Small Business' Need A Plan

A retirement plan, that is. Without one, business owners
may miss out on attracting the most qualified employees.

 Do you own a small business? If so, what do you think of your staff? Do you have the best and the brightest working for you? A good rule of thumb is this … take good care of your employees, and they’ll take good care of you. If you value your employees, you should give some thought to their futures. Have you considered their retirement needs? And on the flip side, if you DON’T feel you have a superior staff, have you thought about why that might be?

 Often, it comes down to benefits. Today’s employees are more conscientious than ever about their retirements, and how today’s decisions could affect their future. Many Americans begin planning their retirement as soon as they graduate college (or even sooner!). That means if you aren’t offering a retirement plan, you may be missing out on the kind of highly motivated, self-directed employees you’ve been looking for. That’s right, your 401(k) can be used as a recruiting tool!

 What about taxes? Well, a 401(k) can provide tax benefits. You can get a tax deduction based on salary deferral and employer contributions; your employees get tax-deferred growth of their assets. Many other retirement plans also offer significant tax breaks.

 So you want to offer a 401(k). Now what? The first thing to consider is how much current interest there would be at work in having a 401(k) plan. Poll your current employees and find out two things: 1) how interested they are, and 2) what (if anything) would be a deciding factor for them that would make them enroll or not enroll. Next, you’ll want to determine the cost (both in terms of money and time) to implement your 401(k) retirement plan. And finally, with any plan you’ll want to carefully consider what investment options are available.

 How do you compare? If you’re hoping to use your 401(k) as a recruiting tool, be sure to consider the total benefits package you’re offering to your employees, and how the 401(k) will fit into that package. It may be worthwhile to try and find out what your competition is offering.

 Getting started. The first step toward offering great retirement benefits is learning all you can about what options are available. I would recommend that you speak with a qualified financial professional who can help you sort through the choices and determine which options will work best for your business.

 

Comments

[Best Pensions]

According to me any business need a plan no matter it is big or small..

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I need to know the specific formulas and rules used by financial planners orlando, this is for an assignment, not really looking to go into the financial planning career.

[Andews Hayes]

With all the financing involved, small business owners may find it more difficult to consider a retirement plan for their businesses. But if they choose the right plan and method of payment, they can never go wrong with their decision.

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Thanks a lot for this information. This is the first time am hearing about 401(k). Now it may be an old information but truly it is useful for tax deductions and formalities.

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well, thanks for this pots and thanks for the QnA session. its been very helpfull.

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Now it may be an old information but truly it is useful for tax deductions and formalities.

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[Marketingbureau]

I think every business needs a plan!

[Monica Kuitunen]

Planning in a business is one of the very important things to consider in fact it can be lead to investment if you got a good business plan,in Finland Financial things is one of the main problem in any business which businessman lead to lend money in some loan companies and for me managing finances is more difficult rather that business plan.

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