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Employee Retirement Savings Plans



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The job market is tight, which means small business owners have to pull out all the stops to lure workers their way. One recruiting tool which has become almost an expectation is the employee retirement savings plan. Yet many small business owners still don’t offer one, wrongly assuming it’s too expensive. But they are wrong. These days, there are lots of affordable retirement plans available for small business owners and their employees. Which one is right for you depends on the size of your company and your budget. In this video, Donna Fuscaldo, a senior finance writer at business.com, explains the type of retirement plans available for small business owners and the costs associated with them.

Time Stamps
0:00 Donna Fuscaldo of business.com highlights the fact that many small business owners don’t offer retirement savings plans despite it being a proven recruiting tool.

1:15 While there are several employee retirement plans for small businesses, all of them charge the same fees.

2:59 When it comes to the fees employees have to pay to participate in a plan, it’s best to keep them on the low side.

3:17 The average investment fee employees pay is 1.65% today but there are many plans with lower fees.

4:03 Whether you should open up a 401(K) or an IRA depends on the size of your business and what you want to achieve with your retirement savings plan.

5:13 Fuscaldo explains that offering a retirement plan is necessary to compete in the tight labor market.

Employee retirement plans don’t have to break the bank. But if you don’t offer one, it could break your business. The job market is tight and workers want more than a competitive salary. They want a way to save for their retirement. The good news is there are a lot of low-cost options available to small businesses. In this video, Donna Fuscaldo of business.com, explains what they are.



For more information on employee retirement plans, watch https://www.youtube.com/watch?v=C2ii9yeCiGA

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For more information on retirement savings plans, visit https://www.business.com/categories/best-employee-retirement-plans/

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