Financial Focus SECURE Act: Good News For Business Owners setting up a retiremen plan for yourself although some restrictions apply. and your employees can be challenging. But it may now be getting easier. Here's the story: Congress recent passed the SECURE Act, which, among many provisions, includes some key credit of $500. changes designed to help make it easier for business owners to establish Different companies can now work retirement plans. And the need is clear: together to offer employees a 401(k) If you own a business, you know that been increased from $500 to 55000, you to create and administer a 401(k) IRA may be advantageous for your or similar plan and potentially increase employees, its less generous to you, Tax credit for automatic enrollment - your employees' savings rate. However, as far as allowable contributions, than a SEP IRA. For 2020, your annual up automatic enrollment in their respond to these changes, you should contributions are generally limited to consult with your tax and financial $13,500, or $16,500 if you're 50 or older by the end of the year. You can also make a matching contribution of Some smaller employers who set to determine how your business should retirement plans can now receive a tax advisors. Multiple-employer plans (MEPS) And don't forget that you still have other retirement plan options. If you have just a few employees or are Just slightly more than half of workers plan with less administrative work and self-employed with no employees, up to 3% to yourself. In any case, if you don't already offer a retirement plan, consider contacting a financial professional to determine which plan might be most appropriate your business. A retirement plan fewer fiduciary responsibilities than at private-sector establishments with fewer than 100 employees have access each employer would otherwise carry to a retirement plan, according to the U.S. Bureau of Labor Statistics. And startup costs were named as the biggest you may want to consider a SEP IRA. You fund the plan with tax- deductible contributions, and you alone. This provision of the SECURÉ Act is intended to result in lower costs. for must cover all eligible employees - is an effective tool for attracting and These multiple-employer plans (MEPS) they cannot contribute to the plan. impediment to creating such plans, have been around for a while, but, until You can contribute up to 25% of now, they were "closed" in the sense compensation, up to $57,000 in 2020. Or, if your business has fewer than The SECURE Act is designed to share some common relationship, such 100 employees, you might consider a address this concern in a few different as membership to the same industry, SIMPLE IRA. Employees may choose to according to research compiled by the Pew Charitable Trust. retaining good employees - not to mention helping you build resources for your own retirement. that participating employers needed to This article was written by Edward trade association, etc. But now, these contribute, and you, as the employer, Jones for use by your local Edward jones ways: Increased business tax credit for plan MEPS have been opened up to include startup costs The maximum tax credit unrelated companies. for establishing a retirement plan has are required to make either matching Financial Advisor. or non-elective contributions, which are deductible. But while a SIMPLE These new rules may make it easier for Edward Jones. Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFPpAAMS Edward Jones Tod Heisler AAMS Edward Jones Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Jason Korner Financial Advisor Financial Advisor Financial Advisor 6525 Constitution Dr. Fort Weyne, IN 46804 Financial Advisor 7030 Poinse Inverness Way Suite 125 Fort Weyne, IN 4804 432-3613 Making Sense of Investing Financial Advisor 01 Chestnut Hls Parkway Fort Wayne, IN 48814 7525 West Jetterson Bivd. Fort Wayne. IN 804 Financial Advisor 414S. Scot Rd Fort Wayne. IN 46814 Financial Advisor 14413 inois Rd Ste E Fort Wayne, IN 814 7329 West Jefterson Bivd. Fort Weyne, IN M804 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of Investing Making Sense of Investing Financial Focus SECURE Act: Good News For Business Owners setting up a retiremen plan for yourself although some restrictions apply. and your employees can be challenging. But it may now be getting easier. Here's the story: Congress recent passed the SECURE Act, which, among many provisions, includes some key credit of $500. changes designed to help make it easier for business owners to establish Different companies can now work retirement plans. And the need is clear: together to offer employees a 401(k) If you own a business, you know that been increased from $500 to 55000, you to create and administer a 401(k) IRA may be advantageous for your or similar plan and potentially increase employees, its less generous to you, Tax credit for automatic enrollment - your employees' savings rate. However, as far as allowable contributions, than a SEP IRA. For 2020, your annual up automatic enrollment in their respond to these changes, you should contributions are generally limited to consult with your tax and financial $13,500, or $16,500 if you're 50 or older by the end of the year. You can also make a matching contribution of Some smaller employers who set to determine how your business should retirement plans can now receive a tax advisors. Multiple-employer plans (MEPS) And don't forget that you still have other retirement plan options. If you have just a few employees or are Just slightly more than half of workers plan with less administrative work and self-employed with no employees, up to 3% to yourself. In any case, if you don't already offer a retirement plan, consider contacting a financial professional to determine which plan might be most appropriate your business. A retirement plan fewer fiduciary responsibilities than at private-sector establishments with fewer than 100 employees have access each employer would otherwise carry to a retirement plan, according to the U.S. Bureau of Labor Statistics. And startup costs were named as the biggest you may want to consider a SEP IRA. You fund the plan with tax- deductible contributions, and you alone. This provision of the SECURÉ Act is intended to result in lower costs. for must cover all eligible employees - is an effective tool for attracting and These multiple-employer plans (MEPS) they cannot contribute to the plan. impediment to creating such plans, have been around for a while, but, until You can contribute up to 25% of now, they were "closed" in the sense compensation, up to $57,000 in 2020. Or, if your business has fewer than The SECURE Act is designed to share some common relationship, such 100 employees, you might consider a address this concern in a few different as membership to the same industry, SIMPLE IRA. Employees may choose to according to research compiled by the Pew Charitable Trust. retaining good employees - not to mention helping you build resources for your own retirement. that participating employers needed to This article was written by Edward trade association, etc. But now, these contribute, and you, as the employer, Jones for use by your local Edward jones ways: Increased business tax credit for plan MEPS have been opened up to include startup costs The maximum tax credit unrelated companies. for establishing a retirement plan has are required to make either matching Financial Advisor. or non-elective contributions, which are deductible. But while a SIMPLE These new rules may make it easier for Edward Jones. Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFPpAAMS Edward Jones Tod Heisler AAMS Edward Jones Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Jason Korner Financial Advisor Financial Advisor Financial Advisor 6525 Constitution Dr. Fort Weyne, IN 46804 Financial Advisor 7030 Poinse Inverness Way Suite 125 Fort Weyne, IN 4804 432-3613 Making Sense of Investing Financial Advisor 01 Chestnut Hls Parkway Fort Wayne, IN 48814 7525 West Jetterson Bivd. Fort Wayne. IN 804 Financial Advisor 414S. Scot Rd Fort Wayne. IN 46814 Financial Advisor 14413 inois Rd Ste E Fort Wayne, IN 814 7329 West Jefterson Bivd. Fort Weyne, IN M804 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of Investing Making Sense of Investing