Did You Know?

Addressing the Retirement Savings Gap and Avoiding Penalties

Over twenty states have proposed legislation and 12 states now actively require private-sector businesses to join state-facilitated retirement programs if they don’t offer a private employee retirement plan, with significant penalties for non-compliance. Additionally, businesses in states without mandates may still need to register, if they employ workers in mandated states.

The statistics are tough. Many U.S. workers are not saving enough for retirement. Nearly a quarter of non-retired adults have no retirement savings, and those who do have a median savings of around $60,000, which is insufficient for retirement.?

For some small businesses, especially with employees in multiple states, a simple employer-sponsored 401(k) retirement plan is a better option. Whichever route you chose, evaluating, setting up, and communicating these plans requires some effort. Let us help you get there. Visit inflectionpointtr.com. #financialwellness.