Barry Motz, director of retirement planning at Lord Abbett recently commented "With 84% of the 10 [employee] and under market still not having a retirement plan, and with two out of every three millionaires in this country owning their own businesses," there's a tremendous opportunity in the area.
While the article talks about the opportunity for financial advisors and investment managers, there is another story to consider when talking about 401(k) plans.
Think of it: 84% of businesses with 10 or fewer employees don't offer retirement plans. This is a great opportunity to differentiate yourself from other employers.
If you have a quality group of employees that work for you, and you would hate to lose them, this is a simple yet effective means to offer them something that the great majority of your competitors don't. And the costs are very minimal.
Not only that, but if you're a business owner, rule changes in 2002 have removed limitations upon what top earners could save. It allows not only an owner, but top employees and earners to be able to put a larger portion of their earnings away for retirement.
What is there to say? Just doing this is a huge move that many aren't willing to take. Do it and you'll find yourself retaining employees at a much higher rate than before.
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