DeVaney, Sharpe, Kratzer & Su (1998). Retirement Preparation Of The Nonfarm Self-Employed, Financial Counseling and Planning, V. 9(1)

S. A., Sharpe, D. L., Kratzer, C. Y. & Su, Y. (1998). Retirement preparation
of the nonfarm self-employed. Financial Counseling and Planning,
9 (1), 53-59.

Retirement Preparation Of The Nonfarm Self-Employed

Sharon A. DeVaney,(1)
Deanna L. Sharpe,(2) Constance Y. Kratzer(3)
and Ya-Ping Su(4)

Despite growth in the numbers of self-employed workers, there is
little research on the retirement planning behavior of this group. The
purpose of this study was to identify characteristics of self-employed
workers and determine factors that lead to increased savings for retirement.
Findings from a survey mailed to a convenience sample indicated the largest
amounts of annual savings were in stocks and business equity and the smallest
amounts were in Keogh plans. Self-employed workers tended to have larger
total retirement savings if they were older, had higher income levels,
and had conducted some retirement planning activities.

Key Words: Retirement, Saving, Self-employed, Financial planning,

An earlier version of this article won a Best Article award
from the Certified Financial
Planner Board of Standards

“Retirement Savings of Nonfarm Self-Employed Workers: An Exploratory
Study” in Consumer Interests Annual, Volume 43, 1997. 

1. Sharon A. DeVaney, Assistant Professor,
Consumer Sciences and Retailing, Purdue University, West Lafayette, IN
47907-1262. Phone: 765-494-8300, Fax: 765-494-0869. E-mail:

2. Deanna L. Sharpe, Assistant Professor, Consumer
and Family Economics, University of Missouri, Columbia, MO 65211. Phone:
573-882-9652, Fax: 573-884-8389. E-mail:

3. Constance Y. Kratzer, Assistant Professor,
Virginia Tech, Blacksburg, VA 24061-0410. Phone: 540-231-4958, Fax: 540-231-3250.

4. Ya-ping Su, Ph.D. candidate, Sociology, Purdue
University, West Lafayette, IN 47907. Phone: 765-494-4668. E-mail:

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