An AARP South Carolina survey of 450 small business owners found support for a “turnkey” retirement savings plan for their employees.
“Seven in ten small business owners surveyed support a ready-to-go retirement savings option that would help South Carolina small business owners offer employees a way to save for retirement,”AARP South Carolina Director Teresa Arnold said while announcing the results Tuesday.
“78 percent of those surveyed agreed that the state should do more to encourage residents to save for retirement,” she continued.
The survey found 827,000 South Carolina private sector employees have no access to retirement savings from their employer. “South Carolina is the 50th-worst in 401 (k) savings,” Arnold said. “We have one of the lowest amounts of savings in the country on average.” South Carolina also falls below the national average of retirement plan participation for private sector employees.
Arnold said her organization has formed a task force to make recommendations to state lawmakers, although she did not have any specific legislation during Tuesday’s press conference.