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Retirement Savings Options For Small Businesses

Posted By Stephanie Schwartz, Nationwide Mutual Insurance, Wednesday, July 19, 2017
Updated: Thursday, July 6, 2017

If you’re thinking about extending retirement benefits to your employees, you should know what’s available. An effective retirement account provides flexibility – that’s why it’s important to offer a variety of options that work for both “hands on” and “hands off” investors.

Consider these solutions for small business employees and individuals like you:

For employees

  • Defined contribution – These kinds of accounts are the most common today.  Examples include the 401(a), 401(k), 403(b), 457, SIMPLE or SEP. They’re called “defined contribution plans” because employees are limited to the amount they can contribute to the plan in a given year. As the sponsoring company, you may decide to match employee contributions, though certain circumstances apply.
  • Defined benefit – Otherwise known as pension plans, these accounts provide employees with a lifetime monthly income stream when they retire.  Contributions to the plan are typically made by the sponsoring company and are not taxed.  Taxes are due on the income received in retirement.
  • Guaranteed Retirement Income from NationwideSM – This is a type of annuity that lets employees lock in monthly retirement income for the rest of their lives with a minimum contribution of just $10 a month. There’s no cost or risk to the employer, and there’s nothing for the employer to manage– Nationwide does all the work.

 

For individuals

  • IRA/Roth IRA – Depending on household income and eligibility for employer sponsored plans, individuals can make contributions to these accounts on either a pre-tax or post-tax basis.

 

  • Direct investments – Many of the investment vehicles offered inside of retirement plans are available for purchase outside of those plans as well. Stocks, bonds, mutual funds and annuities can all be purchased directly from the companies that offer them without the tax advantages retirement plans provide.  Typically, these options have a large minimum investment amount.

 

  • Guaranteed Retirement Income from NationwideSM - Individuals, not companies, contribute to this new way to pay for retirement.  It’s a type of annuity that provides monthly guaranteed income for life, with a minimum contribution of just $10 a month. There’s no risk, because it’s not tied to the stock market, and there are no fees to sign up or for ongoing administration.

 

Now that you know about all the investment vehicles available to you and your employees, are you ready to take the next step? Get started by checking out Nationwide’s  Find an Investment Professional tool, or talk to friends for their recommendations. To learn more about Guaranteed Retirement Income from Nationwide and to set up an account today, visit Nationwide or call 1-888-891-0272.

Tags:  Employee Benefits  Retirement 

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