Le Lézard
Classified in: Business
Subjects: SVY, SBS

One-Third of Small Business Owners Lack a Retirement Savings Plan


WASHINGTON, April 17, 2019 /PRNewswire/ -- SCORE, mentors to America's small businesses, has published an infographic highlighting small business owners' struggles to save for retirement, and to offer retirement plans to their employees. Data gathered by SCORE shows that 34% of small business owners do not have retirement savings plans for themselves, and 40% of business owners are not confident that they will be able to retire before the age of 65.

SCORE, mentors to America's small businesses, has published an infographic highlighting small business owners' struggles to save for retirement, and to offer retirement plans to their employees. Data gathered by SCORE shows that 34% of small business owners do not have retirement savings plans for themselves, and 40% of business owners are not confident that they will be able to retire before the age of 65.

Data also shows that the smaller the business, the less likely it is to offer a retirement plan to its employees. 72% of businesses with 10 employees or fewer do not offer retirement plans to their employees.

Business owners who lack retirement savings cite the following reasons:

The fewer employees a business has, the less likely it is to offer a retirement plan for its employees:

Businesses that do not offer employee retirement plans cite expense, administrative burdens and lack of employee interest as barriers:

Despite business owners' concerns about expense, retirement savings only cost employers 2.4% of an employee's compensation, on average. Furthermore, retirement plans support employee recruitment and retention:

Download our infographic for more information about retirement savings trends among entrepreneurs and small businesses. 

About SCORE

Since 1964, SCORE has helped more than 11 million aspiring entrepreneurs. Each year, SCORE's 11,000 volunteer business experts provide free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2018, SCORE volunteers helped to create 32,387 new businesses and 103,300 non-owner jobs.

For more information about starting or operating a small business, or on volunteering with SCORE, visit SCORE at www.score.org. Follow @SCOREMentors on FacebookInstagram and Twitter for the latest small business news and updates.

­­Contact Information
Betsy Dougert
800-634-0245
[email protected]

 

Since 1964, SCORE has helped more than 11 million aspiring entrepreneurs to start or grow their businesses. Each year, SCORE's 10,000 volunteer business experts provide 450,000+ free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2017, SCORE volunteers provided 3.6 million hours to help create 54,506 small businesses and 61,534 non-owner jobs. (PRNewsfoto/SCORE)

SOURCE SCORE


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