Workplace Changes to Retirement Planning

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Workplace Changes to Retirement Planning
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• With unemployment figures having hit an all-time
  high, and average incomes falling dramatically,
  its no surprise that there have been some recent
  changes to retirement planning in the workplace.
• Recent surveys highlight retirement uncertainty
• In recent surveys, participants were asked if
  they believed Covid-19 would have an impact on
  their retirement planning by forcing them to work
  for longer than they had planned, and more than
  10 answered in the affirmative. From the
  results, those answers came predominantly from
  individuals aged between 45 and 54 years of age,
  and with reports indicating that some employers
  have begun suspending 401(k) matching
  contributions, around 4 of those surveyed said
  that their employers had done the same.

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• Unfortunately, its predicted that this number
  will grow, especially if businesses are forced to
  remain closed due to the pandemic, or fail to
  recover sufficiently once the situation has
  calmed down.
• Its not all negativity
• However, the surveys showed that the majority of
  working Americans have not changed their
  expectations about retirement and when they plan
  to do it, despite the pandemic, and most dont
  believe they will be made to retire sooner than
  they had planned or anticipated.

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• For the most part, in fact, it seems that few
  Americans have made changes to either the amount
  of money that theyre currently investing, or the
  manner in which theyre investing it, and less
  than 5 of those surveyed reported having made
  any changes to their asset allocation. An even
  smaller amount of people stated that they had
  lowered their 401(k) or IRA contributions.
• With a whopping 70 survey participants stating
  that they havent changed anything about their
  retirement planning due to the pandemic, could it
  be that the American workforce are actually
  optimistic about the future and their retirement?

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• Small business retirement solutions
• Whatever course the pandemic may take as the
  weeks and months pass, people will always need,
  and want to retire, from their jobs, and
  employers must continue to make retirement plans
  a priority if they want to retain their existing
  staff, and attract new ones when the situation
  improves.
• Retirement continues to be the most sought-after
  benefit following health, and with precious
  little set to change that, is it time you
  reevaluated your options?

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• Should you offer your employees a 401(k)?
• Enabling you and your employees to save for
  retirement, with a 401(k) you can both put money
  away on a pre-tax basis, in turn, lowering your
  taxable income. For your employees, not only does
  this give them a reduced tax hit on their annual
  salary, but their long-term investments will
  flourish tax-free until the day comes that
  theyre ready to retire. For you, youll have a
  far more contented workforce, while saving cash
  for you and your personal nest egg.
• If you need to reevaluate the retirement benefits
  you currently offer your employers, talk to a
  professional provider about your options, today.

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• Apollo Payroll is one of the premier small
  business payroll companies in Miami Beach and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  payroll service in Miami and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Coral Gables Miami.