Tag Archives: retirement plans

The Importance of Offering Group Benefits to Your Employees

As a business owner, it is important for you to offer your employees the protection they deserve and make your company a place where people want to work. Group Benefit plans are particularly helpful because it allows employees to track, identify and treat any issues on the spot.

The reality is simple; your workers will not be able to give you their best performance unless you make sure to provide them with the right coverage and guidance. Luckily, you are not alone. Companies like Lewis & Palmer are here to help you offer your hard working employees the assistance they need. With the proper plan, every employee can maintain a good health and stay away from conditions in the long term that may limit their work performance.

It is not easy to get the best value without the right coverage, and this is why it can be imperative to hire a group benefits company to intercede. After all, nowadays, employees do desire and expect higher benefit levels. If you are a business owner or if you are in management, it is important to have a clear understanding of the benefits that are valued the most by employees. Here is a list of group benefits that are available for you to provide to hard-working employees.

•    Group life insurance and AD&D
Group Life Insurance can provide financial assistance when an employee faces an unexpected event and needs relief. The proper insurance can make sure that the employees family members are financially protected in case of a tragic event. This kind of insurance is also in a position to provide coverage against serious accidents, which cause the loss of body parts including limbs.

•    Group long term and short term disability
The employees are always concerned about the loss of income in case of a disability. They don’t even wish to think about it. However, accidents can happen anytime, anywhere, and employees might have to face such unfortunate incidents in life. They are unavoidable, but group long term and short term disability have the ability to provide an excellent financial assistance to them in such situations. Therefore, a working person must be provided with some sort of disability insurance.

•    Group medical insurance
It is the responsibility of the employers to take care of their hard working employees. Therefore, it is crucial to provide them with a reliable group medical insurance. When employees fall ill, they will have to spend a considerable amount of money out of their pockets to go for treatments. Group medical insurance can keep them away from that hassle. This would provide an ideal environment for them to focus on their responsibilities instead of anything else.

•    Group dental care
If you want your employees to maintain proper oral health, you should encourage them to visit the office of the dentist on a regular basis. However, dental visits can cost a significant amount of money for the employees. That’s where group dental care insurance can help them with by taking care of the financial expenses that they will have to bear at the office of the dentist.

•    Employee assistance plans
Lastly, you need to consider about providing group employee assistance plans. This would provide them an excellent support when they encounter frustrating situations in life such as divorce, the death of a loved one and parenting. In such instances, your employees would require additional finances to get through the difficult stage in life. The employee assistance plan is in a position to cater that financial requirement and help the employees to stay away from frustration.

Overall, productivity is crucial for your business, and giving your employees the proper guidance to approach any struggles can be incredibly beneficial for your regarding productivity and growth in the long term.

For more information about Group Benefits Plans available, contact Lewis & Palmer and set an appointment for a free consultation to find out more.

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What retirement plan options are best for you?

There are over a half-dozen common types of retirement plan options available – not to mention the more esoteric ones. Here is a quick primer on the most common ones and which will be best for your particular situation:

IRA plans – Individual retirement plans (IRAs) are the easiest retirement plan for a company to establish, as the employee is the only one contributing. In essence, it is a tax-deferral strategy. Your money grows tax-free today but you will have to pay tax when you finally distribute the proceeds.

401(k) plans – Easily the most popular type of retirement plan around today, a 401(k) retirement plan allows employees to make pre-tax contributions to their retirement account that are usually matched to some degree by the employer. The retirement account also grows tax-free until distribution of the assets at retirement.

4003(b) plans – Similar to a 401 (k) this type of plan is only suitable for certain eligible employees of tax-exempt organizations, public schools, and certain religious organizations. Again, the employee can contribute a specific percentage of their salary to the plan and have it matched by the employer.

Profit sharing plans – Profit sharing plans are beneficial to both the employee and the employer as benefits accrue depending on how well the company performs during the previous year. In addition, employers are free to adjust the terms while employees can take the fruits of their labors with them if they decide to leave the company.

SIMPLE plans – Designed for small businesses – a company must have 100 employees of less – a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) is a comparatively easy way for small businesses to set up an affordable retirement plan.

SEP plans – Simplified employee plans (SEP) are another easy – read that, paperwork-free – way to establish retirement accounts for employees. In short, employers make contributions on a tax-favored basis to individual retirement accounts (IRAs) that are owned by the employees

Without a doubt, retirement plan options can be quite confusing to the uninitiated or inexperienced. For more detailed information on them, please contact the experts at Lewis & Palmer Benefits. We can be found online at LPBenefits.com or reached directly at 954-308-7204.


Retirement options for every stage of life

Saving for retirement is one of the most important things you’ll ever do. Yet many of us don’t start until we are approaching retirement. Here are some options for saving at each stage of your life.

Young Adult

As a young adult, you face a unique set of challenges, often including student loan debt, the need to save up for a house, and other major financial burdens… all while trying to start your career and actually earn money.

Here, you should be aiming to put 10% to 20% of your income into a long-term investment plan. An index fund (which matches the top of the stock market) is a fairly reliable way to do this, and doesn’t have the hassle of trying to predict which stocks will rise. Avoid risk and just focus on building up your savings.

Consider using a Roth IRA (or a similar setup), which allows your future withdrawals to be tax-free. This won’t matter to you much right now, but it will make a huge difference later in your life.

Middle Age

By now you should have an established career and a relatively steady amount of income. At this point, you should start talking with a financial advisor and looking for ways to grow the money you’ve put into your retirement account over the last decade or two.

You may be confronted by advertisements that try to scare you into investing in high-risk ventures (often so you don’t have a “bad retirement”). Avoid these, and instead, continue to put around 20% of your income towards your retirement savings.

Don’t forget to ask your place of employment about any retirement plans or pensions they offer, and see if those will be better for you than your current plans.

Close to Retirement

By this point in your life, you should have a large amount in savings, and you can tolerate a little more risk. The ultimate goal is to generate enough income from your savings to entirely live off of. Don’t forget to consider additional income like Social Security, and it’s all right to invest a small part of your savings in moderately-risky ventures that could pay off.

If you haven’t started saving yet, speak to a financial advisor about options that are not overly risky, but will still net you some significant gain by retirement.

No matter what stage of life you are in, talk to a financial advisor about your goals. We can create the perfect plan for you.