If you’re a small business owner, here are five key reasons you should consider offering a retirement savings plan: 1) to accumulate wealth, 2) attract new hires (and retain employees), 3) claim tax benefits, 4) put those savings back into your business, and 5) in some states, it’s now the law.
When offered as part of a total benefits package, retirement plans that can help employees prepare for their future, can also improve your business hiring and employee retention in today’s tight labor market.
Right now, the government is offering incentives to encourage smaller employers incentives to add a basic retirement plan option. With 401(k) plans in particular, there are many routes you can go when setting up and servicing a plan. Integration with payroll makes servicing and compliance easier than ever. Provisions in the SECURE Act also provide the most significant retirement savings reform legislation in 15 years, offering benefits such as a larger tax credit for employers who set up new retirement plans, permitting a longer adoption time, and more.
Hear from CPA, author, and small business owner Gene Marks why now may be the best time for your business to get started with a 401(k) plan, and how Paychex can help.

For more information, visit www.paychex.com/articles/employee-benefits/retirement-planning-101-for-business-owners….(read more)

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Offering a retirement plan for employees is a great way for businesses to show their commitment to their staff and to ensure their financial wellbeing in the future. Here are five reasons why offering a retirement plan can benefit your business:

1. Attract and retain top talent: Offering a retirement plan can help you attract and retain the best employees. It shows them that you care about their long-term financial security, which can be an incentive to stay with your company.

2. Increase employee engagement and productivity: Employees who feel secure in their financial future are more likely to be engaged and productive. Offering a retirement plan can help employees feel more secure and motivated to work hard for your business.

3. Tax benefits: Offering a retirement plan can offer tax benefits for both your business and your employees. You can deduct contributions to the plan from your taxable income, and your employees can save on taxes by contributing to the plan.

4. Cost savings: Offering a retirement plan can be a cost-effective way to provide financial security for your employees. It can help you save money on other benefits, such as health insurance.

5. Positive public perception: Offering a retirement plan can give your business a positive public perception, as it shows that you care about your employees’ financial wellbeing. This can help you attract more customers, as well as potential employees.

Offering a retirement plan can be a great way to benefit your business and your employees. It can help you attract and retain top talent, increase employee engagement and productivity, offer tax benefits, save money on other benefits, and give your business a positive public perception.