Establishing a 401(k) plan may seem challenging, but it’s a significant move towards enriching your company’s benefits package and ensuring employees’ financial well-being. This detailed guide is designed for small business owners and SMB leaders. It offers a clear roadmap to navigate the complexities of setting up a 401(k). It addresses small business owners’ and their employees’ most frequently asked questions, equipping you with the necessary insights to make well-informed choices regarding retirement benefits. Are Small Business Employers Required to Offer a 401(k) Plan? How Does an E ..read more

Navigating the intricacies of retirement savings is vital for small business owners. The SECURE 2.0 Act has brought about pivotal changes in the realm of Required Minimum Distributions (RMDs) and Age Limits for retirement contributions. Understanding these modifications is crucial for optimizing retirement strategies in line with the latest legislation, offering greater flexibility and opportunities for both businesses and their employees. Required Minimum Distributions & Age Limits Explained The SECURE 2.0 Act has made noteworthy adjustments in the age criteria related to 401(k) plans. Sp ..read more

Welcome back, fearless savers! It’s Emma here, taking on a haunting question as we creep closer to Halloween. This week, I’m tackling a particularly spooky topic: Can a 401(k) lose money? Let’s shine a light on this eerie topic and uncover the truth.  The Reality of Investment and the Market Every investment, be it stocks, bonds, or real estate, comes with a degree of risk. The financial market is similar to a roller coaster; there are inevitable ups and downs. Sometimes the market rises, increasing the value of investments (yay!), but there are also downturns where values might decrease ..read more

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act introduces groundbreaking reforms tailored to amplify the retirement planning capabilities of small businesses. By doing so, it charts a pathway for increased employee engagement and substantial financial growth. In this piece, we’ll delve into two pivotal enhancements that promise significant benefits for small businesses: the provisions for automatic enrollment and increased employee contributions. Essential Highlights of the SECURE 2.0 Act: 1. Championing Automatic Enrollment: In a bid to stimulate proactive retireme ..read more

Hey there savvy savers! It’s Emma, your go-to girl for all things finance and… cooking? That’s right! Today, we’re dishing out lessons from my kitchen that surprisingly reminded me of the principles of smart investing. My trusty air fryer, beyond serving up the absolute crispiest potatoes, turned out to be an unexpected teacher in the importance of consistency, both in the kitchen and in my investing journey with saveday.  Cooking Up Savings with the Air Fryer My mom is an air-fryer-evangelist. She taught me all about how it could whip up healthier meals without excess oil. But when I sta ..read more

The SECURE 2.0 Act is legislation geared to help relieve the cost of 401(k) plans for small businesses. One of the clearest ways it does this is through tax incentives. When partnering with a saveday 401(k), which is $0 cost-to-employer, these savings can only compound. But what exactly are these tax incentives, and how can they benefit small businesses? 1. Startup Credits Enhanced: Small businesses currently have the option to claim a tax credit for 50% of the startup costs involved in creating and administering a plan, with an annual maximum credit of $500. However, with the implementation o ..read more

Welcome back, savvy savers! It’s Emma here, serving up fresh insights straight to your screen. I (like many of us) occasionally pull myself into the digital whirlwind of Tik Tok- the platform where dancing and financial advice can coexist peacefully! That’s how I stumbled upon the viral 100 Envelopes Challenge. As an ardent believer in the power of my saveday 401(k), I had to put the numbers to the test. Which is better at saving me money: the 100 Envelopes Challenge or my trusty 401(k)? The 100 envelopes challenge, explained Here’s the brief rundown: whoever wants to participate will number e ..read more

For small businesses, offering competitive retirement benefits can be costly and complex. But the tides are changing with the SECURE Act 2.0. This recent legislation introduces enhanced Multiple Employer Plans (MEPs). This allows businesses, irrespective of their size or industry, to pool resources and provide joint 401(k) plans to their employees. At its core, MEPs under the SECURE Act 2.0 offer a streamlined approach to retirement planning, thus making it more accessible and efficient for small businesses. Here’s why that matters: Reduced Administrative Load: Joining a MEP lessens the admi ..read more

Hey savvy savers! Emma here, back with another dose of financial wisdom. Today, I’m diving deep into a term that floats around a lot with 401(k)s: vesting. Unfortunately, it’s not about thrifting a quirky vest with your friends (but I’m free Saturday if that sounds fun to anyone else). Vesting, in the 401(k) world, plays the role of determining when you officially “own” your retirement fund.  What Is Vesting? Vesting refers to the amount of time you need to be with your employer before you “own” or have the full right to the employer contributions made to your 401(k) account. Now, you alw ..read more

Welcome back, savvy savers! Emma here, with a fresh coffee and fresh insights! Let’s get real, millennials. It seems like every headline is telling us about the future we can’t have. Ready to flip the script? This blog post is about becoming the saver you want to be, even with student loans. It really is possible to save without compromising the little things you love. Let me show you how saveday did that for me.  Mapping the Terrain: the Millennial Dilemma Millennials, often tagged as the “student loan generation”, find themselves in a tight bind. On one hand, there is the burgeoning wei ..read more