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How the SMB Workforce Saves

While there's a lot of data out there talking about retirement, these reports often come from financial service firms that work with large corporations with large plans. But that's not the whole story.

In this report, we share unique data about the retirement nest eggs of Americans who work for the majority of U.S. businesses—small and medium-sized businesses. We break down how much people are saving by gender, age, industry, and more. 

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How a 401(k) can benefit your small business

When SMB employees are offered a 401(k) plan, they save more than the industry average.

Access to an employer-sponsored retirement plan is the top reason SMB employees start saving for retirement.

Tackling one of the largest unsolved problems in America

Our report summarizes data from more than 28,000 employees of small and medium businesses nationwide. We report breakdowns by age group, gender, marital status, salary, industry, and region to get insight into how small business employees—who make up roughly half of the U.S. workforce—are saving for retirement. 

Key findings in the report include:

  • The gender retirement gap: The gap in savings rates between men and women can compound over the course of someone’s life.

  • An employer match is not a dealbreaker: the key to get people to save is access to a 401(k) or 403(b) through work. 

  • It’s not just white-collar workers: Workers in manufacturing, construction, retail, and other non-office verticals are, in fact, saving the same percentage of their salary as workers in finance.

  • The Midwest falls behind: Compared to other regions, people in the Midwest are saving the smallest percentage of their pay in their 401(k).

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