Most business startups are focused on selling their products or services. That's understandable. If you're not selling, you're not generating revenue, and without reliable cash flow, your company struggles to survive. But not too long after launching a business, you're looking at hiring your first employees. You want to make sure you get the right employees from the beginning. Employee turnover is a costly proposition, especially for a fledgling business. It is estimated that it costs 2.5 times a person's salary to replace a lost employee. That's as much as $75,000 for an employee making $30,000 per year.
Retirement Services & Financial Advisors - Serving Columbus & Beyond
We are in the thick of tax season and many are questioning if they were able to find enough tax savings. This is a great time to start considering your savings plan for the coming year. Chances are your employees are thinking the same, so this is the time to educate them on opportunities this year.
The IRS has announced an increase in contribution limits for certain plans and we are excited. Here is what you need to know (and some food for thought):
Defined Benefit Plans: We’ve seen a few limit increases between 2018 and 2019. The limit in 2018 increased to $220,000 and to $225,000 in 2019. This can be a great plan for high earners, especially if you are self-employed!