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A new era of retirement savings
2020 saw some monumental changes to both retirement legislation and small businesses. This guide aims to contextualize retirement savings for small business owners and their employees.
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Financial security is more important now than ever
Several major occurrences impacted the retirement landscape in 2020. And while the future of the economy is still largely unpredictable, the aftermath of COVID-19 made one thing clear: Financial wellness is top of mind for most Americans.
America’s retirement savings crisis remains an unsolved challenge — especially for small businesses.
Our research focuses on small business employees and provides a voice to a group that’s otherwise disregarded in other retirement studies. By surveying employees of small and medium-sized business employers, we examine how SMB employees approached retirement, their financial preparedness, and their financial wellness during the COVID-19 pandemic.
As the U.S. economy continues to respond to the ongoing effects of the COVID-19 pandemic, our research suggests that SMB employees will only continue to focus on retirement preparedness. After reading this report, you’ll learn how SMB employees are saving for retirement, when they plan to retire, and what they envision once they reach retirement age.
69%
of all respondents define retirement as a reduction in working full-time instead of a complete stop.
56%
of small business employees report talking to their partners at least once a month about retirement savings.
42%
of small business employees said the pandemic has changed how they save for emergencies.
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.
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