The Payroll Blog
News, tips, and advice for small business owners
Are you in the 2/3 of Americans who are NOT saving for retirement?
A natural consequence of lack of retirement planning is that a large percentage of older workers are not ready for retirement, which means that they will stay in the workforce longer, which in turn translates into increased healthcare costs for their companies.
There is hope, however: according to Vanguard Group's workplace retirement data, the average contribution of employees' salaries have increased for those companies who do offer 401(k) or another tax-deferred retirement plan.
Even so, the average American still isn't saving enough. While the exact cause is still uncertain we know that there several factors that may contribute to the issue, including businesses not offering retirement plans, complex eligibility rules set by employers, a lack of effort from the employer to sign up those who are eligible, and financial strain, to name some of the most common.
So what can you, as a small business owner, do to save for retirement, continue to attract and retain talent, and also help those who have been in the workforce longer to retire on time?
To learn more about retirement planning options for your small business, sign up for our free webinar, Maximize Your Retirement and Tax Savings in 2018.