Contrary to Popular Belief, Small Businesses Have Affordable Retirement Saving Options
According to the 2018 Millennium Trust Small Business Retirement Survey1, many small employers believe that sponsoring a retirement plan is simply too expensive, but relatively few have researched how much a plan would cost – presumably because they may think a 401(k) is their only option.
Because retirement saving options have become widely perceived as a standard benefit, many small businesses miss out on a valuable tool to attract and retain talent. Businesses that offer a retirement plan can be much more appealing to employees – especially in today’s day and age with increased cost of living and longer lifespans.
Despite these gaps between what employees want and what many employers think is viable, small businesses do have retirement saving options that were designed with them in mind.
To learn more about affordable retirement saving options for small businesses, like SEP IRAs, SIMPLE IRAs and Payroll Deduction IRAs, check out “Why Employers’ Retirement Plan Misperceptions Could Kill Their Business“ in 401(k) Specialist.
1The Millennium Trust Small Business Retirement Survey was commissioned by Millennium Trust company, and conducted by CITE Research (www.citeresearch.com). The online survey was conducted among 500 decision makers at companies with less than 150 employees that do not offer any type of retirement savings option, and 500 employees who are working full-time at employers with no retirement savings option. The survey, one of the first of its kind to be conducted exclusively with employers that do not offer retirement benefits, was fielded between September 28 and October 8, 2018.
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.