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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