New Survey Data Reveals Only 26 Percent of Small Businesses Currently Offer a 401(k) Plan But Would Reconsider if More Affordable
Each year the Small Business Administration dedicates a week to celebrating small businesses and the positive impact they have on our economy.
This year, ShareBuilder 401k is also offering a tangible benefit to these businesses that, by and large, don’t have any type of retirement plan for their employees.
ShareBuilder 401k makes 401(k) plans more affordable and accessible for any size business, including the self-employed.
“Small businesses employ nearly half of the U.S. workforce, yet most operate without retirement benefits that are commonly offered by their larger counterparts. We’d like to help level the playing field by making it free and easy to get set-up with a 401(k).”said Stuart Robertson, President and CEO of ShareBuilder 401k.
To make the transition more affordable, ShareBuilder 401K is waiving set-up pricing on all its 401(k) plans from May 2–23—charges that normally run between $150 for a self-employed business owner opening a Solo 401(k) and $495 to $995 for businesses with multiple employees.
Companies with 1-100 employees can also receive up to $5,000 in tax credits for new 401(k) costs for the first three years of the plan.
A new ShareBuilder survey conducted by Wakefield Research in March 2022 revealed that only 26 percent of small business owners have a 401(k), with most citing they thought their business was too small or that retirement plans may be expensive as top reasons for not having one.
ShareBuilder 401k seeks to solve this, making it easy and affordable for any size business to set-up a 401(k) and save for retirement including the self-employed.
About ShareBuilder 401k