As a business owner, the types of employee benefits you offer are a major component of attracting and retaining workers. In fact, benefits can be just as important as salary for potential candidates. As today’s workforce demands a better work-life balance, employee perks will likely become more and more competitive for companies across all industries. Does your company offer competitive benefits?
The growing importance of employee benefits is actually a good thing for most employers. The more benefits you implement for your employees, the better positioned you are to increase your own financial security (because if you work for the business, you’re an employee too!). However, there are a wide variety of options, and it can be challenging to determine which are best suited for your business.
At Winter & Associates, we help business owners determine and implement the appropriate benefits plan based on their company’s needs. Our experienced financial professionals provide the objective information you’re looking for and the knowledge that only comes with years of experience in the financial industry. Let us help you reach your next business goal – and the next, and the next! Contact us today to schedule a consultation.
TYPES OF EMPLOYEE BENEFITS
No matter what stage of growth your business is at, our team can help you design a tax-efficient benefits strategy. Types of employee benefits we may recommend include:
In order to design a retirement plan that works for your company, you’ll want to have a financial professional who understands your organization’s objectives. We’ll help you analyze different types of retirement plans and their potential benefits for your business. Our team will also help you ensure a successful implementation by outlining the steps for transition, communication plans, and employee education. Once your retirement plan is in place, we’ll keep it running smoothly and efficiently. You can rely on us for assistance communicating with your provider, resolving any issues that arise, and identifying opportunities to improve the plan.
Some examples may include:
- SIMPLE IRAs - A SIMPLE IRA (Savings Incentive Match Plan for Employees) allows both employees and employers to contribute to a tax-deferred IRA set up for employees and offers higher contribution limits than a Traditional IRA. It is ideally suited as a start-up retirement savings plan for smaller businesses.
- 401(k)s - You can give your employees a choice of investment options with a 401(k). This is an employer-sponsored plan that comes with tax advantages. Contributions can be made on a pre-tax basis, with income taxes being deferred until distribution. Alternatively, contributions can be made on a Roth (after-tax) basis, with taxes paid up front and then withdrawn tax-free in retirement via a qualified distribution. Qualified distributions must meet a five-year holding period and satisfy one of three additional requirements: reaching age 59 ½, disability or death. Five years is measured from January 1 of the year of your first Roth(k) contribution. Plan provisions may impact withdrawal availability.
Group Life and Health Insurance
Many American families rely on their paychecks to make ends meet, making the death of a breadwinner financially devastating. Implementing a group life and health insurance program for your employees demonstrates concern about their wellbeing and family security.
Group Disability Insurance
This type of insurance can be used to help protect an employee’s income in the event of a qualifying illness or injury that renders them unable to work. With group disability insurance, employees are able to focus on taking care of themselves rather than worrying about how their bills will get paid.
Group Long-Term Care Insurance
Americans today are living much longer than previous generations, which means many of us may require long-term care later in our lives. Offering group long-term care insurance can help employees protect their retirement income from a long-term care event.
Consulting a financial professional may be one of the most important decisions a business owner can take to safeguard the future of their business. Let us help you face the challenges ahead and discover new opportunities! Schedule a consultation today by calling 651-414-5000.