Only 28% of Businesses Offer a Retirement Plan

Does Your Dental Practice Offer a 401k?

New research from Capital Group reveals that only 28% of businesses with less than 10 employees offer retirement plans and only 51% of businesses with 10-24 employees offer them. 1 Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements.

“Offering a retirement plan to one’s employees can be a critical asset for a business owner who wants to retain and attract new talent, but concerns about cost and a lack of sufficient guidance are holding many of them back,” said Renee Grimm, Senior Vice President, Retirement Plans, Capital Group. “With the passing of the SECURE 2.0 2 Act earlier this year, now may be a great time for small business owners to set up a retirement plan. A financial advisor can guide business owners on how to maximize the full benefits of offering a plan, including important tax credits for themselves.”

As noted in the 2023 DentalPost Dental Salary report , 74% of dentists, 68% of RDHs and 72% of DAs stated that benefits were very important to extremely to them. With retirement benefits being the #1 or #2 benefit requested. If you do not have a retirement plan, 2023 is the year to do it. As part of the Secure act 2.0, you, as a practice owner can get up to $1,000 per employee tax credit. We have tax credit details and formula examples here.

In my 20+ years of experience, 2023 is the best year to set up or upgrade your retirement plan . Let’s help you review your options now .

Want to see if setting up a retirement is right for you? Reach out and schedule a free initial consultation . Have a retirement plan but not sure if it’s currently competitive? We can benchmark it for you. Click here to learn how .

Categories

Securities offered through LPL Financial, Member FINRA/SIPC. E2E Financial is another business name of Independent Advisor Alliance, LLC. All investment advice is offered through Independent Advisor Alliance LLC, a registered investment advisor. Independent Advisor Alliance is a separate entity from LPL Financial.

The information contained in this e-mail message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying of this message is strictly prohibited. If you have received this message in error, please immediately delete.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the possible loss of principal.

The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Market Index captures broad US equity coverage. The index includes 3,204 constituents across large, mid, small and micro capitalizations, about 99% of the US equity universe. Indexes are unmanaged and cannot be invested in directly.
International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.