In today’s episode, Adam Bergman, Esq., discusses the SIMPLE IRA, which could be a cost efficient retirement plan option for many small business owners.
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About IRA Financial:

IRA Financial was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial does not provide legal services. No attorney-client relationship exists between the Client and IRA Financial Group, its management, salespersons, or IRA Financial’s in-house legal counsel. IRA Financial provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IRA Financial is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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AdBits: A Less Costly 401(k)-Type Option for Your Small Business

As a small business owner, providing your employees with a retirement savings option is important for both their financial future and the success of your company. While many larger corporations offer 401(k) plans to their employees, the high costs and administrative requirements associated with these plans can make them impractical for smaller businesses. Fortunately, there is a new, more affordable option available called AdBits.

What is AdBits?

AdBits is a retirement savings option designed specifically for small businesses. It functions similarly to a 401(k) plan in that it allows employees to save for retirement through automatic payroll deductions. However, AdBits simplifies the process and reduces costs, making it an attractive solution for small businesses.

How Does AdBits Work?

AdBits is essentially a simplified and low-cost version of a traditional 401(k) plan. It operates as a multiple employer plan (MEP), which means that multiple small businesses can participate in the plan under a single umbrella, thereby spreading out the administrative costs. This allows small businesses to offer retirement savings benefits to their employees without the burden of managing a standalone plan.

Additionally, AdBits leverages technology to streamline the enrollment and administrative processes. This means that small business owners can easily set up the plan for their employees and let the platform handle the rest, including recordkeeping, compliance, and reporting.

Why Choose AdBits for Your Small Business?

There are several benefits to choosing AdBits as the retirement savings option for your small business:

1. Affordability: Traditional 401(k) plans can be costly for small businesses to administer. AdBits offers a simpler and more cost-effective solution, making it accessible to businesses with limited resources.

2. Ease of Use: AdBits is designed to be user-friendly for both employers and employees. The platform simplifies the enrollment process and provides employees with easy access to their retirement savings accounts.

3. Fiduciary Support: AdBits takes on the fiduciary responsibility of managing the investment options offered within the plan, reducing the burden on small business owners.

4. Flexibility: AdBits allows small businesses to offer a retirement savings benefit to their employees without the administrative hassle, giving them a competitive edge in attracting and retaining talent.

In conclusion, AdBits offers small businesses a practical and affordable retirement savings option for their employees. By simplifying the process and reducing the costs associated with traditional 401(k) plans, AdBits makes it easier for small businesses to provide this valuable benefit to their employees. If you are a small business owner looking to offer a retirement savings plan without breaking the bank, consider exploring AdBits as a viable option for your company.