AARP Oklahoma Survey Reveals Overwhelming Small Business Support for Retirement Savings Program

Posted on 01/21/20

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Seventy-seven percent of Oklahoma small business owners agree Oklahoma lawmakers should support a retirement savings program that would help employees save for retirement, according to a new poll released by AARP. Seventy-six percent of Oklahoma small business owners also expressed concern that Oklahomans have not saved enough for retirement and could end up being reliant on public assistance programs.

“Oklahomans are working as hard as ever, but many do not have a way to save for retirement out of their paychecks,” said Sean Voskuhl, AARP Oklahoma state director. “Small business owners agree our legislators should support an Oklahoma retirement savings option to help make businesses more competitive, while giving Oklahomans an easy way to save for their retirement.”

AARP small business survey key findings:

· 68 percent of small businesses do not currently offer employees a retirement savings plan
· 74 percent agree that retirement savings options help small businesses attract employees and stay competitive
· 77 percent agree Oklahoma lawmakers should support an Oklahoma retirement savings option

The findings of the small business employer surveyed largely mirrored those of a survey conducted by SoonerPoll last month of likely voters. The SoonerPoll survey found that over half of all Oklahomans feel anxious they will not have enough money in their retirement years. The survey also found that 77 percent of Oklahomans support an Oklahoma retirement savings option.

AARP’s Public Policy Institute research shows that Americans are 15 times more likely to save for retirement when they can do so at work. A public-private portable retirement savings program is an easy, low-cost option that will help small businesses provide a way for their employees to save. Additionally, a 2017 study by AARP’s Public Policy Institute found that Oklahoma would save approximately $1.5 million a year on public assistance programs for every $1,000 increase in a lower-income individual’s annual retirement income.

“The retirement savings crisis is getting worse and that puts increased pressure on state and federal budgets,” said Voskuhl. “These two surveys show that there is overwhelming support for our lawmakers to create a public-private partnership to ensure all Oklahomans are able to save for their future and help better secure true financial independence.”

For more findings from the AARP poll, visit www.aarp.org/oksmallbizsavings.

This story is provided by AARP Oklahoma. Visit the AARP Oklahoma page for more news, events, and programs affecting retirement, health care, and more.

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