Navigating Retirement Planning as a Small Business Owner

You juggle numerous responsibilities as a small business owner, from managing operations to nurturing growth. Amidst it all, it’s crucial not to overlook employee benefits. That’s why we specialize in 401(k)s for small businesses. This blog post will guide you through the key retirement planning considerations as a small business owner and introduce you to saveday, a trusted partner in offering 401(k) solutions. Prepare to sail on a smooth and secure journey to your small business’s success.  

Understanding the Unique Challenges of a Small Business:

Retirement planning as a small business owner comes with its own set of challenges. You may not have the luxury of a large HR department or access to the same resources as larger corporations. However, by recognizing these challenges, you can proactively navigate the path to retirement success. 

  1. Establishing a Retirement Savings Plan: 

One of the first considerations is selecting the right retirement savings plan for your small business. Saveday offers an array of solutions designed specifically for small businesses. These options provide flexibility and tax advantages, allowing you to save money while maximizing benefits for yourself and your employees. 

  1. Meeting Regulatory Requirements: 

Navigating the complex landscape of retirement plan regulations can be overwhelming. Saveday simplifies this process by providing expert guidance and ensuring your plan remains compliant with the latest regulations. With saveday, you can rest easy knowing that your retirement plan is in good hands, allowing you to focus on what you do best – growing your business. 

  1. Balancing Cost and Value: 

As a small business owner, every dollar counts. Saveday understands the importance of cost-effectiveness without compromising on quality. We offer some of the lowest and most transparent pricing in the industry, ensuring that your retirement plan remains affordable while delivering exceptional value and benefits to you and your employees.

  1. Engaging and Educating Employees: 

Engaging and educating your employees about the importance of retirement planning is vital. Saveday provides comprehensive educational resources, empowering your employees to make informed decisions about their financial futures. By fostering a culture of retirement readiness, you can strengthen employee loyalty and attract top talent to your small business.  

Solutions for Small Businesses:

Saveday is your partner in navigating the complexities of retirement planning as a small business owner. Our tailored solutions address your unique needs and provide the following benefits: 

1. No-hassle Plan Set-up and Administration:

Easy payroll integration and simple plan offerings make set-up and roll-out a breeze. No administrative headaches or multi-vendor back-and-forth. You’re just fifteen minutes away from offering a simple, affordable 401(k) plan!

2. Opt-out Participant Models:

    Auto-enrollment drastically increases employee engagement rates, ensuring employees get the most out of their retirement benefits. Saveday has various employee engagement tools, including educational resources, retirement calculators, and personalized dashboards. Empower your employees to take control of their financial futures, fostering a sense of ownership and financial well-being. 

    As a small business owner, retirement planning should be a top priority. You can embark on a successful retirement journey by understanding the unique challenges and leveraging the tailored solutions Saveday offers. 

    Saveday is your trusted partner in navigating 401(k)s for small businesses. 

    Secure your business’s future today and enjoy the rewards of a well-prepared retirement. Claim your financial freedom and set up your business’s 401(k) now.

    Revitalizing Your Small Business with the Power of a 401(k) Plan

    Running a small business can be a tough game, especially when you’re trying to bring the best people on board. A big part of standing out as an attractive employer is having great perks for your employees, including a 401(k) plan. In this article, we’ll look at how offering a 401(k) plan can help make your small business a top choice for talented workers.

    Looking After Your Employees

    Offering a 401(k) plan as part of your employee benefits shows you care about your employees’ future. It shows you’re interested in helping them save for retirement, which builds trust and job satisfaction. By offering a 401(k) plan, you’re giving your employees a chance to save for their future, making your business a stable and secure place to work. 

    Keeping Employees Engaged

    Having a 401(k) plan can get your employees more involved in their work by giving them a way to save for retirement. It helps them feel like their job is important to their long-term financial success. Plus, it shows employees you’re behind them on their retirement savings journey, creating a positive workplace that encourages loyalty and hard work. Happy employees are less likely to pursue alternate employment opportunities, meaning you keep your best workers longer!

    Staying Ahead in the Job Market

    A 401(k) plan sets your small business apart. It gives you an edge over your competition, making you an employer of choice. People prefer jobs that secure their future. In a SHRM survey, 71% of HR professionals said retirement benefits mattered to employees.

    That’s why top talent is your key to small business success. A good benefits package, like a 401(k), shows you care about your employee’s future. But saving for retirement isn’t all a good 401(k) offers. It also promotes involvement, loyalty, and job satisfaction. Start your 401(k) plan today. Attract and retain the best talent. Push your small business to new heights of success.

    401(k) Securities: inside your portfolio with saveday

    Let’s be real, 401(k)s can be mind-boggling, especially for newbies like us. But fear not! As a fellow young adult who was once clueless about 401(k)s, I’m here to simplify things for both of us. Today, let’s unravel the mysterious world of securities – those fancy investment options you’ve probably heard about. 

    What is a security, anyway?

    A security is an investment option that you can hold within a 401(k) account. That includes stocks, bonds, mutual funds, exchange-traded funds (ETFs) and more. 

    4 Common Securities: 

    1. Stocks: Owning a Roller Coaster

    Imagine owning a slice of Apple or Walmart. That’s what stocks are all about – becoming a part-owner of publicly traded companies. Stocks offer long-term growth potential but can be a bit trickier to predict. They can be a bit of a rollercoaster but over time, your savings tend to come out on top. 

    1. Bonds: Ol’ Faithful

    Bonds are like the responsible friend. They’re basically loans you give to governments, municipalities, or corporations. They agree to pay you back on a specific date, and in the meantime, they pay you periodic interest payments. Although there are risks, bonds typically provide a steady and predictable income stream, even if low-yield.

    1. Mutual Funds: Power in Numbers

    Mutual funds pool money from multiple investors to create a diversified portfolio of stocks, bonds, or other assets. Professional fund managers oversee them, providing instant diversification.

    1. Exchange Traded Funds (ETFs): Flexibility You Need

    ETFs combine the best of both mutual funds and individual stocks, offering diversification and trading flexibility. I found out that’s why saveday chooses to invest in ETFs over mutual funds. Check out why in this post here.  

    So there’s the skinny on securities. Stocks offer ownership of publicly traded companies, bonds function as loans to large institutions such as governments, mutual funds diversify investments for you, and ETFs offer diversity with greater flexibility. 

    The more I learn about 401(k)s, the more confident I become in saveday. With proven Nobel Prize-winning investment methods like Modern Portfolio Theory, they’ve helped my retirement savings grow. It makes me excited for the retirement possibilities ahead!

    If you’re craving more insights, head over to the saveday blog. And stay tuned for the next nugget of knowledge, where I’ll be digging in to the different types of 401(k)s!

    Happy Saving,

    -Emma

    Are IRAs Holding You Back? Meet the Unstoppable Force of a Saveday 401(k)

    Welcome, savvy savers, to an insightful exploration of retirement savings options! Today, we’ll dive into the realm of Individual Retirement Accounts (IRAs) and compare them with the game-changing saveday 401(k). By the end of this informative journey, you’ll be equipped with the knowledge to make an informed decision and pave the way for a financially secure future.

    IRAs: Versatility with Limitations

    Individual Retirement Accounts (IRAs) offer a range of advantages and disadvantages. On the positive side, IRAs provide individuals with flexibility, allowing contributions even outside of employer-sponsored plans. (Meaning you don’t have to get one through your job.) They offer a variety of investment options and can be self-directed, giving you control over your retirement funds. 

    However, IRAs have contribution limits that may restrict your ability to save larger sums. Additionally, they lack the benefits of employer matching contributions that can boost your savings potential. 

    Saveday 401(k): Revolutionizing Retirement Savings

    Now, let’s explore the distinctive features of the 401(k) that sets it apart as an exceptional choice for your retirement savings:

    1. Enhanced Contribution Limits:

    401(k)s offer higher contribution limits compared to IRAs, allowing you to save more for retirement. By maximizing your contributions, you can accelerate your savings growth and build a more substantial nest egg. This increased capacity sets the stage for a more financially abundant retirement.

    1. Employer Matching Contributions:

    One of the standout advantages of the 401(k) is the potential for employer matching contributions. This means that for every dollar you contribute to your 401(k), your employer may match a portion of it. Employer matches represent free money towards your retirement savings, amplifying your investment potential and boosting your long-term financial security.

    1. Streamlined Administration:

    Saveday takes the complexity out of managing your retirement savings. Our user-friendly platform simplifies administrative tasks, automates processes, and offers seamless integration with payroll systems. This streamlined approach saves you time and effort, allowing you to focus on what truly matters – while growing your retirement funds.

    1. Simplified Investment Options:

    Saveday uses ETFs, which are like a basket of securities, including stocks and bonds and other assets, that can be traded whenever the markets are open. ETFs combine the diversification benefits of mutual funds with the ease of stock trading. This approach is a simple way to access the financial markets without having to pick assets yourself, and the diversity of the securities enhances your potential for long-term growth and financial success.

    When it comes to navigating retirement savings, the choice between IRAs and 401(k)s is a crucial one. While IRAs provide versatility, 401(k)s empower you with enhanced contribution limits, potential employer matching contributions, streamlined administration, and simplified investment options.

    Focus your financial future and choose a saveday 401(k) to unleash the full potential of your retirement savings. With saveday, your retirement journey becomes an exciting and rewarding adventure. We look forward to being your trusted partner in building a prosperous future.

    401(k) HR Administration Made Easy: Partnering with Saveday for Small Business Owners

    Implementing a 401(k) plan as a small business owner can be quite an administrative headache. Many small business owners don’t have the time or HR manpower to take on this project and manage their business simultaneously. You don’t have to face this burden alone. Partnering with Saveday streamlines and simplifies your HR administrative responsibilities. 

    1. Simplified Plan Administration:

    Saveday’s user-friendly platform simplifies plan administration. From employee onboarding to managing contributions and generating reports, Saveday offers intuitive tools that make the process seamless. With automated data collection and reporting features, you can save time and effort while ensuring accuracy.

    2. Personalized Support

    Saveday provides dedicated support to guide you through every step of the process. Whether you have questions about plan setup, compliance, or employee communication, Saveday’s experts are there to assist you via phone, email, and live chat services. Enjoy peace of mind knowing that you have a trusted partner to rely on for your 401(k) needs.

    3. Expertise and Compliance:

    Saveday’s retirement plan experts are well-versed in 401(k) regulations, compliance requirements, and complimentary custodial and fiduciary services. By partnering with saveday, you can ensure that your plan is administered accurately and fully compliant with government regulations. Saveday takes care of the intricate details, allowing you to focus on your core business activities.

    4. Cost Savings:

    Opting for Saveday can save you money compared to the alternative of hiring additional staff or outsourcing your 401(k) administration. By leveraging Saveday’s simple and streamlined platform, you can reduce overhead costs and allocate resources to other important business areas.

    5. Employee Engagement and Education:

    Saveday offers robust employee engagement tools and resources to empower your workforce. With features like intuitive investment options, educational materials, and retirement planning tools, Saveday helps employees understand and maximize their 401(k) benefits. Now that they’re engaged, employees are more likely to appreciate and utilize their retirement plans effectively.

    In short, managing the HR administrative burden of your 401(k) plan doesn’t have to be overwhelming. By partnering with Saveday, you gain access to expert guidance, streamlined plan administration, cost savings, and enhanced employee engagement. Saveday’s friendly and knowledgeable team will guide you through the complexities, ensuring compliance and efficiency every step of the way. 

    Simplify your HR administrative tasks and provide valuable retirement benefits to your employees with Saveday as your trusted 401(k) partner. Better yet, experience peace of mind and focus on what matters most – growing your small business to new heights.

    Employer Matching Contributions: The Cherry on Top of Your 401(k) Sundae

    Welcome back, fellow 401(k) newbies!

    Emma here, your friendly guide to all things 401(k). Today, we’re venturing into the exciting world of employer matching contributions. Why? Well, because I recently discovered that my own employer offers this awesome benefit. Everyone told me this was great news. At first I thought, “What’s the big deal”? I decided to look into it further and see how big of a difference matching would make for my portfolio. Turns out, it is a pretty sweet deal after all!

    What Are Employer Matching Contributions, Anyway?

    Imagine you’re at a party, and someone announces that there’s free ice cream for everyone. I mean, who doesn’t love free ice cream, right? Well, employer matching contributions are like that delectable treat, but for your 401(k) instead. It’s your employer saying, “Hey, we think you’re pretty awesome, so we’ll throw in some extra cash to help you save for retirement.” Now that’s what I call a sweet deal!

    How Does It Work?

    Your employer sets a “matching formula”, which is usually a percentage of your salary or your own contributions. For example, if your employer offers a 50% match on up to 4% of your salary, it means that for every dollar you contribute up to 4% of your salary, your employer will toss in an extra 50 cents. It’s like getting a bonus on top of your hard-earned savings. Who doesn’t love free money?

    The Power of Doubling Your Savings

    When your employer matches your contributions, it’s like they’re handing you an extra scoop of free savings. That additional cash will work its magic through your investments and compound interest, generating additional growth and returns without you having to lift a finger. 

    So, seize this sweet opportunity and contribute as much as you can to make the most of those matching contributions. I’ve been amazed at how quickly my money multiplies with the extra boost.

    Maximize Your Match and Seize the Sun-dae

    Employer matching contributions are like the cherry on top of your 401(k) sundae. They’re a sweet boost to your retirement savings without any extra effort on your part. So, make sure to contribute at least enough to take full advantage of your employer’s matching program. Meaning, if they offer a 5% match, contribute the full 5%. 

    Don’t leave that ice cream sitting there, waiting to be devoured!

    If you have any more questions or want to explore further, head over to the Saveday blog. They have a toppings bar full of resources to help you make informed decisions and unleash the full potential of your retirement savings. 

    Join me next week to take a scoop out of the hidden secrets behind types of securities! 
    Keep saving!
    -Emma

    Affordable and Hassle-Free 401(k) Plans for Small Businesses | Saveday

    Small businesses save more with SaveDay

    As a small business owner, providing a 401(k) plan for your employees is a significant step towards their financial well-being and your company’s growth. However, the cost associated with setting up and managing a 401(k) plan can be a concern. Many companies tack on expensive startup fees, monthly and annual employer costs, per-employee fees, and other buried charges.

    But with saveday, you can offer this valuable benefit without any startup cost. Saveday simplifies 401(k) plans for small business owners, eliminating the financial burden and reducing administrative hassle.

    5 Ways Saveday Makes 401(k)s Affordable for Small Business

    1. Cost Savings: Saveday’s low cost removes the financial barrier that deters small businesses from offering retirement benefits. By waiving setup fees, saveday provides a robust savings solution within your budget.
    2. In-House Strategy: Saveday’s fully-bundled strategy eliminates at least 50% of industry average plan costs. With all plan requirements handled in-house, including Registered Investment Advisor, Broker/Dealer, and 401(k) Administrator, we save you money by not charging for revenue sharing with distribution partners.
    3. No Hidden Fees: Unlike competitors, saveday offers transparent pricing and a low AUM fee. We don’t burden you or your employees with monthly, annual, or per-employee fees. More money stays with you and your employees, as it should in retirement planning.
    4. Simple Plan Offerings: Saveday provides simple and flexible plan options tailored to your business’s needs. Whether you’re a sole proprietor or a growing startup, we can customize a 401(k) plan that aligns with your goals. Unlike other providers, we treat all plans equally, ensuring fair access to desirable features.
    5. Seamless Administration: Saveday’s intuitive platform simplifies plan administration. With payroll integration and automated processes for onboarding, contribution management, and reporting, we streamline the administrative tasks associated with a 401(k) plan. Focus on running your business while we handle the rest.

    Saveday’s convenient to start, simple to use, and wildly affordable 401(k) plans enable small business owners to offer this vital benefit without financial strain. By providing a 401(k) plan, you support your employees’ financial future and attract top talent to your business. With legislative tailwinds pushing towards mandatory retirement benefits, take the proactive step and offer benefits today to avoid state-mandated deadlines and penalty fees. Trust saveday to make retirement planning accessible, affordable, and hassle-free for your business.

    ETFs vs Mutual Funds: Why ETFs Win in Your 401(k)

    Exchange Traded Funds or Mutual funds?

    Welcome back, fellow 401(k) newbies!

    I’m Emma, your young-adult guide to retirement savings. In my last post, we uncovered the secret recipe for growing your 401(k) snowball through the power of compound interest. 

    Today, we’re tackling the intimidating by uncovering the world of Exchange Traded Funds (ETFs) and Mutual Funds. Trust me, they sound impossible to understand, but by the end of this post, you’ll see why ETFs are the real investing superheroes. And better yet, why saveday is the well-calculated call for your 401(k).

    ETFs and Mutual Funds: Understanding the Basics

    Alright, let’s get down to business. ETFs, also known as exchange-traded funds, are like those mixed bags of trail mix your dad grabs for road trips. (Or was that just my dad?) Instead of snacks, they contain a blend of stocks, bonds, and commodities for diversification. But here’s the exciting part: you can buy and sell ETFs throughout the trading day. Flexibility is the key to successful investing, my friends.

    Now, let’s turn our attention to Mutual Funds. They’re like the well-meaning, but inflexible siblings of ETFs who always need a pit stop during the road trip. Mutual Funds can only be traded when the markets are closed. While they offer diversification and professional management, they lack the flexibility that makes ETFs so appealing.

    Mutual Funds: Limited Options and Pricing Challenges

    Ah, Mutual Funds. They mean well, but they come with their limitations. Buying and selling Mutual Funds takes an entire day, leaving you tapping your foot and anxiously waiting for that check. Even worse, Mutual Funds can only be bought or sold at their net asset value (NAV). This value represents the total worth of the fund’s assets minus liabilities, divided by the number of outstanding shares.

    In simpler terms, the NAV pricing structure has its disadvantages. You can only trade Mutual Funds at the NAV price when the trading day ends. So, if you want to make a move during the day, you’ll have to wait until the market closes. This lack of flexibility can be frustrating, especially when you want to react quickly to market changes. Your wallet might miss out on potential gains.

    Even worse, Mutual Funds often come with higher fees compared to ETFs, gobbling up more of your hard-earned returns. These fees include expense ratios, which cover the fund’s operating costs, and sales loads, which are charges incurred when buying or selling Mutual Funds. It’s like a road-trip buddy that insists on staying at expensive hotels, draining your travel budget! 

    ETFs and Your 401(k): Unleashing the Benefits

    That’s why saveday has your back with ETFs. Unlike Mutual Funds, which make you wait and potentially miss out on more retirement savings, saveday can make immediate moves based on Nobel Prize-winning strategies (they follow Modern Portfolio Theory). The lower fees associated with ETFs also help keep your costs down, leaving more of your nest egg ready to hatch into the sunny seaside retirement you deserve.

    Honestly, the more I learn about saveday, the happier I am that my employer chose them for my 401(k) plan. And if you have any more questions, head over to the saveday blog. They have a treasure trove of resources to help you make informed decisions and supercharge your retirement savings.

    Join me next week as we dive into the exciting topic of Employer Matching Contributions and what they mean for the future you and I are building!

    Happy Saving!

    -Emma

    Setting Up a 401(k) as a Small Business: Key Requirements and Restrictions

    As a small business owner, you may be considering the benefits of offering a 401(k) plan to your employees. You may live in a state that is mandating businesses to offer retirement plans and are investigating private plan options. Whatever your situation, saveday is here to help navigate the dos and don’ts of sponsoring a retirement plan.

     A 401(k) plan is a popular retirement savings method that provides tax advantages for both employers and employees. However, before diving into the world of retirement plans, it’s important to understand the key requirements and restrictions associated with setting up and managing such a plan.

    Who can set up a 401(k) plan?

    A 401(k) plan can be established by various types of small businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and certain non-profit organizations. The eligibility to set up a 401(k) plan depends on the structure and nature of the business. To learn more you can read the IRS 401(k) page here, but we’ve listed the key considerations below…

    Key Considerations:

    1. Eligibility: A 401(k) plan must be offered to all eligible employees, which includes part-time workers, as long as they meet specific criteria such as age and length of service. Ensuring compliance with eligibility requirements is essential to avoid discrimination issues. Saveday can help you navigate the eligibility criteria and ensure that your plan is inclusive and compliant.
    1. Contribution limits: The IRS sets annual limits on the amount employees can contribute to their 401(k) accounts. For 2023, the elective deferral limit is $20,500, with an additional catch-up contribution of $6,500 for individuals aged 50 or older. These limits are subject to adjustment by the IRS in subsequent years. Saveday’s platform enables easy tracking of employee contributions and ensures that they stay within the IRS limits.
    1. Employer Contributions: While not mandatory, employers have the option to make contributions to their employees’ 401(k) accounts. These contributions can take the form of matching contributions or profit-sharing contributions. However, there are rules and limits governing employer contributions, including non-discrimination requirements. Saveday can assist you in designing and implementing an employer contribution strategy that aligns with your business goals and maximizes employee benefits.
    1. Vesting: Vesting refers to the ownership of contributions made by the employer. The IRS has specific rules on vesting schedules, which determine when employees have full ownership of employer contributions. Understanding vesting schedules is crucial for both employers and employees. Saveday can help you establish vesting schedules that are fair and compliant with IRS regulations.
    1. Testing and Reporting: The IRS requires certain tests to ensure that the 401(k) plan does not disproportionately favor highly compensated employees. These tests include the Actual Deferral Percentage (ADP) test, Actual Contribution Percentage (ACP) test, and top-heavy testing. Additionally, annual reporting of the plan’s activity is required through Form 5500, which provides transparency and accountability. Saveday offers complimentary custodial services – which means we do all the reporting and filing for you, at no additional cost.
    1. Fiduciary Responsibilities: As a plan sponsor, you have fiduciary responsibilities to act in the best interests of the plan participants. This includes prudently selecting and monitoring investment options, providing plan information to participants, and ensuring compliance with Employee Retirement Income Security Act (ERISA) regulations. Saveday can act as your ERISA 3(16) and 3(38) fiduciary, relieving you of some of these responsibilities.

    Starting a 401(k) at $0 Cost to Your Business

    By partnering with saveday, you’ll not only set your small business on the path to a successful 401(k) plan, but you’ll also empower your employees to achieve a secure retirement. With our expertise and personalized guidance, saveday becomes your trusted ally in navigating the complexities of 401(k) plans. We’ll ensure that you meet all key requirements, comply with regulations, and provide your employees with valuable benefits.

    Don’t wait any longer to take the first step towards offering a competitive retirement savings option for your employees. Contact saveday today and discover how our services can make a significant difference in your small business. Together, we’ll create a plan that meets your unique needs and helps your employees build a solid financial future. Your commitment to their well-being will set your business apart and contribute to their long-term success. Let saveday be your partner in making it happen.

    401(k) Plan vs. State-Sponsored Plans: Maximizing Small Business Success with Saveday

    401(k) plans vs. State Plans

    401(k) Plans vs. State-Sponsored Plans, which one is best? As more states implement legislation in response to the SECURE 2.0 Act, which mandates small businesses to offer retirement benefits, many owners find themselves searching for private providers or considering state-sponsored plans.

    When facing deadlines and penalties, the allure of state plans as simple and affordable options can be tempting.

    But don’t be deceived! State plans have limitations, lack customization, hide fees, and may not adequately prepare for retirement. This leaves employees seeking additional investment options.

    Now, let’s delve into the distinctions between state-sponsored plans and saveday’s 401(k) plan.

    State Plans: Traditional Yet Limited

    State-funded plans typically offer only Roth IRAs. With Roth IRAs, or Individual Retirement Accounts, employees contribute post-tax dollars, which means their money is generally tax free at the time of withdrawal. 

    There are some downsides to only offering IRAs in your retirement benefits plan. IRAs exclude high-income earners and have a maximum annual contribution limit of $6,500 in 2023, or $7,500 for those over 50. They are generally considered to be insufficient for retirement planning alone, meaning those who contribute to IRAs typically have to find another way to save money for retirement. In addition, many state plans tack on additional fees associated with plan management, which can make them a less attractive option than they appear. 

    On the positive side, state plans offer a straightforward solution for businesses seeking a retirement plan without extensive setup requirements. Enrollment in the state-sponsored plan means businesses will be compliant with state mandates, and can avoid costly penalty fees. 

    However, businesses often encounter limitations such as restricted investment options and a lack of personalization to align with specific business goals. Additionally, state plans may incur higher administrative costs, impacting your bottom line in the long run. State plans are also ineligible for SECURE Tax Credits, which can compensate for up to $16,500 in plan costs during the first three years of sponsoring a plan. 401(k) plan sponsors are eligible for these credits.

    Saveday 401(k): Revolutionizing Retirement for Small Business

    Let’s look at the features of a 401(k) that make it a compelling choice for small business owners:

    1. Low for Employers

    This is retirement planning the way it was supposed to be—with no middleman, hidden fees, or hassle. We cut administrative costs so that retirement benefits are accessible to everyone and so that small businesses can put that money back into their operations. 

    2. Personalized Guidance

    State plans are cookie cutter, with IRAs treating everyone the same. Saveday offers Traditional and Roth plans, with a Risk Assessment that helps employees select the portfolio that’s best for them, and daily auto-rebalancing to protect portfolio health.

    3. Empowering Employees

    With saveday, employees can contribute up to $22,500 in 2023. Having the ability to contribute more to their retirement accounts puts employees much closer to their retirement goals than with an IRA. But that’s not all. Employees can also enjoy employer matching, profit sharing, and vesting schedules unavailable in state plans.

    4. Streamlined Administration

    Saveday simplifies the administrative burdens associated with managing a 401(k) plan. Our intuitive platform automates key processes, reduces paperwork, and offers seamless integration with payroll systems. Say goodbye to the headaches of complex plan administration and enjoy a streamlined experience that saves you time and effort. 

    Claim Your Victory with Saveday

    In the comparison of State Plans versus offering a 401(k) through saveday, the clear victor emerges for small business owners seeking a retirement plan that maximizes benefits and flexibility. While State Plans seem convenient, saveday is the small-business retirement planning solution. 

    Empower your small business and provide your employees with a retirement plan that aligns with their aspirations. With saveday, retirement planning becomes an exciting journey that leads to a brighter future for all.

    Looking to learn more? Expand your small business savvy by reading more of our blog here!