There are many compelling reasons why business owners should pay more attention to their retirement plans. Often times the responsibility to fund a pension plan for them and for their employees fall on the shoulders of the business owner and more times than not it is relegated for a later date that never comes. Here are three compelling reasons why you should talk to an accountant and financial advisor to help you plan for your future.
- It is a financial responsibility you have to your employees and yourself to secure a future that will provide financial stability later on.
- Talk to an accountant or financial advisor for potential tax benefits for your business when setting up a retirement plan.
- Having a retirement plan can secure your top performers or attract new ones that can benefit your business.
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Preparing Small-Business Owners for Retirement
Advisers also can help clients figure out what to do with their time after they retire.
Small business hiring cools off in July
Not quite the blistering pace reported in June.
Hiring by small businesses cooled off this past month, mirroring a similarly modest slowdown across the broader economy, according to a new report.
Small employers added 84,000 workers in July, down from a two-year high of 126,000 new positions added the month before, according to payroll processing firm ADP. Initially, the company had reported that small businesses (fewer than 50 employees) had added 117,000 jobs in June.
Overall, the economy added 218,000 positions in July. While that’s down from 281,000 last month, it’s otherwise the highest monthly total since November.
Workers are finally getting raises again
One more sign that life is improving for American workers: paychecks are finally growing faster.
The Labor Department reported Thursday that workers’ wages and salaries grew by a seasonally adjusted 0.6 percent during the second quarter, the fastest pace since the third quarter of 2008.
Wages and salaries only make up 70 percent of total compensation, including benefits. Total compensation costs as a whole also grew by a seasonally adjusted 0.7 percent during the second quarter.
Though it’s true that wage growth was much faster before the Great Recession, the news is still a sign that the labor market is tightening, as increased demand for labor helps boost paychecks.
