Retirement Plan Blog

If you’re a small business, offering a SIMPLE IRA plan as a retirement benefit can be a great way to attract and retain employees. For you, the employer, it is low-cost and easy to set up and administer. As an added benefit, matching is a tax-deductible business expense. For employees, a SIMPLE IRA allows them to save more than with a personal IRA and enjoy the benefits of a matching plan.

But if your business is growing, it may be time to consider switching from a SIMPLE IRA plan to a 401(k) plan. Here are some indicators to help assess if it is time to change plans:

Deciding on the right retirement plan to offer your employees can be a challenge; there are countless factors that go into determining which type of plan is right for your business and its employees, including the size of the contribution you're able to make and how these contributions may affect your taxes. One retirement plan option to consider that often goes overlooked is that of the cash balance plan, which allows employees to accelerate their savings while maximizing tax deductions for the company.

Great employees are hard to find. When you’ve got them on board and working in your company, the last thing you want to do is lose them. Employee turnover can be extremely expensive: some studies say that replacing an employee can cost up to 6-9 months’ salary on average.  What can you do to retain your best employees and create a win/win situation for them and your company? Here are five strategies to keep great employees happily working for you: