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From attracting and retaining top talent to enjoying tax benefits and everything in between, offering employer-sponsored retirement plans is a smart business move.
Retirement planning is crucial to building a strong future, which is why so many individuals have come to rely on employer-sponsored options that build long-term financial wellness. At first glance, some businesses might see this added benefit as yet another expense that could ding their bottom line – but not so fast.
Investing in employer-sponsored retirement plans can actually be surprisingly affordable. From a SIMPLE IRA to a 401(k), the key is to partner with professionals who care that your business is thriving.
When pursuing employer-sponsored retirement plans for your business, it’s crucial to work with a reputable advisor who not only specializes in plan design, tax credits with SECURE 2.0 and other new plan features such as auto enrollment and auto escalation, but helps you achieve essential benchmarks in terms of your fiduciary responsibility.
Key Business Benefits of Employer-Sponsored Retirement Plans:
In today’s competitive hiring climate, offering employee retirement plans can be an effective way of attracting high-quality job candidates, especially since prospective employees often consider retirement benefits to be a deciding factor when it comes to shaping their long-term career path. The moral of the story is that employees want to invest in an employer who is invested in them.
By having access to strong retirement benefits, employees will be more likely to feel happy on the job, which can lead to increased loyalty, as well as a more positive and productive culture for your operation.
While your employees are satisfied on the job year-round, you’ll also be feeling the love come tax time. Employer-sponsored retirement plans often come with tax advantages for employers and employees alike, which is another reason why they make great business sense.
By offering excellent retirement benefits, not only will you win the hearts of your employees, but you’ll likely earn positive sentiments in the communities you serve, as well! It helps to be known as the employer who goes out of their way to take care of their own, which will ultimately bolster your brand.
Offering retirement plans to employees is not only a nice way of honoring and recognizing them for their hard work; it’s a strategic investment – and navigating the process doesn’t have to be complicated. By making financial wellness a priority by working with a helpful financial institution that’s eager to support your vision, you’ll be well on your way to benefitting your team and business for years to come!
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