04/18/2020
Do you offer a company sponsored retirement plan through your business? I know and understand many of our clients aren't in a situation where they feel comfortable to have this conversation, especially with everything going on now. However, many of our clients who are still operating or plan to reopen operations soon have used this time to evaluate the benefits of offering a retirement plan.
For your knowledge, here are benefits of starting a retirement plan now:
Recruitment/Retention tool - When our market recovers from this, employees will be more focused than ever on finding companies who offer benefits
Reduce Taxable Income - You can put away funds pre-tax so that you are taxed at a lower rate for your income. This also is an opportunity for tax savings and tax credits. The SECURE Act which was passed this year gives you a credit of half the admin costs AND $500 for auto-enrollment.
Retirement - You are receiving a paycheck now from the hard work you put in, you owe it to yourself to think of where your future paychecks will come from. We don't want to work forever, so there is lots of value of preparing now for your future.
We have a three retirement plan options, SEP IRA, SIMPLE IRA, and 401(k). To support our clients we have promotions available for all plans!
SEP IRA - Regular Price: Set up fee $25 dollars + Annual fee $50. Promo waive $25 set up fee.
SIMPLE IRA* - Regular cost: $500 one time set up fee + $40/month admin fee. Promo Cost: $30 one time set up fee + $20/month admin fee (first 2 years)
401(k) - (X)* months of admin costs free
Leave a comment if you are interested to discuss your options! Tag someone you feel good benefit from this information!
*I am not licensed in retirement services. If you are interested in furthering this conversation, I will happily connect you with my licensed internal partner!