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Deciding to make the spend on retirement benefits should be a priority in 2024 because it could help your business thrive. In a competitive job market in which workers are saying they plan to leave their roles in the next six months, almost half of small businesses can't afford to offer a benefit that 51% of employers believe is an attractive benefit to recruit talent. If small businesses are going to win the talent retention battle in 2024, they may want to seriously consider offering a retirement benefit.
A new retirement benefit designed to make it easier for a business to give its employees a way to save for the future is the Starter 401(k), which began in 2024, as a provision in the new SECURE 2.0 regulation. If you've struggled with accessing retirement benefits, this retirement plan could be a solution for you.
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