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2016 South Carolina Small Business Owners Survey on Retirement Planning

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South Carolina small business owners and decision makers  agree that saving for retirement is important. Many are in favor of a retirement savings option. While most do not provide their employees with a savings retirement plan, many do support a plan to make it easier for small business owners to offer a way to save for retirement. Additionally, they feel that they would be able to attract and retain quality employees and have a competitive edge if they were able to offer a retirement option to their workers.

Key findings include:

  • Sixty-two percent (62%) of respondents expressed concern regarding their employees having enough retirement savings.

  • Seventy-one percent (71%) support a privately managed, ready-to-go state retirement savings plan.

  • Sixty-four percent (64%) would offer employees a state retirement savings plan if it were available.

  • Retirement savings options provide South Carolina small businesses a competitive edge.

The AARP 2016 South Carolina Small Business Owner Survey was a telephone study among 450 small business owners or decision makers about employee benefits at companies with 1-100 additional employees within the state of South Carolina. Interviews were conducted May 20-June 9, 2016. For more information contact Teresa Arnold, AARP South Carolina at TArnold@aarp.org or Cassandra Cantave at CCantave@aarp.org.