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%