Only A Third of Small Businesses Have Retirement Plans

Only one-third of small businesses offer their employees retirement plans, providing an opportunity for some small business owners to lure top-notch job candidates in a tight labor market. 

Key Takeaways

Only one-third of small businesses offer retirement plans, with most owners saying they can’t afford it.More than 8 in 10 small business owners said they can’t match the benefit packages offered by big companies.Most small business owners that offer retirement plans do it to benefit employees, but more than half also said that employee recruitment is a factor.

Most small business owners said they could not afford a retirement plan for employees, according to Fidelity Investment’s 2023 Small Business Retirement Index. The survey of 504 owners of businesses with fewer than 100 employees found while inflation remains business owners’ top worry, another 37% said employee recruiting and…

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