Your Small Business Can Offer Employee Retirement Benefits


Owners of small businesses often fret about being unable to offer their employees generous retirement plans like larger companies can. However, you shouldn’t assume that providing these appealing benefits is unworkable. Replacing negative assumptions with potentially reassuring facts comes down to two broad considerations.

What’s Desirable

Potential employees favor a benefits package that includes a satisfactory employee retirement plan, but what counts as satisfactory? Guessing about that may lead you to overestimate what you need to offer and discourage you from offering anything at all. You can search the internet for employee surveys, but nothing beats getting answers relevant to your location and industry right now. That means surveying your current employees and job applicants about their retirement plan preferences, both ideally and at a minimum. Recruiters and benefit administrators can also educate you about what similar companies are doing.

What’s Possible

When it comes to moving from the employee wish list to the real world, it’s time to rely on experts. An insurance broker or employee benefits administrator will be able to inform you about all the options pertinent to your situation. Cost is probably the top determining factor in your mind; however, industry, company size, and ongoing changes to state and federal law can also factor into the options available for your company. A reputable advisor should highlight retirement benefit solutions that are both robust and reasonable.

Your employees work hard every day to promote your company’s success. It could be easier than you think to offer retirement benefits that promote their lifetime security.

This post was written by , posted on April 1, 2022 Friday at 10:01 am