Illinois Secure Choice requires small employers to offer a retirement savings program

Illinois Secure Choice requires small employers to offer a retirement savings program

By the end of this year, most small employers in the state of Illinois will be required to offer employees a retirement savings program to save in—an attempt from the state government to protect its citizenry from reaching retirement age without having adequate savings to get them to and through retirement. But is Illinois Secure Choice actually mandatory, and if so, how will small employers potentially be affected?

How to protect your company from payroll fraud and internet crime

How to protect your company from payroll fraud and internet crime

Picture this: you receive an email from someone you work with that you know and trust, maybe an executive of your company or perhaps someone in the finance department, outlining an urgent issue that needs to be solved. The email instructs you to open an attached document for further details, and since nothing really seems to be out of the norm, you go ahead and open the attachment. Unbeknownst to you, a hacker may have just infiltrated your computer.

OregonSaves rules, regulations, and guidelines for small business owners

OregonSaves rules, regulations, and guidelines for small business owners

Oregon has introduced legislation to help close the coverage gap among retirement savers, mandating that small businesses and large business alike provide employees with retirement plan to save in. Employers who don’t already offer a retirement plan to employees will be required to either adopt a qualified plan or register to offer Oregon’s new state-run retirement program, OregonSaves.

Is a safe harbor plan right for your small business?

Is a safe harbor plan right for your small business?

Determining the right type of 401(k) plan for your small business can be challenging. With so many options and so much to consider, one key decision you may have to make is whether to go with a traditional plan design or a safe harbor plan design. This is a vitally important decision, as your choice can have long-term implications for both your employees and your company.

Why are states beginning to mandate small business retirement plans?

Why are states beginning to mandate small business retirement plans?

In an attempt to help today’s workforce adequately prepare for a financially-secure future, state governments across the country have started mandating that all types of employers, including small businesses, offer some type of retirement plan for their workers to save in. But why?

QBI deductions vs. 401(k) savings: What makes the most sense for small business owners?

QBI deductions vs. 401(k) savings: What makes the most sense for small business owners?

Thanks to the new Tax Reform, small business owners now have the chance to take advantage of a new tax benefit: the Qualified Business Income (QBI) deduction. But how does the QBI deduction affect 401(k) and other retirement savings vehicles, and which makes the most sense for owner-only businesses?

Financial wellness basics you need to understand for Financial Literacy Month

Financial wellness basics you need to understand for Financial Literacy Month

Financial Literacy Month reminds us of the importance of overall financial literacy, helping Americans build and maintain healthy financial habits. And whether you’re a seasoned pro or you’re just getting into the financial literacy game, there are a few overall wellness basics you’ll want to know—starting with budgeting, credit scores, and saving and investing.

Five things you need to know if you’re saving in a 401(k) for the first time

Five things you need to know if you’re saving in a 401(k) for the first time

401(k) plans allow workers to save more for retirement than any other retirement savings vehicle, and the opportunity to reach maximum retirement readiness is exciting, no? But the inner workings of 401(k) plans and the retirement industry in general are complicated, and a little bit of guidance is always needed when so many rules and regulations are put in place. So without further ado, here are five things you need to know if you’re saving in a 401(k) plan for the first time.

401(k) profit sharing: What you need to know as a small business owner

401(k) profit sharing: What you need to know as a small business owner

Profit sharing seems to become more and more buzzworthy around this time every year—after the fiscal year has concluded but before businesses are required to file their corporate taxes. But profit sharing plans are subject to legal regulations, so before deciding whether to offer profit sharing this year, small business owners will want to make sure they are familiar with the ins and outs of 401(k) profit sharing.

Five best money-saving tips for America Saves Week

Five best money-saving tips for America Saves Week

Saving more money is a top priority for millions of Americans, but getting ahead financially isn’t easy by any means. The sheer amount of information out there about personal finance can be overwhelming, and it’s easy to get lost navigating all of the various areas of personal finance. This America Saves Week, we’re cutting through the clutter to deliver five easy, actionable tips that can help you save more money in 2019.

CoPilot 401(k)—changing the conversation in the retirement industry

CoPilot 401(k)—changing the conversation in the retirement industry

The retirement industry has seen significant changes in recent years—and as the industry continues to change, shouldn’t the way we talk to clients about retirement planning and preparation change, too? How can we change the conversation to get clients and plan participants on track to reach their retirement goals? Enter CoPilot.

What happens when you make an early 401(k) withdrawal?

What happens when you make an early 401(k) withdrawal?

Picture this: you’ve left your office for the last time. You’ve spent the better part of your career preparing for this exact moment and have finally reached retirement bliss. Now imagine those magnificent golden years being ripped away from you—and in their place, many more years spent in the workforce. This nightmare is a reality for many American workers, due in part to poor planning, inadequate preparation, and insufficient financial education. And one of the most commonly misunderstood retirement basics? What really happens when you take an early withdrawal from your 401(k) plan.

Nine New Year’s financial resolutions for 2019

Nine New Year’s financial resolutions for 2019

Each New Year signifies new beginnings—a chance to start over and set yourself up for 365 days of success. We often use New Year’s as an opportunity to introduce better behaviors within our daily lives, setting resolutions to go to the gym more, build better interpersonal relationships, eat healthier, see our family more, and the like. But in 2019, there’s a new trend emerging among the most common New Year’s resolutions. Almost 9 in 10 Americans are planning on making some sort of financial resolution in the upcoming New Year.

How to build relationships with clients as an advisor

How to build relationships with clients as an advisor

It’s no secret that working as a financial advisor is highly rewarding. You make a clear, concise difference in the lives of workers who are trying to get ahead financially, and your impact is lasting. You help ease the financial stress your clients feel on a day-to-day basis, and you help them feel confident that they’ll reach financial freedom in due time.

The rewards are plentiful, but being an advisor isn’t always a walk in the park—especially if you want to be a successful one. You have to be good with all types of financial education and investment advice, but to be truly successful, you have to be good with people.

Year-end small business tax benefits of sponsoring a 401(k) plan

Year-end small business tax benefits of sponsoring a 401(k) plan

It’s hard to believe, but the fourth quarter of 2018 has already arrived. And as year-end approaches, many business owners begin scrambling to find ways to maximize potential tax benefits for the year. Perhaps your financial advisor suggested saving any big company purchases for the end of the year in a last-ditch effort to lower your profit margins and drop your business into a lower tax bracket. Or maybe you instead decided to ramp up your employees’ Christmas bonuses right at year-end to lower your tax rate. But if you’re looking for the best way to maximize your business’s tax benefits for the year, while also making a tangible difference in your employees’ financial future, starting a 401(k) or similar retirement plan should be front and center in your mind.

Everything you need to know about Trump’s new retirement security executive order

Everything you need to know about Trump’s new retirement security executive order

We’ve been saying it for years—in order to advance American workers’ retirement security in a major, tangible manner, the government probably needs to intervene in one way or another. The conversation began years ago with state-mandated auto IRAs and recently turned to Multiple Employer Plans (MEPs) and Required Minimum Distribution (RMD) regulations when President Donald Trump signed a new executive order aimed at enhancing retirement security in America.