What The Secure Act 2.0 Means for My Business

The Secure Act 2.0 was recently signed into law and now the government will provide small business owners up to $5,000 in tax credits if they offer their employees a retirement plan.

Yes, that’s actually true, along with many other changes included in the bill.

So, if you’re a small business owner who’s been struggling to attract and retain good employees because the big firms are offering more substantial benefits, this may help you out.

Some details from the new law:

Small business owners with 50 or fewer qualifying employees who want to offer a retirement plan like a 401(k) can receive a tax credit for 100% of those costs up to $5,000.

Business owners with 51-100 employees will still receive the old tax credit covering 50% of startup costs up to $5,000.

And if you choose to offer a matching contribution to your employees, you may be eligible to receive tax credits of up to $1,000 per employee who earns less than $100,000.

If you’re interested in learning how the Secure Act 2.0 applies to your business, we’re more than happy to help.

As independent financial advisors, we work with business owners to help them find cost effective benefits from a wide variety of carriers. In addition, we come out to your office or host virtual webinars to provide employees with financial education and offer individual advice as needed.

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Calvin McKenney

Author: Calvin McKenney

Cal is a financial advisor at Fortune Financial in Minnetonka, Minn. When you work with Cal, you receive a lifelong ally who is committed to listening to you, researching your options, weighing tried and true methods with the latest strategies, and finally, empowering you to make a decision that supports your overall wellbeing.

Calvin is a registered representative and investment advisor representative of Cetera Advisor Networks, LLC.

Cal is a registered representative and investment advisor representative of Securian Financial Services, Inc. Securities and investment advisory services offered through Securian Financial Services, Inc. Member FINRA/SIPC. North Star Resource Group is independently owned and operated. Fortune Financial is affiliated with North Star Resource Group and is independently owned and operated. 10261 Yellow Circle Drive, Minnetonka, MN 55343. 5452671/DOFU 2-2023