US. Small Business Owners Need a Nudge to Offer Retirement Plans
Data gathered by SCORE, a nonprofit provider of mentor services to U.S. small businesses, shows that 34% of small business owners do not have retirement savings plans for themselves, and the fewer employees a business has, the less likely it is to offer a retirement plan for its employees.
Only 28% of businesses with fewer than 10 employees offer retirement plans for employees, 51% of businesses with 10 to 24 employees offer retirement plans, and 63% of businesses with 25 to 49 employees offer retirement plans.
Seventy-one percent of businesses that do not offer retirement plans report that plan setup is too expensive, and 63% say they do not have the resources to administer such plans. Half contend their employees are not interested, although SCORE found 48% of departing employees said a lack of retirement benefits influenced their decision to leave. Twenty-two percent have not thought about offering a retirement plan to employees.
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