This small business retirement plan video is about small business retirement plans and how they are beneficial to the small business owner as well as their employees. In this radio show, Sanjiv Gupta CPA also covers the infrastructure bill and the benefits of infrastructure investment….(read more)
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Small Business Retirement Plan & Infrastructure Bill Updates
Small businesses around the country have struggled over the past year and a half due to the COVID-19 pandemic. Among the many challenges they face, retirement planning is often pushed to the back burner. However, changes in the infrastructure bill recently passed by Congress could incentivize small business owners to reconsider their retirement plans.
The proposed infrastructure bill, which is now being reviewed by the Senate, includes provisions that could help small businesses lower the cost of offering retirement plans to employees. For example, the bill introduces a tax credit for small business owners who initiate automatic enrollment in their retirement plans. Currently, only a small percentage of eligible employees participate in their workplace retirement plans due to a lack of engagement or automatic enrollment.
In addition to the tax credit, the bill also seeks to expand access to multiple employer plans (MEPs) for small businesses. MEPs allow small companies to pool together to offer a retirement plan in a similar way that larger companies do. With this strategy, small businesses could benefit from economies of scale and lower their investment fees.
Overall, these changes in the infrastructure bill may encourage more small business owners to think about their own retirement plans and consider offering these benefits to their employees. With an aging workforce, planning for retirement has never been more important. The sooner small business owners can begin these plans, the easier it will be to build and maintain a successful business in the long run.
Given the struggles that small businesses have faced throughout the pandemic, it is encouraging to see this bill offer benefits targeted towards small business owners. By alleviating the burden of retirement planning for employers and employees, small businesses can focus on their day-to-day operations while also at the same time securing a better future for themselves and their employees.
In summary, the infrastructure bill, if passed, could provide much-needed relief and incentives for small business owners to offer retirement plans to themselves and their employees. As we continue to navigate the pandemic and economic uncertainty, these changes will help small businesses maintain their financial stability and give them more support in long-term financial planning.
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