The American Retirement Association says that middle-class workers are 15 times more likely to save for retirement under an employer-sponsored plan than on their own. Having an employer-sponsored retirement plan increases employee job satisfaction and makes employees less likely to leave your company. In fact, nearly a quarter of over 2,000 small business owners surveyed by CNBC and SurveyMonkey in 2017 reported that lack of retirement benefits was a contributing factor to employee turnover at their company. Finding ways to reduce turnover can mean significant savings for small businesses like yours: the Society for Human Resource Management estimates that the average cost to replace an employee earning under $30,000 annually is 16 percent of their annual salary. This means that replacing one $10/hour retail frontline staff costs you about $3,300.

More than just helping your employees save and lowering turnover, selecting a retirement plan for your small business is good for you, too. You can participate in your business’ retirement plan, helping you secure your own financial future—especially in the event that income from your business might not fully support you in retirement. These savings plans also come with tax benefits for you and your workers, including allowing you to write off contributions as a business expense, and to make certain contributions tax-free.