Stuart Robertson is the CEO and President of ShareBuilder 401k, a technology-forward 401(k) provider for small- to mid-sized companies.

My company recently sponsored a national survey of 500 random U.S. small-business owners at companies of one to 50 employees. It revealed a concerning trend: 54% of women small-business owners don't believe they will ever retire. This is notably different than their male small-business owner counterparts at 44%.

This statistic highlights the significant difference in how women are preparing for retirement versus men. However, based on my own experiences working with business leaders on their 401 planning, I believe any business owner can take control of their financial future with some pretty straightforward tools and education.

The Importance Of Retirement Planning

In the corporate world, women employees often deal with overcoming gender pay gap issues and more caregiving responsibilities, among other concerns. I have observed that women business owners tend to have much more control in these areas, yet some of these challenges can still persist. Regardless of your situation, however, taking care of your family and future self is still an important goal. Here's why:

• Financial Security: A solid retirement plan can provide financial security and peace of mind both today and later in life. It can help ensure that you have the resources you need to maintain your lifestyle and cover your expenses.

• Business Succession: Retirement planning is also important for business succession. Having a retirement plan in place that employees are actively leveraging helps ensure you have skilled workforce in place (as explained below) that know and are invested in your business. This can also help carry on your legacy and ensure a smooth transition of ownership. For example, in the unfortunate event the new owner makes some job cuts, you can feel more confident your team has financial resources in place for their future.

• Setting A Good Example for Employees: Prioritizing retirement savings can set a positive example for employees by encouraging them to save for their own retirement, which can help create a more financially secure workforce. Offering retirement benefits for your employees also acts as a driver for finding and retaining top talent and helps prevent your top talent from being lured away by other companies offering such plans.

Strategies For Bridging The Retirement Gap

There are several steps that you as a small-business owner can take to bridge the retirement gap:

1. Start saving now.

The earlier you start saving for retirement, the more time your money has to grow through compounding interest, security growth and dividends. Even small contributions made consistently over time can accumulate significantly. It may seem inconsequential now, but over 30 or 40 years, it can be amazingly impactful.

2. Create a budget.

Developing a budget can help you track your income and expenses and identify areas where you can cut back to save more for retirement.

3. Start a retirement plan for your business.

401(k) plans offer high contribution limits to help everyone build for retirement, and they are tax advantaged, too. Most plans now include a Roth 401(k) feature that any employee can use no matter their income. I have also observed how contributions being automated with each payroll has helped many Americans save for retirement over a career. 401(k) plans are affordable for any size business, including the self-employed. Businesses with 1 to 50 employees can qualify for tax credits to cover the costs of starting a plan for the first three years.

Regulatory rules do require a 401(k) plan to offer a diversified fund line-up from which employees may choose to help them effectively build their nest egg over time while minimizing against the risk of large loss. Many employees are not sophisticated investors, so a focused fund line-up can be very beneficial in helping employees select appropriate funds. As an owner, you can also simplify and satisfy the 401(k) investment regulatory requirements by working with a provider that monitors and oversees the retirement fund roster for your plan (known as an ERISA 3(38) advisor).

4. Take advantage of tax-advantaged IRA if your business is unstable.

Individual retirement accounts (IRAs) are tax-advantaged investing accounts that can be used to save for retirement. While the contribution limits are much lower than a 401(k) plan, this could be a good place to start saving for retirement until you are ready to launch a retirement plan. If you are on the fence regarding which is best to start now, note that savings in a 401(k) are protected from creditors in most situations.

5. Seek education and financial advice.

If you have a minute you can set aside toward getting educated on investing, there are a lot of great resources so you can be confident in building your nest egg. A good, concise read I recommend is John Bogle's The Little Book of Common Sense Investing. Also, understanding when you will use the money (your time horizon) and how comfortable you are with market swings can help define how you want to invest. 401(k) plans often offer model portfolios or target date funds to help you get started with a diversified portfolio.

If you don’t have much time and do not have a 401(k) provider to assist with education, consider consulting with a fee-based financial advisor that is a fiduciary. They can help you develop a strategy that is in line with your financial needs and goals. (Full disclosure: My company offers these services, as do others.)

These are just a few of the steps you can take to begin bridging the retirement gap. In my experience, taking action in these areas can help any business owner not only improve their financial security and confidence but also help their employees save.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

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