Small Business Retirement
Why offer a retirement plan?
For many business owners, offering a retirement plan feels like a big step. You may wonder if your business is large enough, whether you can afford it or whether your employees will even participate.
The good news
Today’s retirement plans are more accessible than ever. Thanks to advances in technology, federal tax incentives and flexible plan designs, offering a retirement plan may be easier — and more affordable — than you think.
And it’s not just your employees who can benefit. A retirement plan may also help business owners save for their own financial future.
Attract and retain employees
A competitive benefits package can help your business stand out in today’s job market. For many job seekers, access to a workplace retirement plan is a highly valued benefit when choosing where to work — and a reason to stay.
Why it matters
Invest in your employees
Helping employees save for retirement can improve financial confidence and demonstrate your commitment to their long-term success. Even modest employer contributions can make a meaningful difference over time.
Offers access to guidance and advice
Participant access to planning tools
Helps build financial confidence
Benefits to your business
A competitive retirement benefit can help your business stand out in a competitive hiring market.
Employees who value retirement benefits may be more likely to stay with an employer that offers them.
Business owners may also be able to use the plan to help build their own tax-advantaged retirement savings.
Eligible employers may qualify for valuable federal tax credits that can offset much — or even all — of the cost of starting a retirement plan.
A retirement plan can complement your overall employee benefits strategy and help your business compete for talent.
Questions to consider
- What are my goals for offering a retirement plan?
- How important is recruiting and retaining employees?
- Do I want to contribute on behalf of employees?
- Could a retirement plan help me save more for my own retirement?
- Which retirement plan best fits my business goals, budget and employees?
Next step
You’ve learned why offering a retirement plan can benefit your employees, your business and your own financial future. Next, compare the most common retirement plan options to determine which may be the best fit for your business.
Explore the full series
- Why offer a retirement plan?
- Which retirement plan is right for my business?
- Understanding retirement plan costs
- Setting up your 401(k): What to expect
- Getting more from your retirement plan
- Why Voya?
Talk to a Financial Professional*
- Call: 866-481-3653 (option 4)
- Email: RetirementSales@Voya.com
Existing Voya plan sponsors:
- Call: 800-654-8065 (option 5)
1 Voya Consumer Insights and Research survey conducted with Morning Consult between Aug. 22–Sept. 11, 2025, among n=301 employer benefits decision-makers.
2 Voya Consumer Omnibus Research: Retirement Report – Q2 2023. Survey of 1,004 U.S. adults (483 employed), conducted June 12–13, 2023.
*Registered Representative of, and securities services offered through Voya Financial Partners, LLC (member SIPC).
The information presented here is for educational purposes only, and not intended to be legal or tax advice. Each plan must consider the appropriateness of the investments and plan services offered to its participants. All investing involves risk, including the loss or principal. There is no guarantee an investment, investment strategy or managed portfolio will meet its stated objective.
Each plan has unique requirements and should consult its attorney or tax advisor for guidance on its specific situation. Voya strongly suggests speaking with tax and legal advisors before making changes to a plan.
Products and services offered through the Voya® family of companies.