Realistic HVAC Retirement Solutions
In a recent article published in “theNews” -THE HVACR CONTRACTOR’S WEEKLY NEWS MAGAZINE SINCE 1926, Nicole Krawcke’s article, “Realistic HVAC Retirement Solutions”, examines the ways workers and employers are preparing for the world’s longest coffee break. Within this article important factors are explored to help you determine which one fits your individual needs, offering surface insight and a great starting place for a financially secure retirement.
The most important things to take into account when choosing a retirement plan for small businesses are company size, age of workforce, and both employer and employee goals. “Sometimes you have to offer a little bit more as an incentive to keep these employees, and that’s where retirement benefits come into play. It’s a great way for you to help yourself, your business, and employees.” The U.S Department of Labor Employee Bnefits hosted a webinar designed to help small business owners, covering three basic retirement plans to include:
- Individual Retirement Account (IRA) – based plans
- Defined – Contribution Plans
- Defined – Benefit Plans
All of which offer some degree of :
1. Flexibility: According to the Department of Labor, defined contribution plans, such as the 401(k), are the most popular retirement option utilized.
2. Simplicity: Plans such as a Simple IRA requires very little reporting, and there are no extra fees other than the company’s match. This plan is very flexible!
3. Employee Education: If you are a young person just starting out in the HVAC business, and you put away 5% of your pay, before you know it, you have accumulated enough wealth for the future!