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Michigan Small Business Owners Support a State Retirement Savings Option For Workers

AARP is supporting states in their efforts to create and implement a state retirement savings option that would enable small business owners and their employees to better prepare for retirement. These privately managed state savings options would be easy for employers to set up, with low costs and low risks to the employer and the state.

spinner image Michigan State Capitol Building

Key Findings 

  • Most (73%) Michigan small business owners would support legislation to establish a privately managed, state retirement savings option that they could offer their workers.
  • The majority of small business owners (81%) agree that state lawmakers should make it easier for them to access a retirement savings option for their employees.
  • Most (79%) small business owners in Michigan agree that being able to offer a voluntary, portable, retirement savings program helps local small businesses stay competitive.
  • Among the nearly six in ten (57%) small business owners in Michigan who do not offer a retirement savings plan to their employees, most (73%) cite cost as a reason.
  • Also among Michigan small business owners who currently do not offer a retirement savings plan to their workers, more than two-thirds (68%) would offer their workers access to a state savings option if one were available.


This survey of 548 small business owners with 1 to 150 employees was commissioned by AARP in Michigan to gauge the support of small business owners in the state for a public–private retirement savings program. The survey was fielded from April 21, 2023, and closed on May 16, 2023.

For more information, please contact Jennifer Sauer at For media inquiries, please contact External Relations at