Life, Inc. Blog

The Pros and Cons of a SIMPLE IRA for Small Businesses

In today's complex financial landscape, small business owners face a myriad of choices when it comes to selecting a retirement plan that not only meets their needs but also supports their employees' future financial security.  The Savings Incentive Match Plan for...

How to Protect Your Key Employees: Life and Disability Insurance for Business Owners

The success of a business often hinges on the expertise and dedication of its key employees. These individuals are the backbone of your company, and their absence can lead to significant setbacks. In this blog post, we'll discuss how business owners can protect their...

4 Retirement Plans That Your Employees Will Want to Stay For

Employees are a company's most valuable resource. They are the ones who make things happen, and they deserve to be treated well. A retirement plan is one of the best ways to show your employees that you care about them and creating a plan to incentivize the retention...

Securing A Strong Retirement Act of 2022 (SECURE 2.0)

American workers are set to be the key beneficiaries of the ongoing transformation of retirement savings plans, with small businesses playing a bigger role to make this a reality. On Tuesday, March 29, 2022, the House of Representatives turned up in a big way to pass...

Should You Support Your Employee’s Side Businesses?

As an employer, it may feel difficult to support your employee's side businesses.  But first, let’s dive into why it might be beneficial to your business by supporting them. The U.S is recognized for its great economy and hardworking population. Unfortunately, the...

Can Real Estate Investors Have A 401k Plan?

There are several ways to invest in real estate.  However, it depends on a few factors if real estate investors can have a 401k plan. While the joys of being a real estate investor are many, so are the stressors. One of the main stressors is that you have to plan for...

What Is A 401k Controlled Group? Here’s Everything You Need to Know.

If you're not sure exactly what is a 401k controlled group, this article will help you determine if you're businesses are in one.  In what seems like an ever-shrinking talent pool, being an employer that matches 401k contributions by your employees gives you an easier...

IRS Announces New 401k Contribution Limits For 2022

In the coming year of 2022, employers will look forward to the newly increased 401k contribution limits for their employees. According to the IRS Notice-2021-61, the limits of most defined contributions and defined benefit plans will be increased upwards. This also...

How Does Annual 401(k) Non-Discrimination Testing Work?

A 401(k) plan is a complex business management aspect that most small and medium-sized businesses struggle with. Non-discrimation testing just to mention one. There's a lot to understand, from confusing legal terms to strict regulations that are hard to follow when...

What Do Employees Value More: Higher Pay or Better Benefits?

Recruiting is increasingly becoming hard nowadays, and even after hiring employees, retaining them is becoming an even bigger challenge.  So, what do employees value more, higher pay or better benefits? A study shows that three million American employees quit their...
What Happens In A 401(k) Audit?

What Happens In A 401(k) Audit?

Yes, 401(k)s can be audited.  But, before you race to your file cabinet to find your records, let us explain what this means and we'll dive into what happens in a 401(k) audit. Federal law requires that 401(k)s and other types of retirement plans to be audited.  The...

How To Become An Absentee Owner

How To Become An Absentee Owner

"Let’s be honest.  If you’re a business owner, you’ve probably thought of how to become an absentee owner one day.   The notion that your company cannot operate without you forces you to assume a few mundane tasks from each department, and you become the...

What Is A Forfeiture Account?

What Is A Forfeiture Account?

If you make contributions to your employee's 401k plan, you may have built up amounts called forfeitures.   What is a forfeiture account?  A forfeiture is the non-vested portion of an employee's account balance.  For example, if an employee is 40% vested in your...

5 Unique and Creative Employee Benefits

5 Unique and Creative Employee Benefits

For most people, landing a new job is not just about how much money they're going to make, but about the employee benefits they'll receive.  According to research from Glassdoor, 57% of people said benefits and perks are among their top considerations before they...

Tax Credits for 401ks for Small Business Owners

Tax Credits for 401ks for Small Business Owners

A lot has changed in the last few months for small businesses, but one of the positive changes we've seen comes from the SECURE Act. Previously, employers who had implemented a 401(k) plan for their company received a flat $500 tax-credit, which wasn't enough of an...

Should You Establish A 4 Day Work-Week?

Should You Establish A 4 Day Work-Week?

As employers, there are a lot of things on our minds consistently. How do we increase productivity? How do we retain our workers and keep them happy? How do we become more profitable? There’s been a trending topic that claims to address each of these issues, so we...

How Will COVID-19 Change The Owner/Employee Relationship?

How Will COVID-19 Change The Owner/Employee Relationship?

The Covid-19 crisis is changing current employer to employee relationships dramatically. Forced business closings are resulting in unplanned employee layoffs. But many businesses remain open due to innovative methods of connecting with customers and employees.  We all...

Do I Need a Financial Advisor for a 401K?

Do I Need a Financial Advisor for a 401K?

You might be wondering if you need a financial advisor for your 401(k). Many employers, especially small business owners, are hard at work managing their own business and working closely with their customers or clients. A financial advisor can help you tackle the...

Plan Trustee: What Do They Do and Why Are They so Critical?

Plan Trustee: What Do They Do and Why Are They so Critical?

Most people tend to think that because their employers contribute money that goes into their retirement plan that they play the most significant role. However, in order to ensure your plan's assets are managed adequately throughout your life, other essential functions...

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