Florida Small Businesses Want State Action on Retirement Savings

Access to an employer-based retirement plan is critical for building financial security later in life, yet more than four million private-sector workers in Florida are employed by businesses that do not offer any type of retirement plan. Workers employed by small businesses are less likely to have access to a plan, leaving many to rely primarily on Social Security in retirement.

To help address this gap, AARP supports efforts to create and implement a privately-managed retirement savings option that would make it easier for small businesses to help their employees save. These public-private savings options are simple for employers to facilitate and involve no employer liability. During the upcoming 2027 session, Florida lawmakers will consider legislation that would create this type of retirement savings. 

AARP surveyed Florida small businesses about retirement savings and their views on creating a public-private retirement savings option for small-business employees.

Small businesses in Florida want more residents to save for retirement

The survey reveals that nearly 8 in 10 (79%) Florida small businesses think more should be done to encourage Florida residents to save for retirement. Roughly as many (81%) also expressed concern, as taxpayers, that some Florida residents have not saved enough for retirement and could end up relying on public assistance.

Moreover, 2 in 3 (66%) are concerned that their employees will not have enough money in retirement. 

 Florida small businesses support a public-private retirement savings option

More than 8 in 10 (82%) small businesses in Florida support a ready-to-go retirement savings option that would help them offer their employees a way to save for the future. Just as many (87%) also agree that state lawmakers should support a bill that makes it easier for small businesses to offer a retirement savings option to their employees.

A retirement savings option can attract employees and help small businesses stay competitive

Small businesses in Florida would like to offer their employees a retirement savings option. Most (84%) believe offering a workplace retirement savings option would help small businesses attract and retain quality employees and stay competitive. But retirement savings plans can be costly and complicated, making it difficult to offer such a plan to their employees on their own.  

Among Florida small businesses that do not currently offer a retirement savings plan, roughly 3 in 4 (74%) say that they would be likely to offer the privately managed retirement savings option described in the survey.

Methodology

AARP commissioned Alan Newman Research (ANR) to field this 2026 Florida Small Business Survey between June 16 and July 23, 2026. Interviews were conducted by cell and landline phone among 552 small businesses with 5–100 additional employees besides the respondent. The sample is weighted by business size (i.e., number of employees), industry, and county according to 2023 Economic Census statistics.

For more information on this issue in Florida, contact Chante’ Jones at cejjones@aarp.org. For media inquiries, please contact FLMedia@aarp.org. For more information on this survey, contact S. Kathi Brown at skbrown@aarp.org.