Press Release

New Retirement Savings Opportunities Are Big Win for Self-Employed and Gig Economy Workers

Issued by National Association for the Self-Employed [NASE]

Dec. 13, 2023

A Business Demographic with Unequal Retirement Options, New Approaches Offer Enhanced Financial Stability for Small Business Owners

WASHINGTON, D.C. – With record surges in small business start-ups over the last few years, including a substantial increase in older American’s seeking a second career in retirement, Keith Hall, president and CEO of National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses, today applauded a suite of new approaches to retirement offering small business owners enhanced financial stability, flexibility and increased savings opportunities. 

“Small business owners are laser focused on optimizing their financial stability to both operate their businesses in the black while also finding ways to save for retirement,” Keith Hall, president and CEO of National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses. “The expansion of State Auto-IRAs are welcome news for our community and will benefit small business owners by offering greater flexibility and enhanced new ways to save in the long-term for retirement. With a surge of new entrepreneurs leaving traditional employment to start their own small business, coupled with those in retirement who are starting second careers, it can be a challenge for many small business owners to dedicate funds to retirement savings.”

A new report from Gusto, “State Auto-IRA Mandates Boost 401(k) Adoption, With Largest Gains Among Lower-Income Workers,” highlights the flexibility and benefits of State-Auto IRAs, indicating many small employers taking advantage of these programs, the small business community realizing the greatest boost, and how these program are improving the overall financial stability of this demographic.

“Small business owners must balance their families and their businesses daily.  Since they don’t have the same retirement options as larger corporations, anything we can do to offer more flexibility while supporting their financial stability will go a long way in fueling the economic engine of our economy. We applaud these new approaches to retirement savings that most often benefit lower income workers and small business owners,” concluded Hall.

As part of NASE, Hall has a long-history of advocating before Congress and other key stakeholders in developing creative approaches to retirement savings and options for the small business community. In an op-ed in The Hill, Hall implored Congress to make retirement options a priority for the small business community, “Congress must implement creative retirement options for small businesses so that all Americans can retire with dignity regardless of job, status or employment structure.” Hall also has been part of the Pew Research Center’s Retirement advocacy project, offering key insights and characteristics of the small business community and solo entrepreneurs.

Over the course of the last few years, “The Great Resignation” has led to many Americans leaving traditional employment to start their own business. This surge in new small business openings has been reported by both the Small Business Administration (SBA) and the Census Bureau, including a recent Yelp report illustrating every state was on track to beat last year’s all-time high. 

Hall also reacted to a recent report indicating the employees of small businesses are among the happiest by saying, “America’s small business owners are finishing out the year incredibly optimistic about the future of their business with their employees happy and satisfied and even more new applicants joining our ranks every day.  2023 is turning out to be another major, record-breaking year on all fronts for our country’s small business community, the lifeblood of our nation’s economy.”

NASE advocates and gives voice to America’s smallest employers, the self-employed and micro-businesses, before our elected leaders in Washington. In addition, NASE serves as a critical resource for new and existing small businesses in their operations. Specifically, NASE offers a robust Growth Grant program – sponsored by AARP, DELL Small Business, and Payanywhere – to Ask The Experts business and tax advice and the NASE Minute video with free business advice online to both members and the public. The association’s goal is to support the small business community to help them to grow and thrive.

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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE NextBizThing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org

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