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SMBs retirement savings options are lagging: Here's how to fix it

The use of technology can expand access to retirement plans for those most reluctant to opt-in: millennials and Gen Z employees.

By Jared Porter | August 16, 2022 at 12:00 PM
(Photo: Shutterstock)

According to new data from AARP, 57 million employees in the U.S. currently work for an employer that doesn’t offer a traditional pension or retirement savings plan. Although this is a concerning statistic, it’s not all that surprising. Individual financial independence and saving for the future is a commodity that is in short supply with the working class in this country. More importantly, there’s a lack of understanding and experience to put money away for the “golden years.”

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In fact, only 36% of non-retired adults think their retirement savings are on track, according to the Federal Reserve. Meanwhile, a separate Harris Poll survey released last December reported that over a fifth of the more than 2,000 adults canvassed save nothing each year for retirement.

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