Take your employee benefits to the next level with Qualified Retirement Savings Plan
Here at I.M. Wealth Care we work with a wide variety of clients including many small business owners. As a business owner, one of the most important benefits you can offer your staff, and yourself, is a qualified retirement plan. I.M. Wealth Care is privileged to serve as the advisor to a number of qualified retirement plans for businesses of all sizes, from single person companies to larger companies with 100 or more employees.
Recent studies have shown that 88% of Americans agree that our nation is facing a retirement crisis with more and more workers approaching retirement age without adequate savings. In fact, more than half of American households are at risk of not being able to maintain their standard of living in retirement with their current savings.
Second only to Social Security, personal retirement accounts are the largest source of retirement income for American retirees. As fewer and fewer companies offer pension plans, it becomes even more critical that you offer a retirement savings plan, such as a defined contribution plan, as a benefit for your employees.
Group 401(k) plans are a great way to encourage employees to save for their future. These plans also benefit you as the business owner through tax benefits and tax advantaged contributions towards your own retirement as well. These plans have very low barriers to entry making the set-up process easy for both you and your team. 401(k) plans can be tailored to fit your business’ needs through plan design and technology integration.
By offering a Safe Harbor 401(k) plan you will be able to walk alongside your staff and help them save for their future by matching their contributions. The most common match option is a dollar for dollar match up to 4%, however there is no rule restricting you from matching a higher percentage.
Another powerful feature that many businesses opt for is an Auto-Enrollment feature. This will automatically enroll eligible employees into the plan with a 3% savings rate. The employee can always opt out or increase their percentage. This feature helps to overcome the natural human character traits of inaction and procrastination.
With a group plan through I.M. Wealth Care your employees will have access to a broad variety of financial calculators and tools. Our service model also includes an annual participant education meeting where we go beyond just reviewing the rules of the 401(k) plan. We interact directly with your employees to make sure they fully understand the plan and have an opportunity to get all of their questions answered. As Certified Financial Planners, we are equipped to facilitate discussion on a wide variety of topics such as first-time home purchases, budgeting, debt management, insurance needs, and much more.
If would like to schedule a time to explore if a retirement plan may be right for your company, or discuss how I.M. Wealth Care could provide a higher level of service for your existing plan, please call us at 303-534-9328.