Did you know that 5 million firms in the U.S. have fewer than 250 employees, while only 18,500 have 500 or more? Or that microbusinesses, those with fewer than 10 employees represented 75 percent of all private-sector employees in 2013?1
Small business, the true backbone and growth engine of the U.S. economy, need retirement planning help. This message is one that Tracey Gray-Walker, head of AXA’s Association business, promoted to journalists in a kickoff conference call hosted by the Insured Retirement Institute (IRI) to open National Retirement Planning Week ® (NRPW) 2015, April 13-17.
“We’re focused on helping associations promote their member value proposition, which, in turn, helps the members,” most of whom own small businesses, such as dental practices, small architecture firms – even yoga instruction studios.
“Small business owners, like most Americans, are not saving enough for retirement,” says Gray-Walker, adding, “They’re overwhelmed by complexity, price concerns, and the competing priorities that come from having to do it all.” AXA offers advice for owners on how to take small manageable steps that can lead to a secure retirement for owners, families and employees; in addition to helping small businesses attract and retain talented employees.
AXA again this year is a member of the National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services organizations spearheaded by the Insured Retirement Institute (IRI). The IRI and the Coalition have worked to organize National Retirement Planning Week to help consumers focus on their financial needs in retirement.
In addition to the various events organized around NRPW, the IRI released its fifth annual survey on “Boomer Expectations for Retirement 2015.” Among the findings was that only 27% of baby boomers felt extremely or very confident in having saved enough money to meet income needs throughout their retirements. Among other data, some 86% of Boomers who plan for retirement with the help of a financial professional say they are better prepared for retirement as a result.
Online retirement materials are available on the AXA US website, www.axa.com.
1Source: Small Business Administration.