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.
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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."
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