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We haven’tthought about it
Small Business Retirement: Investing in Your Future
I don’t make enough profit to save for retirement
I used my previous retirement savings to invest intomy business
I plan to sell my business to fund my retirement
I don’t have any plans to retire
I don’t see the need to save for retirement
40% of owners are not confident they’ll be able to retire before age 65.
MOREOVER, SMALLER COMPANIES ARE LESS LIKELY TO OFFER RETIREMENT PLANS FOR EMPLOYEES
Those who don’t, cite expense, administrative burdens and lack
of employee interest
But retirement savings plans cost employers only 2.4% of an employee’s compensation.
And retirement plans support employee recruitment and retention
48% departing employees said a lack of retirement benefits influenced their decision.
Work with a SCORE mentor to determine the best retirement options for you and your business.
37%
21%
18%
12%
12%
80%
70%
60%
50%
40%
30%
20%
10%
0%
90%
100%
<10 10-24 25-49 50-99 >100
% of businesses that offer retirement plans
0%Too expensive
to set upDoes not havethe resourcesto administersuch a plan
Employeesare not
interested
Organizationis too new
Concernedabout how to choose a
plan provider
71%
28%
51%63%
73%87%
63%50%
13%15%
INSPIRES INCREASED EMPLOYEE ENGAGEMENT
HELPS ATTRACT BETTER QUALITY EMPLOYEES
DRIVES RECRUITMENT AND RETENTION
Benefits of offering a 401K plan (small business with 2-50 employees)
0 10 20 30 40 50 60 70 80 90 100
of entrepreneurs have no retirement savings plan for themselves34%
% of small business owners
Sources:https://www.manta.com/resources/small-business-trends/small-business-retirement-savings-plan/
https://www.paychex.com/articles/employee-benefits/survey-small-business-owners-uncertain-about-retirement
https://www.ssa.gov/policy/docs/ssb/v75n2/v75n2p41.html
https://www.pewtrusts.org/~/media/assets/2017/01/small-business-survey-retirement-savings_f.pdf
http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsarticle&ID=2285440
$
Why don't small business owners have retirement savings plans?
employees employees employees employees employees
22%