Jan 1, 2025 | 401k Plans, Choosing a Retirement Plan, IRA (Individual Retirement Accounts), Roth 401k, Roth IRA
The Benefits of Saving in a Retirement Plan or IRA Why should someone save in an IRA or a retirement plan, instead of a regular savings account? Individual Retirement Accounts (IRAs) and retirement plans provide tax advantages that a regular savings account does...
Jan 1, 2025 | 401k Plans, Choosing a Retirement Plan, Safe Harbor 401(k) Plans
Safe Harbor 401(k) Plan Basics A safe harbor 401(k) plan is simply a 401(k) plan that includes a safe harbor feature. There are a few options when it comes to the safe harbor feature, but by electing this feature, the employer commits to making minimum contributions...
Jan 1, 2025 | Choosing a Retirement Plan, SIMPLE 401(k) Plans, SIMPLE IRA Plans
SIMPLE 401(k) Plan Basics A SIMPLE 401(k) plan is a combination of a regular 401(k) plan and a SIMPLE IRA. When would a business choose this plan over a SIMPLE IRA or regular 401(k) Plan? NOT OFTEN. The SIMPLE 401(k) doesn’t provide meaningful advantages when...
Jan 1, 2025 | Choosing a Retirement Plan, SIMPLE IRA Plans
SIMPLE IRA Plan Basics A SIMPLE IRA plan allows employees to make contributions to a retirement plan from their pay just like a 401(k) plan, but the maximum deferral amount is lower ($16,500 vs $23,500.) Why would a business choose this plan over a 401(k) Plan?...
Jan 1, 2025 | 401k Plans, Choosing a Retirement Plan
401(k) Plan Basics A 401(k) plan allows employees to make contributions to a retirement plan from their pay. This is called a 401(k) deferral because instead of receiving all of their pay, the employee directs the employer to deposit a portion of their pay in the...
Jan 1, 2025 | 401k Plans, Choosing a Retirement Plan
In Part 2, we discussed that 401(k) plans are a good retirement plan to consider when trying to attract and retain top talent for your business. But what are your 401(k) plan options? There are quite a few and we provide practical pointers to help you understand why a...
