Retirement Planning for Small Businesses

Publication Date

Spring 2025

Presentation Length

Poster/Gallery presentation

College

Jack C. Massey College of Business

Department

Marketing and Entrepreneurship

Student Level

Undergraduate

SPARK Category

Research

Faculty Advisor

Rachel Wilson

WELL Core Type

Financial Wellness

Metadata/Fulltext

Metadata ONLY

SPARK Session

independent presentation

Presentation Type

Poster

Summary

Retirement Planning for Entrepreneurs: Research Summary

Description:

Many entrepreneurs neglect retirement planning, either for themselves or their staff, due to time constraints, lack of structure in their small businesses, or lack of understanding of the available options. The focus of this study is on retirement planning for entrepreneurs and the strategies entrepreneurs use to establish effective retirement plans for their employees.

Problems Being Addressed:

  1. Entrepreneurs and their employees are uneducated on their retirement planning options.

  2. People are discouraged from working for small businesses because of uncertainty surrounding benefits and retirement planning.

BIG QUESTION:

What are small business employers doing for their employees in terms of retirement benefits and planning?

Possibilities:

  • Lack of plan

  • Lack of knowledge

  • Lack of resources

Objectives:

  1. Understanding the current key challenges entrepreneurs face when setting up retirement plans for their businesses and employees.

  2. Exploring the different types of retirement plans available to small businesses and how to evaluate the options with regard to the size of the business, levels of revenue, etc.

  3. Assessing the level of awareness among entrepreneurs regarding their options for retirement planning, employee benefit plans, and tax benefits

  4. Identifying best practices for educating entrepreneurs about the importance of offering retirement plans to improve employee retention and satisfaction

  5. Developing recommendations for small business owners for retirement plans for themselves and their employees

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