Progressive Planning, LLC’s Post

#PayrollWeek may be ending, but today we’re celebrating National 401(k) Day! 💵 This annual observance lands on the Friday after Labor Day, marking a week that starts with honoring hard work and concluding with a focus on securing your #retirement. 📈 With retirement planning being a priority for many #employees, it’s no wonder the #401k plan remains a top financial benefit for job seekers: https://ow.ly/yHGm50ThpaO #PEO #HR #NPW2024 #employeebenefits #financialwellness

A 401k can be a huge driving piece in your retirement strategy. With the tax advantages and money from employers, you want to make sure that your strategy is on point. If not, it could potentially cost you. Talk to us today about your 401k strategy. https://lnkd.in/e9pVjGWJ #SkinnerWealthStrategies

As with many things in life, in retirement planning it’s important to focus on the things you can control. That includes making sure your 401(k) is set up property to fully benefit from matching funds, IRS deferral limits, and neutralizing volatility through dollar cost averaging.

Investing in your employees' future through robust 401k plans strongly indicates your commitment to their long-term well-being. Providing a comprehensive retirement plan not only helps your employees save for their future but also reflects positively on your company's culture, values, and overall reputation. It shows that you care about your employees' financial security and are willing to invest in their long-term success. Learn why your company should offer a 401k benefits package: https://bit.ly/3wAhcW4 #RetirementGoals #401kContributions

As a small business owner, retirement plan options seem easy when it's just you. SEP IRAs and Solo 401ks allow maximizing contributions with no worries. But the landscape gets tricky as you start to grow and add employees. Rules require you contribute the same percentage to all eligible staff. So those SEP IRAs can quickly become expensive once you've got a couple of W-2 employees. Yet moving to a full 401k still feels too burdensome for a tiny company. This leaves many small employers in limbo, feeling too big for solo plans but too small for traditional options. The good news is affordable 401k administrations exist for companies with less than 5 employees. Fees can be as low as $1,500 annually. Still not cheap, but more viable for small teams to receive benefits. Know your options when transitioning from solo entrepreneur to small employer. With a little savvy planning, you can make retirement perks work on a tight budget. #smallbiz #retirementbenefits #401kfees #smallemployer #SEPto401k #soloplantoplans #affordableperks #transitiontime #retirementsavings #options #blackcpa #africanamericancpa #businessmanager #virtualcfo #taxbrackets #blackbusinessmanager #fractionalcfo #cpa #africanamericancpa #africanamericancfo #africanamericanaccountant #blackaccountant #blackownedaccountingfirm #blackownedcpafirm

When SECURE 2.0 became law on Dec. 29, 2022, it included an auto-enrollment provision. Under the auto-enrollment provision, employers must enroll eligible employees automatically into any new 401(k) and 403(b) workplace retirement plan established after SECURE 2.0 became law. Employees may opt out of participation. This requirement goes into effect Jan. 1, 2025. Some businesses will be exempt from this mandate, including: Business with 10 or fewer employees Businesses that established a workplace plan before Dec. 29, 2022 Businesses that have operated for less than three years SIMPLE 401(k) plans, governmental and church plans Not sure where you fall when it comes to the Secure Act 2.0 requirements? Moreover, do you not yet have a 401k plan being offered to your employees in those state(s) in which it has become a requirement? Did you know that Paychex is the largest 401k recordkeeper for the 14th year and counting? Let's talk today about how we can help you as new requirements will soon go into effect. Direct: 248.444.8440 Email: Kpettis@paychex.com #401k #retirement #secureact #autoenrollment #HCMTechnology #administration #recordkeeper #employeebenefits

Why You Should Clean Up Those Old 401(k)s Morningstar's Mark Miller examines the issue of 'old' or abandoned #401K accounts and concludes that "adopting good 401(k) hygiene" is key to success as workers change jobs, and consolidation is an effective approach that delivers broad benefits. When it comes to 401(k) automation, Miller turns to RCH EVP Neal Ringquist, who gives Miller a primer on auto portability, as delivered by the Portability Services Network (PSN). Miller quotes Ringquist on the benefits of auto portability -- particularly to under-saved demographic segments -- as well as the impact of consolidation in helping participants more effectively manage their #retirement savings. Read the full article: https://bit.ly/43vUyu3

The U.S. Internal Revenue Service is updating rules defining who qualifies as a long-term, part-time employee able to participate in 401k plans under the SECURE 2.0 Act https://lnkd.in/e_x5Ck8v #EmployeeBenefits #retirement #WTWPerspective

The U.S. Internal Revenue Service is updating rules defining who qualifies as a long-term, part-time employee able to participate in 401k plans under the SECURE 2.0 Act https://lnkd.in/e_x5Ck8v #EmployeeBenefits #retirement #WTWPerspective

Financial advisors and other retirement-plan professionals can guide employers through offering newly available incentives for 401(k) and 403(b) participation with guidance from the IRS. Here’s a look at the details of the guidance, with insights from Dr. Anthony Williams, DBA, MBA of Galene Financial, Kate Clark, AIF®, CFP®, CPFA of Cypress Capital and Elizabeth Camara of Sentinel Group. #401k #403b #enrollment #401kenrollment #retirement #retirementsavings #retirementplans #financialadvisors #irs