Robert Restino Financial Advisor


Florida Business Owners aren’t locked into 401k plans as their only choice

If you have a business with less than 100 employees there are more options than operating a “costly” 401k that could better fit your plan goals. A 401k plan includes inherent costs that make zero impact on the morale, productivity, and employee retention of a small Florida business. There are fees that are purely operating expenses rather than those dollars going towards you or your employees’ retirement.

When you use other retirement plans, such as a Simple IRA, almost all of the money that is put into those plans goes towards the benefit of the employee and employers. That is a big deal and can give the Florida business owner more bang for their buck. We have seen our clients not only benefit from being able to write off this investment in their employees but also enjoy the positive effect it has with their work force. The employees feel more part of the organization and dedicated to it. The money invested by the employer and themselves is immediately theirs and becomes a tangible benefit they feel good about.

There are also alternative retirement plans which possess more investment options for the employees allowing the financial advisor the freedom to do his or her best work by providing more options to deal with each employee’s personal financial plan. Not so with the 401k. It has been our experience that to have a 401k program that is somewhat flexible, the costs just keep adding up. “Oh, you want more than 5 mutual funds available? That will cost more,” has been the typical response we have encountered when executing our due diligence with 401k providers who tout “low cost”.  Offering more investment options for your participants without racking up additional fees is a great reason to look into alternative plans. To have a 401k for your business it costs more money that doesn’t benefit you or your company directly, it goes to administration of the plan itself.

To have a Simple IRA, SEP IRA, or Solo 401K more of the money invested is accounted to someone’s plan rather than administration! It holds investments for the future of the employee and their retirement rather than some administrative cost that an employer would rather not pay.

Ask us for a complimentary business budget analysis and retirement plan review today to see what options are best for your situation.



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