Thirty-five percent of those not offering a plan said the fees are too expensive, and 23% said they don't know how to manage a 401(k).
The small business owners that do offer a 401(k) said they do so to build retirement savings for themselves and their employees, with just 5% saying they offer it to attract new employees and 6% saying they offer it for tax breaks.
In total, 28% are offering a plan and another 6% plan to add one soon, the Scorecard survey found.
"There needs to be more education for small business owners about the tax benefits and the long-term growth potential of investing in a 401(k) plan," said
The deadline for setting up a Safe Harbor 401(k), which offers small business owners a simplified way to manage a 401(k) plan, is
How do small business owners plan to save for retirement? Find out on the SurePayroll Blog.
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