the day they die, for many of us, that simply isn’t possible. And for most of us, it isn’t what we want.

No – we hope for some wellearned time off. Finally make time for hobbies. Fly off to Europe. Get an RV and see the country. Spend quality time with the grand kids. Just not have to be anywhere. It’s a relief.

But it takes money to stop working, and, in most cases, quite a lot. It’s something you actually have to think about and save for. It’s called a retirement plan.

This month, Service Industry News sent a brief survey to our readers asking broadly about your exit strategy. Responses to this survey were overwhelming. In fact, it was the best response rate we’ve seen in years, indicating that retirement planning is indeed on your minds.

Not surprisingly, the heaviest response to our survey came from our older readers – those who are nearing retirement, with a median age of 59.

We asked when our readers planned to retire and found that while the median planned retirement age was 65, 11 percent plan to work through the rest of their lives. An additional 2 percent said they would work until they were physically incapable, and 12 percent just don’t know.

We asked how our readers plan to dispose of their routes, and learned that the overwhelming majority have no idea. (Pool route sales is an important topic for pool service owners and is covered in more detail in accompanying articles).

We asked our readers to describe their retirement plans and found a substantial number of respondents, 12 percent, had no plan.

Others answered that they intend to live off the sale of their business, sharing details on how they would accomplish the sale. About 34 percent of respondents said they would use the proceeds from their company’s sale to pay for their living expenses.

Some plan to sell their businesses outright. But more said they would sell the company, taking payments over time to fund their retirement.

Many pool service technicians don’t intend to fully retire: 25 percent of respondents said they would take a part-time job.

But a good percentage of respondents have already made solid retirement plans: 18 percent mentioned IRAs; 6 percent said they had 401 (k) plans; 27 percent said they otherwise invested; and 9 percent plan to use income property to live on. Although pensions are becoming obsolete, 11 percent of respondents say they will be receiving income from one.

And though not every respondent acknowledged Social Security benefits, this income will surely play an important role in their retirement.

About 20 percent of responses to our survey came from pool service business owners who are between 30 and 50 years old. Many of them are already thinking about retirement, and are well on their way to securing a steady retirement income.

In this special business issue of Service Industry News, we’re taking a closer look at retirement planning.

LATEST NEWS
Service pros current with tech education
News
Service pros current with tech education
Service Industry News survey reveals most certified, attend trade shows & read trade press
May 8, 2023
By Marcelle Dibrell Congratulations, pool and spa service professionals: According to a recent Service Industry News poll of our readers, you are one ...
this is a test
Getting every disinfecting droplet out of chlorine
News
Getting every disinfecting droplet out of chlorine
May 8, 2023
For most pools and spas, chlorine really is the king of water quality maintenance. It’s true that for aesthetic reasons and preventative maintenance, ...
this is a test
News
Pool subcontractor ordered to pay $384,746
May 8, 2023
According to a press release from the U.S. Department of Labor, a Philadelphia-area swimming pool contractor has been ordered to pay $317,097 in back ...
this is a test
News
CPSC report shows CO deaths on the rise
May 8, 2023
On Sunday, April 16, 21-year-old Brenden Dusenberry was found on the floor of his apartment’s bathroom, throwing up and unable to feel his left side. ...
this is a test
Got Cryptosporidium? CYA reduction critical
News
Got Cryptosporidium? CYA reduction critical
May 8, 2023
When it comes to disease mitigation, cryptosporidium is a tough bug to kill. Cryptosporidium is a waterborne protozoon that causes flu-like symptoms t...
this is a test
News
Lauren Broom is a ….
May 8, 2023
Lauren Broom is a Certified Pool Operator Course, CPO , instructor and a former health inspector for the Florida Department of Health. Lauren has a Ba...
this is a test
Read Our Newsletter
ePaper
coogle_play
app_store
Free Subscription
View Current Print Ads
Educational Announcements
Aquatic Training Institute

Educational Leverage

Foundation For Pool Industry Education

Locey Pool

Pool Chemistry Training Institute

Pool & Hot Tub Alliance

Portofino University

Underwater Pool Masters
Trade Show Dates
  • The Pool and Spa Show
    Jan. 24-26, Atlantic City, New Jersey
  • 34th Annual National Plasterers Conference
    Feb. 8-10, Coronado, California
  • The Southwest Pool and Spa Show
    Feb. 9-11, Houston, Texas
  • The Western Pool and Spa Show
    Mar. 23-25, Long Beach, California
Books to Order
About Us Terms of Use Privacy Policy
We use cookies to ensure that our website gives you the best experience possible. By continuing to use this website, you agree to this use of cookies.OK