Ubiquity

Ubiquity Blog

401k Resources, News and Trends

3 Things Every Small Business Owner Needs to Know About Employee Retirement

Dylan Telerski / 22 Jan 2020 / Business
Two small business women smiling at a table, discussing employee retirement

Small businesses have a big retirement problem. According to the Bureau of Labor Statistics, at companies with fewer than 50 workers less than half the employees have access to a 401(k) or pension.

At companies with 500 workers or more, 90 percent of employees have access to a retirement plan. Setting up an employee retirement plan can seem daunting for small business owners—if not impossible. Let’s clear up some misconceptions and review a few of the many reasons why offering an employer-sponsored retirement account is a great idea for small businesses of all types.

Investing in Your Employees Creates An Invested Team

How badly does your team want retirement? According to a 2015 Glassdoor survey, 31 percent of workers valued a workplace retirement account, such as a 401(k) or pension plan, over an increase in pay.

Even your team members who would prefer a wage pump want help preparing for the future. The Employment Benefit Research Institute found that two-thirds of employed workers not currently saving for retirement say they would be likely to start if automatic paycheck deductions ranging from 3 to 6 percent were used by their employer.

By offering a retirement plan, small businesses may be able to attract more talent—and retain the valuable team members they already have.

Cut through the complexity of choosing and customizing the right 401(k) for your small business. Get an instant quote.

How many employees do you have?
I am a sole proprietor

(just me/or my business partner/spouse)

Low-Cost, Low-Hassle Plans

There’s a toxic myth floating around that retirement plans have to be clunky, expensive, and require an annual 1.5-2% fee to a provider. That’s a misconception! Nowadays, there are low-cost options, specifically designed for small businesses. (Full disclosure, we think our plans are pretty great. Check them out here)

Besides providing lower costs, choosing a third-party plan provider allows you to delegate certain plan responsibilities to let you focus on what you do best—running your business.

Read full article
Most Recent Articles
The text "All About The SECURE Act" with a picture of the United States capitol
17 Jan 2020

What You Need to Know About the SECURE Act

The SECURE Act, which stands for the Setting Every Community Up for Retirement Enhancement Act,…

10 Dec 2019

Are your IRA and 401k protected from future long-term care needs?

Medical advancements have greatly improved our quality of health and have allowed us to live…

4 Dec 2019

Year-End Retirement Savings Resources: From the Horse’s Mouth

  As we prepare to close out 2019, it’s important to stay focused on your…

2020 Contribution Limits
6 Nov 2019

Your Quick Guide to 2020 Retirement Plan Contribution Limits

Ubiquity Retirement + Savings: Stay Up-To-Date. Download our 2020 Contribution Guide Curious how much you…

Ubiquity Media Roundup Graphic
1 Nov 2019

Q3 Media Roundup: Ubiquity Speaks to the Industry on Changes in MEPS, State-Mandated Retirement Plans and More

From new Department of Labor regulations to state-mandated retirement plans, there is no shortage of…

Maginfying glass on 401k fees
22 Aug 2019

401k fees: Always Read the Fine Print

Are you saving in your job's 401k plan? Whether you've just started, or you've been…

20 Aug 2019

Most Americans are unprepared for retirement — here’s how to fix that

This article originally appeared on Marketwatch The extended U.S. government shutdown that occurred earlier this…

graphic conceptual image of laptop connecting a remote workforce
7 Aug 2019

3 Ways to Engage a Remote Workforce

In today’s digital age, more people than ever are working from home. In fact, a…

27 Jun 2019

Market Shifts + Your 401k Plan

Nothing is certain except death, taxes, and market volatility. As part of our new program,…

Dollar folded like a boat promoting that you can "Keep taxes at bay" with a Safe Harbor 401(k) plan
18 Jun 2019

What’s so safe about a Safe Harbor 401k plan?

Getting ready to offer a 401k retirement plan to your employees? Way to go! Offering…

Edukate and Ubiquity partnership - pieces of the puzzle fitting together
6 Jun 2019

All About Financial Wellness

This week we were excited to announce the launch of CensiblyYours Financial Wellness Tools, our…

Read the Definitive Guide to Small Business 401k
Download Your 401k Guide Now

© 2020 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

Facebook Twitter LinkedIn YouTube

© 2020 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

Credit Card Logos