Earnings and Retirement Plans

More than half of those surveyed earned less than $100,000 last year, though most on the low end feel they should be earning more. Even so, 45% don’t plan to retire until age 70 or after — and for one in six, never.

Published

1 year ago

March 22, 2023

20. What is your ultimate business goal?

To run a business that keeps my family fed and me engaged
30%
To build the family business for the next generation
21%
To reach $1 million in annual sales
8%
To reach $2 million in annual sales
5%
To reach $5 million or more in annual sales
9%
To build a regional or national brand
10%
Other (do what I love, sell business, retire)
17%

21. How likely are you to achieve your ultimate business goal?

Absolute metaphysical certitude
15%
Very likely
55%
Likely
24%
Not very likely
5%
A snowball’s chance in hell
1%

CONFIDENT. Seven in 10 are very likely or certain they will reach their business goals and 94% think they are at least likely.

22. Where would you like to retire?

ALTERNATIVE DESTINATIONS. Don’t know yet, not sure, near family, where the wind blows me, wherever my camper takes me, traveling, not California, [yes] South America, Europe or Asia.

23. At about what age do you plan to retire?

Before I’m 35
0%
35-44
0%
45-54
4%
55-59
7%
60-64
17%
65-69
27%
70-75
22%
After 75
7%
Never
16%

NOT ABOUT THE MONEY. Among those who never plan to retire, 76% earned less than $100,000 last year; only 9% earned $250,000 or more.

24. What is your exit strategy?

Go out of business/close the company
6%
Pass it/sell it to someone in the family
26%
Sell it on the market
23%
Sell the business to an employee
11%
Hire a professional manager but go hands-off
8%
Sell a portion and keep a stake as an income generator
7%
I have no exit plan
19%

NO EXIT. Our 2022 Big Survey also found exactly 19% with no exit plan. Among them, 26% stated they got into the sign business “by dumb luck, I guess?” Maybe they’ll exit the same way. Meanwhile, 18% of those with no exit plan entered through a family business or connection. The ties that bind…

24. What’s the current state of your retirement plan?

Dire
10%
It needs a modest boost
29%
On track
38%
I could retire today
12%
I don’t plan to retire
11%

WELL POSITIONED. Within the one in about eight who could retire today, 17% do not plan to retire, and as many are under the age of 60. Around 8% of those who could retire today are under 55. Would be nice!

25. What do you see yourself doing, primarily, in retirement?

Spending more time with family or friends
15%
Taking up or expanding a hobby
20%
Traveling the region, country or world
29%
Volunteering at church or a charitable organization
7%
No idea right now — too far off to think about
15%
*I told you, I’m not* retiring!**
14%

HOME BASE. Among respondents who see themselves traveling the region, country or world, 52% of them plan to retire where they are.

26. How much did you earn last year from being a sign-business professional (including salary and share of profit)?

Less than $50,000
16%
$50,000-$99,999
36%
$100,000-$249,999
35%
$250,000-$499,999
8%
$500,000-$999,999
3%
$1 million-$4.9 million
1%
$5 million or more
1%

LOW END. The one in six participants earning less than $50,000 last year can be found in every region of the nation, working in shops of various sizes and whose companies do about as well in sales as respondents who earned more.

27. How much do you expect to earn this year?

Less than $50,000
13%
$50,000-$99,999
30%
$100,000-$249,999
43%
$250,000-$499,999
9%
$500,000-$999,999
3%
$1 million-$4.9 million
1%
$5 million or more
1%

HIGH HOPES. 22% of respondents who earned less than $50,000 last year expect to earn more this year. The same is true for 26% who earned $50,000-$99,999.

28. How much do you feel you should be earning — based on the value you provide, what others in the industry earn, etc.?

Less than $50,000
3%
$50,000-$99,000
21%
$100,000-$249,999
51%
$250,000-$499,999
19%
$500,000-$999,999
3%
$1 million-$4.9 million
3%
$5 million or more
0%

GOOD VALUE FOR MONEY. Not surprisingly, 84% of the less than $50,000 club feel they should be earning more. Within that group, 25% feel they deserve $100,000 or more, and one values themself at $250,000 or more. And apparently, the one-percenter earning $5 million or more last year doesn’t feel they should be earning that much. Feel free to spread it around!

Signs of the Times Staff

Signs of the Times has been the world leader in sign information since 1906. Contact Signs of the Times' editors at editor@signsofthetimes.com.

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