Nearly 60% of adults said they worry they’ll be unable to retire by age 65, and 46% said they have less than $15,000 saved for their golden years, according to a recent study by First National Bank of Omaha. Another recent study of 500 small businesses found that only 26% currently offered a 401(k) retirement plan.

As people live and work longer than ever before, these statistics are alarming. But help could soon be on the way.

Legislation, known as Secure 2.0, was signed last week by President Joe Biden to help small-business owners empower their employees to save for retirement. The new law is an expansion of 2019′s Secure Act, which offered tax credits and other incentives to small-business owners..

Many retirement plan professionals and employee benefits advisers in the area predict a substantial impact from this legislation.

“Secure 2.0 will create real value for both the employee and employer,” said Jeffrey Biernat, founder and CEO of Gwynedd Wealth Partners LLC in Plymouth Meeting. “Many of the obstacles and objections small-business owners encountered in the past when contemplating offering a retirement benefit have now been removed.”

The new legislation expands the tax credit for companies with less than 50 employees to pay for administrative costs when starting a new plan from 50% to 100% with a cap of $5,000 annually. In addition, small businesses with up to 100 employees may be eligible to receive a tax credit on employer contributions made to some employees’...

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