Small-business employees better hope they marry into money, win the lottery or find oil in their backyards. Otherwise, more than half of them will find retirement financially challenging.
The Government Accounting Office painted a dismal retirement picture for small-business workers in a 28-page report focusing on how prepared (or not) small-business employees are for retirement.
The report said small businesses — those with 100 or fewer workers — currently employ about 42 million workers nationwide. Only 14 percent of small businesses surveyed reported having some type of retirement plans. And that percentage will probably shrink over time.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
