For small business owners, the holiday season is an especially important time to recognize hard-working employees who have dedicated their time, skills, and energy to helping your business succeed. It’s a great time to show employees your appreciation with life-changing benefits.
For small business owners, the holiday season is an especially important time to recognize hard-working employees who have dedicated their time, skills, and energy to helping your business succeed. It’s a great time to show employees your appreciation with life-changing benefits. With sound holiday financial planning, small business owners like you can promote employee retention and boost morale with enhanced retirement and insurance benefits.
Retirement Benefits
Reviewing or implementing your qualified retirement plan has the potential to give your employees more money to enjoy during retirement. Consider talking with a financial advisor about ways to structure it to allow employees to save a significant amount of money – without breaking your bank.
Already have a good 401(k) plan in place for your qualified staff? Consider adding a Roth option. Employees will pay the taxes on their investment now, and the account will grow tax free. This will help provide flexibility when managing taxes during retirement.
Insurance Benefits
Don’t forget about the gift of insurance benefits, such as group life or disability coverage. If you’re one of the many small businesses that are not currently offering these perks to your employees, year-end may be a logical time to consider adding this coverage to your list of benefits. In many cases, the costs are reasonable, and the benefits to employees offer financial peace of mind.
Any type of financial planning for small business owners is best conducted with the help of a financial advisor, and holiday-season upgrades to your employee benefits are no exception. A planner can also help you set up benefits within your financial parameters and help your employees understand how to make the most of the options you’re offering.
To learn whether enhanced retirement or insurance benefits make sense for your small business, contact our financial advisors to schedule an appointment today.