By choosing to offer your employees a 401(k) plan, you’re sending a powerful message — that you’re invested in their future and committed to helping them work towards financial security in their retirement. As a business owner, you can also benefit from setting up a retirement savings plan. Not only does it provide you with the opportunity to save money for your own retirement, it also enables you to take advantage of tax savings thanks to special deductions and tax credits.
Offering a retirement plan shows your employees that you are committed to helping them save for their future. A matching formula is a great way to give a little bit more to your employees and increase contributions! There are many matching formulas that can boost contributions and won’t break your bank or budget. Here are three to consider: Safe Harbor Graded Vesting Cliff Vesting In this guide, you will gain insights about these three formulas, their advantages and eligibili
The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a U.S. society that has an average household savings account of about $8,800, has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water. Withdrawing retirement savings should be carefully considered, even in