If you're a self-employed business owner, you're likely familiar with the home office deduction. However, there's another valuable deduction called the Augusta Rule (Section 280A Deduction) which offers additional tax benefits. This article explores the Augusta Rule, its origins, how it works, and how small business owners can leverage it for tax planning.
Tax Tips to Maximize Retirement Savings
Retirement represents a major turning point in one's life. One factor that remains, regardless of this new chapter in your life, is the presence of taxes. Taxes on income from other sources, such as Social Security, pensions, and earnings from part-time employment, can potentially be an issue for you. Consider these variables:
The Resurgence of the Automatic IRA Act
The Automatic IRA Act of 2024 has been reintroduced by Representative Richard Neal, D-Mass., the ranking member of the House Ways and Means Committee. This measure requires companies with more than 10 workers to automatically enroll their workers in IRAs or other comparable automatic contribution plans, such as 401(k)s, if they do not currently offer a retirement plan.
Beyond Compliance: Make Every Communication Count
Effective retirement plan communications do more than meet Department of Labor (DOL) requirements; the best ones engage, educate, motivate, and empower participants. Optimize your communications to connect with employees personally, encourage informed decisions, and foster more active engagement with their retirement plan and financial future. Here are six tips to get you on the right track:
Help Participants Avoid These TDF Missteps
Target Date Funds (TDF) are in high demand these days. According to a recent Sway Research study, total TDF assets reached $3.5 trillion in 2023 — a record level. TDFs offer participants many advantages; plan sponsors should help ensure participants understand how their TDF works to maximize their potential benefits. Learn how you can help your employees avoid these missteps.
KerberRose Named to Nation's Top Adviser Team and Top Retirement Plan Advisers List
KerberRose has been named to the National Association of Plan Advisor’s (NAPA) list of the nation’s top defined contribution (DC) Advisor Teams with assets under advisement of $100 million. Additionally, Shareholder, Tony Powers, AIF®,CFP®,CRPS®, has been named to the 2024 PLANADVISER Top Retirement Plan Advisers list.
Seven Tips to Prepare You For Retirement
A secure and happy retirement requires careful planning and is a well-constructed process. Starting now will give you plenty of time to make the strategic changes and improvements to bring your retirement goals closer to reality. Here are seven things you should know to strengthen your retirement strategy:
Helping Young Americans Save for Retirement Act
Senator Bill Cassidy and Senator Tim Kaine introduced a bill allowing 18-year-olds to contribute to 401(k) plans, with certain restrictions until age 21. Although unlikely to pass on its own, it highlights bipartisan efforts for retirement reform. Learn who will be potentially affected by these changes.
The Graying of the American Workforce
The Silver Tsunami is headed ashore, as “Peak 65” is expected to usher in an average of 11,000 retirement age Americans daily through the end of 2024 — the highest ever recorded. And a lot of them plan to keep working. In this blog, we explore how organizations can harness the expertise of older workers. From mentorship opportunities to tailored benefits, learn how to adapt and thrive amidst this demographic shift.
Avoiding Social Media Pitfalls in Retirement Planning
Americans are increasingly receiving financial and retirement planning guidance from social media, risking exposure to misinformation, harmful advice and outright scams. Alarmingly, this includes almost eight in 10 millennials and Gen Zers. Here are seven ways to help ensure your content is safe and reliable.
DOL Releases New Fiduciary Advice Proposal
Q4 2023 Retirement Legislative Update
Navigating the Pension Landscape: PBGC Maximum Benefit Limits and 2023 Forms 5500 Updates PBGC Announces 2024 Maximum Benefit Limits
The Gen X Savings Crisis: How Plan Sponsors Can Help
According to a December 2023 survey from Schroder’s, nearly half of non-retired Gen Xers — those born between 1965 and 1980 — have not done any retirement planning whatsoever. How can employers help their MTV Generation workers save? Read our latest blog for insights on how to provide assistance tailored to these specific employees.
Steering Participants Through Market Mania
Conversations on market volatility often result in nervousness and anxiety surrounding return on investment. However, it’s important to acknowledge market volatility has two faces. Plan sponsors have the opportunity to help cultivate a holistic understanding of finance and the markets, providing a framework for participants to make informed choices and navigate the complexities of investing.
Balancing Competitive Benefits in Budget Constraints for Plan Sponsors
It is crucial for companies to regularly benchmark and compare their benefits packages to their peers within the industry to maintain their competitive advantage and status. However, offering a competitive benefits package can be challenging for plan sponsors due to budgetary constraints; learn how financial insurance provider Unum Group's, Carl Gagnon, handles this issue in our blog.
Participant Corner: Strategies for Maximizing Workplace Retirement Benefits
Considering more than 40% of employers now match employee contributions to retirement plans, taking advantage of this opportunity is crucial for improving your financial security. Before enrolling in your company's retirement plan, it's essential to understand how to optimize its benefits. Our blog offers some tips to guide you in making the most of this valuable perk, read now to learn how.
Maximizing Benefits: Hiring Your Kids for Tax Advantages, Skill Development and Succession Planning
Securing the Future: Navigating Cybersecurity Challenges in Retirement Plans
Read our latest blog where we review the critical intersection of retirement plans and cybersecurity, exploring the current landscape, the Department of Labor's (DOL) two-pronged focus on cybersecurity, insights from the ERISA Advisory Council, and actionable steps plan sponsors can take to mitigate cyber risks.
Latest Trends in Plan Design: Integrating Zillennial Needs
As Zillennials enter the workforce, understanding their unique perspectives and concerns is essential for fostering long-term financial well-being. In this webinar, we will explore the challenges faced by Zillennials, tailor retirement plans to their preferences, discuss effective communication strategies, and share success stories of organizations supporting this demographic.