Small Business Owners Say Social Security Matters on Election Day
BELLEVUE, Wash. -- Seventy percent of small business owners said Social Security was an important issue for them during last week's elections, according to a survey from ShareBuilder 401(k).
Harris Interactive conducted the online survey from Oct. 4-23. The sampling includes 507 small business owners or small business CEOs and presidents ages 18 and over, who employ 50 employees or fewer, including one-person, owner-operated businesses.
While the survey identified Social Security as an important issue for small business owners, not all retirement issues ranked as highly. Sixty-one percent said they had never heard of the recently enacted Pension Protection Act. Of the 39% of respondents familiar with the act, only 56% said it will be an important factor in their voting and 76% said it makes no impact on their plans to offer a 401(k) plan in the future.
Only 14% currently offer 401(k) plans at their companies and 25% of participants plan to use a 401(k) to fund a portion of their retirement, according to the survey.
"What this survey may suggest, is that many small business owners are still focusing on Social Security as a primary source of retirement income, both for themselves and their employees," said Jeff Seely, chairman and CEO of ShareBuilder Corp. "It is essential that owners of small businesses--the engine of our economy--understand the importance of company-sponsored 401(k) plans and other retirement benefits in supplementing our Social Security system."