401(k) vs. SEP-IRA vs. SIMPLE IRA
You have a lot of options when it comes to saving for retirement. Here is a guide to some of the most common types of retirement savings plans for small businesses including definitions and key things to know, details about withdrawals and contributions, as well as pros and cons.
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Financial security is more important now than ever
Several major occurrences impacted the retirement landscape in 2020. And while the future of the economy is still largely unpredictable, the aftermath of COVID-19 made one thing clear: Financial wellness is top of mind for most Americans.
America’s retirement savings crisis remains an unsolved challenge — especially for small businesses.
Our research focuses on small business employees and provides a voice to a group that’s otherwise disregarded in other retirement studies. By surveying employees of small and medium-sized business employers, we examine how SMB employees approached retirement, their financial preparedness, and their financial wellness during the COVID-19 pandemic.
As the U.S. economy continues to respond to the ongoing effects of the COVID-19 pandemic, our research suggests that SMB employees will only continue to focus on retirement preparedness. After reading this report, you’ll learn how SMB employees are saving for retirement, when they plan to retire, and what they envision once they reach retirement age.
of employees say peace of mind, is the most important factor to their financial wellness.
of SMB employees rate their financial wellness as high.
of SMB employees say they are saving for retirement, but 48% say they’re using checking or savings accounts to save.
How a 401(k) can benefit your small business
When SMB employees are offered a 401(k) plan, they save more than the industry average.
Access to an employer-sponsored retirement plan is the top reason SMB employees start saving for retirement.
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