EPISODE · Mar 29, 2023 · 8 MIN
3-28-23 – Emergency Savings Accounts for Employees Boost Retention and Productivity
from Small Biz Flash · host Adam Hewitt
FEATURENearly 1/3 of Americans would be unable to cover an unexpected expense of $400.Remember to consult your financial, HR, and legal counsel when creating any specific program.Congress passed the SECURE 2.0 Act, which will enable employers to set up ESAs for their employees tied to their retirement accounts, beginning in 2024.Outside of options available within SECURE 2.0, an employer could set up an ESA not connected to a retirement plan. One platform called SecureSave helps businesses run ESAs.https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-dealing-with-unexpected-expenses.htmhttps://ir.lendingclub.com/news/news-details/2023/60-of-Americans-Now-Living-Paycheck-to-Paycheck-Down-from-64-a-Month-Ago/default.aspxhttps://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.htmlhttps://www.securesave.com/employershttps://resources.betterment.com/hubfs/PDFs/b4b/reports/financial-wellness-benefits-survey.pdf----------NEWS ROUNDUP1Rising interest rates and recent bank failures are squeezing credit supply for small businesses.https://www.forbes.com/sites/rohitarora/2023/03/24/rising-interest-rates-lead-to-a-small-business-credit-crunch/?sh=7458f66b3b3ehttps://www.reuters.com/markets/us/feds-jefferson-still-learning-impact-tighter-monetary-policy-2023-03-27/2The vast majority of small businesses find it challenging to some degree to manage the cost of offering employer-sponsored health insurance.https://strgnfibcom.blob.core.windows.net/nfibcom/Health-insurance-survey-NFIB.pdf3There are several ways you can do more to shop with small businesses, including using web sites that help you find small businesses via maps.https://www.americanexpress.com/en-us/maps?cat=Shop-Small&intlink=us-GABM-Map_Homehttps://www.independentwestand.org/support-independent-business/https://mashable.com/article/how-to-shop-small----------This podcast is sponsored by SBS Accounting & Advisors. Use the promo code FLASH and get 20% off your set up fee! https://sbsaccountants.com/.👀 Watch on YouTube: https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.📧 I would love to hear from you! Please email me at [email protected].🖥️ Learn how I can help your small business at https://eraynay.com/. ----------Email me at [email protected] give me feedback on the podcast.Show web site: www.smallbizflash.com
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FEATURE Nearly 1/3 of Americans would be unable to cover an unexpected expense of $400. Remember to consult your financial, HR, and legal counsel when creating any specific program. Congress passed the SECURE 2.0 Act, which will enable employers to set up ESAs for their employees tied to their retirement accounts, beginning in 2024. Outside of options available within SECURE 2.0, an employer could set up an ESA not connected to a retirement plan. One platform called SecureSave helps ...
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3-28-23 – Emergency Savings Accounts for Employees Boost Retention and Productivity
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