Remove 401(k) Remove Deductible Remove Finance Remove Retirement Plan
article thumbnail

Individual Retirement Accounts: What You Need to Know

Money Talk

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees). Many have accumulated significant sums and need tax planning help.

401(k) 179
article thumbnail

Ten Upsides of Inflation

Money Talk

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 401(k)s) and IRAs are pegged to inflation. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., When inflation rises, workers can save more money. million in 2022).

401(k) 245
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Can Employers Help Employees Save (or Save More)?

AssuredPartners

Earlier adopters of 401(k) plans, Generation X workers are saving for retirement, but many may fall short. Despite 81% participating in an employer-sponsored 401(k) or similar plan, only 22% of this generation’s workers are “very” confident they will be able to retire comfortably.

401(k) 98
article thumbnail

Building Understanding Ahead of Open Enrollment Across Generations

PeopleStrategy

What Each Generation Typically Looks For Baby Boomers (born 1946-1964) are approaching retirement age, so their benefit preferences may focus more on retirement plans, health coverage, and financial security. Customizable Health Plans: Provide a range of health insurance plans with different coverage levels and costs.

401(k) 52
article thumbnail

All You Need to Know About Profit-Sharing

Vantage Circle

In a deferred profit-sharing plan, the time of withdrawal is set later or at the time of retirement, death, or termination of employment. In such plans, the employer combines the profit-sharing with the 401(k) plan. Thus, implementing such a plan results in enhanced employee retention. Profit-sharing.

401(k) 52
article thumbnail

Leveraging employee financial wellness programs in your benefits strategy

Higginbotham

Employers can support them by providing employee financial wellness programs that help workers manage their money and take control of their finances. Why Employers Should Care About Financial Wellness According to Capital One, 73 percent of people say their finances are a major cause of stress.

401(k) 52
article thumbnail

Financial Wellness in a Health and Economic Crisis

Flimp Communications

With everyone under unique and often financial strains, many are examining their finances, searching for ways to save money. Examining and taking control of finances is one way people are coping. Make sure employees understand the tax implications of various deductions and contributions, like for HSAs or 401(k)s.

401(k) 53