Tax Reduction & Credit
$8,808

in benefits through cost savings and tax advantages.

Employer Benefits
7.54
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Years this retirement plan is self sustaining

Employee Benefits
$70,280

over a 10-year period

Challenge

As a small business owner, the company's founder wanted to secure their own retirement while also providing a valuable benefit to their employees. However, they were unsure about the best plan option and concerned about the long-term costs and sustainability of offering a retirement benefit.

Solution

The company owner consulted with NestWorth to explore retirement plan options that would fit their budget and business goals. NestWorth recommended a Simple IRA plan with a 2% employer contribution as the most advantageous option for the company's size and structure.

NestWorth guided the company through the process of setting up the plan, educating employees about its benefits, and identifying applicable tax credits. Under the SECURE 2.0 Act, the company qualified for substantial tax credits that would help offset the costs of establishing and maintaining the plan.

By working with NestWorth, the small business owner was able to implement a retirement plan that not only secured their own financial future but also provided a valuable benefit to their employees. The plan's sustainability and the tax advantages it offered made it an attractive and feasible choice for the company. With the Simple IRA in place, the company is now better positioned to attract and retain top talent while supporting the long-term financial well-being of its workforce.

Company Profile

A small business with 4 employees, including the owner, with an average annual salary of $66,500.

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